Fees vary from firm to firm depending on debt level and what the creditors accept. It will all come out of your monthly payment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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There should be no fees for processing the application and any fees would be paid from the 'pot' if the IVA is rejected. There is rarely any justification in paying up front fees.
If a company charges any "fee" walk ( or run) away. Most reputable firms do not charge fees upfront. Some might ask for the first agreed payment to be ready but this is usually negotiable if it presents a problem.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sorry Paul but no-one can give you a firm answer, as you can see! Depends on a whole lot of things. Your chosen IP should be able to give you this information once they know your circumstances. recommend you speak to one in person.
Yes there are fees for an IVA, both set up fees [nominee] and supervisory fees to manage the IVA. These will come out of the monthly money that you pay in each month once your IVA is agreed and are agreed and authorised by your creditors. There should be no actual upfront fee payable by yourself
Speak to several companies and make sure that all your questions/concerns are answered
HP is normally secured on the vehicle and, as such, will not be included as an IVA creditor and the payments allowed in your expenses, assuming it is a modest vehicle. The IVA payments will then increase by this amount when the HP payments cease.
Most HP agreements do have a repossession clause in the even the borrower becomes insolvent, but most companies do not act on this as long as the loan is serviced correctly.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
If you want to return the vehicle you would have no liability to any shortfall as you have paid more than half under the agreement. If you want to keep the vehicle and allowance will be made for the monthly payment.
Car HP payments are rarely an issue unless they are quite high in which case some creditors look either for a cheaper agreement or an extension to the IVA.