"The IVA industry has grown quickly and been hugely profitable, some companies making £5,000 a pop per IVA," he said.
It annoys me that people see IP's as making £5,000 pop !!
If you are self employed and need a set of accounts and a cash flow projection producing - you could be charged up to £1,000 for a few hours work.
I was considering taking a previous employer to court (long story) but didnt get past the post as the solicitor wanted £130 an hour just to simply look at my case which i couldnt afford !!
I recently saw an unsecured loan agreement were the client had borrowed £25,000 over a 10 year period - the bank added on PPI (probablly without being told the full costs) and interest meant that they paid back just over £53,000 !! (and that was a high street bank)
An example of a secured loan, i wont name the company but PICTURE this in your mind !! A client who borrowed £50,000 over a 25 year period with PPI pays back over £163,000 !!!
Door step, cash loans that charge over 100% apr !!
My point being how can people comment on IP's fee's when there are alot of other people and companies making a quick buck from people.
To produce a proposal it can take anything from a week to four weeks and involves alot of investigation and legal work, then once the meeting is approved it is supervised for 5 years, each year involves quartley reviews, distributions to creditors, annual reviews etc.... etc... and all for the cost of around £5,000 !
It is about time the goverment stepped in and did something about all the negative press that surrounds IVA's - after all an IVA is part of goverment legislation - maybe they should begin to do something about it.
Rant over - feel better now got that of my chest.[:)]
