www.iva.co.uk

Hello Everyone.

I am considering an IVA and as advised on this site I have started shoopping around the firms trying to find out how much they charge. Unfortunately all I am getting from my enquiries is that I will have to pay 2 months of my estimated disposable income to them to cover costs. Is this right? Are these payments part of my 60 payments for the IVA or are they additional?
What I understand is that these are fees for the 'Debt Advisor'. Is a Debt Advisor just a middle man between me and an IP? I ask this as I have read about a person approaching one firm who start the process but end up dealing with another firm when actually proccessing the IVA. If debt advisors are unneccessary middle men the how do I get round them?

Also, I read here that it may be an idea to find out roughly what the IP charges may be in my case. Apparently some IPs are charging unjustifiebly high fees reducing return to my creditors thereby lowering my chances of being accepted. I have tried to find this out but was told that I should not be concerned about that at the moment but just open a new bank account and stop paying my creditors (The tone of the voice seemed th actually Imply that it was non of my buisness) I think 'later' is a bit too late as I will be in too deep to then pull out. Should I not worry about the IP fees and let the thrash it out with the creditors?

Thanks for you help.

Hi Tygar,

If you are looking for an IVA firm to represent you take a look at our site, www.IVA.com. We maintain a list of IVA firms and IPs and also publish client reviews of the services that they provide.

Although the fees charged by the IVA firms do vary, many firms do not charge up-front fees.

Good luck with finding the right solution for you. Please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

Hi Tygar
Paying money upfront is not always a problem as long as a]you know what happens to it in an event of your IVA being rejected and b] you receive a good service.You need to ask the question regarding whether it is included within your 60 monthly IVA payments.
I would not concern yourself with the fees,after all it is your creditors that will be paying this.You need to concentrate on finding a company that you feel comfortable with and do some homework on them
Good luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Beware any advisor who is not prepared to discuss the basis of their charges with you. If this is the case, they obviously have something to hide! Fees are becoming increasingly dictated by the level of contributions you would be able to make - so it may be difficult to work out if you are unable to provide this information to the IP. 15% of total realisations is becoming the norm, so this may give you a better idea.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

The highest IP fees I have heard mention on this site was 18K!I can't recall the name of the poster.Of course this got reduced according to him by lenders to less than 10K at the meeting. So creditors are clamping down on excesses and so I don't think the profit margins are that different between self employed IPs and firm based IP

Frankly I won't go for any IVA firms asking for upfront if I can find another that wouldn't ask for it.