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What is the cost of setting up an IVA and what is the annual cost for the IP to montior and review the IVA during its term ?

Hi g.f,

The costs will vary from company to company, and according to what your creditors will allow. I'm sure one of the IP's will give you an idea on the possible costs shortly.

These costs are taken from your monthly payment to your IP rather than levied as costs over and above the amount you are paying towards your debts each month.

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

Hi g.f

There are no "set up" costs for an IVA. All is based on your amount of debt, who your creditors are and what your income is. Regarding fees during the term, gathering the information from other posters, this could range from about £5k to £10k. I am sure there will be others along who would correct me if I am wrong.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

Average IP fees range from about £5000 - £8000 for a 60 month IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

There are actually set up costs - this is called the nominee fee and under current protocol from a number of creditors is based upon four or five times the level of your monthly contributions - but is paid after the IVA has been accepted and only if it is accepted. This covers the work carried out by the IP and immediately following the creditors meeting. Thereafter, fees are generally to be charged at 15% of all future realisations.

This method of charging has only recently been introduced, and is not popular with all creditors or IP's, so you may still see some firms charging a fixed rate for time actually spent in working on the case, which in my opinion is a much fairer method.

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