That told me

[james.c]

i know andy, but i went back and edited it, must of missed each other like passing ships

[GinSkipper]

Hi Onechance,

I was following the other thread with interest and was planning to add my own thoughts but missed the watershed [:D]

I think debate is always helpful and I respect everones right to a point of view even when I don't agree with it. Having followed some of your post over time, I think you are clearly going through a difficult period. I am sympathetic due to the pressures that financial difficulty causes, which can bring our raw nerves closer to the surface!

However, I think you need to recognise that BR, IVA, DMP's and the latest low income/no asset option (sorry can't remember it's name) are just all different tools for different situations. It may be the case that you prefered one option and feel you were denied by NR, as is your choice not to accept their amendments. But this doens't mean IVA's are not suitable in general.

One of the most important points for me, was retaining the right to choose my own fate. This meant I did not want to be led by the hand but wanted to be informed. The people on this forum and in particular my IP have helped me greatly. I have been well advised, and may not of always agreed with all the feedback given, but welcome it non the less. Hopefully my feedback for you will be welcome even if not agreable.

I don't think it is reasonable to expect similar IVA's and BR to be more similar, they remain different for a reason - too provide alternaitve options. This is something that I, as you can probably tell, hold dearly.

Just remember when you are comparing apples with oranges, they will not taste the same, but you have the choice of which one to take a bite out of.

I realy do wish you all the best for the future.

Cheers

Andy

[MelanieGiles]

A very well balanced post Andy - which I think many of the people who engaged in the earlier post, now removed, will relate to.

[kallis3]

Excellent post Andy.

The one you couldn't remember is a Debt Relief Order.

[kabby3]

I also think an excellent post Andy !!

[kabby3]

Just another quick piece of info when I was looking at an IVA Freeman Jones did a cost comparison for my creditors Bankruptcy Vs IVA

Cost involved in Bankruptcy are a follows:

Official Receiver cost £1650
Trustee Cost £1000
Trustee Remuneration £4500
Secretary of States Fee £3333
Petition cost £1000
Total £11,483

Cost for IVA

Nominee Cost and fees £2500
Supervisor Cost £500
Supervisor Fees £4500
Vat on Fees £1225

Total £8725

This was taken from my proposal, so there are cost to be met in Bankruptcy.

Thought this might be of interest x Karen

[ivas4us]

Great post Andy and I must apologise to everybody particularly admin for the other thread as it was I that started it. My intention was to encourage reviews to be written and it was never my intention for thethread to turn out like it did. Once again very sorry to all.


Paul

[Max]

What I should have said on the other thread following my comments on Melanie was Denis Heally,s first law of holes - "if you are in a hole stop digging". Nevermind Paul, these things happen from time to time - wont be the last either

[wonder]

Its hardly your fault if someone else takes the thread in a different direction. But anyway dont do it again.[:D]Ivas

[shuli_b]

interesting read on the fees for bankruptcy VS IVAs...

[wonder]

Yes, I thought you paid £510 then paid back creditors over 3 years, not all that extra expense to sos etc

[Skippy]

You've got nothing to apologise for Ivas4us.

Regarding BR, you pay the £510 fee to be made bankrupt. If you have £100 or more disposable income each month you will pay a percentage of this in an Income Payment Agreement. You don't actually pay the fees yourself, they are taken out of the IPA, a bit like fees in an IVA.

[Skippy]

Last year, Ian Millington, one of the IPs who used to post on here gave me a breakdown of what my IPA payments 'buy':

Total Contributions: £7181 (£186 x 36 months, plus £485 BR fees)
Clarke Willmott fees (Collection agent, now Moon Beaver): 5% + VAT = £675
Balance: £6506

Balance of OR admin fee (after £300 deposit from BR fees): £1415
OR Realisation Fees (including VAT): £1559
DTI Ad Valorem fee (bank charges): £5181 x 17% = £880 (plus £15 every 3 months IIRC)
OR Distribution Fee: approx £260 including VAT

Payable to creditors: approx £2200

That will now have changed as my payments have been reduced, but there's not a to pay out of £7181 is there!