Get expert opinion. This is the place for new questions to be posted.
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madwithworry
- Posts: 19
- Joined: Sun Aug 23, 2009 12:33 pm
- Location:
Just faced reality and filled out an income and expenditure form worked out the dividend stands at 35% to creditors but didn't realize that the IP's fees could be around 15%???
what does this mean? Anyone know whether my final dividend is enough to pass for an IVA?
I don't have a clue now how to work it out.
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Cath
- Posts: 1329
- Joined: Mon Aug 24, 2009 2:38 pm
- Location: United Kingdom
Have you contacted an IP as yet? Sorry I can't help with your question but being in a similar position and awaiting my IVA proposal, I can understand your worry.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
Do not be too concerned about IP fees, these will be agreed by your creditors. The supervising fees of your IVA will be 15% of your monthly payment, so on payments of 300 pounds a month 45 pounds will go to cover the cost of supervising the arrngement.
The dividend proposed will be net of any fees and will be the amount that creditors are expecting, in your case 35p in the £
Regards
Andam Davies
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orchid5
- Posts: 1814
- Joined: Sat Jul 05, 2008 2:37 pm
- Location: United Kingdom
Hi Madwithworry you have taken the first and most important step to resolving your situation, i would speak with a few IP's, Melanie comes highly recommended or otherwise look up the link on this website. Good luck you will soon be on your road to a debt free life, the IVA route isn't an easy one but it does give you reassurance and hope.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
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Debtwitch
- Posts: 379
- Joined: Thu Jul 16, 2009 5:30 pm
- Location: United Kingdom
MWW
Don't stress!
Please make arrangements to speak to people who can help you explore your options.
There are lots of companies to help guide you through this process. IVAs are 'I'NDIVIDUAL 'V'oluntary 'A'rrangements - you need to speak to the people here who can help you discuss your options.
Contact 1 or 2 (or even 3!)companies - come back here if you're undecided.
Kind regards,
Kind regards,
Angela Rosler
Insolvency Manager
Helping people with their debt problems for nearly 10 years.
Contact me directly for free, impartial, confidential help and guidance.
