what are the fees involved with an iva ?

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andaz35

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Post by andaz35 » Mon May 21, 2012 2:07 pm
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what are the fees involved with an iva ? ramsey lomax whom i contacted say the fee is nil for them as they get paid from my creditors? that true?
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Michael Peoples

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Post by Michael Peoples » Mon May 21, 2012 2:12 pm
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The IVA fees are deducted from the monthly payments and agreed with creditors but given you make the monthly payments it is incorrect to say that creditors pay the fees. For example, if you pay £200 per month for five years that equates to £12,000 and fees of say £3,000 are deducted. This leaves £9,000 for creditors but it is you who paid it and not your creditors.

Most firms work no win no fee and do not charge up front.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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Kelly O

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Post by Kelly O » Mon May 21, 2012 2:44 pm
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Hi andaz35 and welcome to the forum

For a company to imply the IVA fees are paid by creditors is not true, Michaels illustration should help you.

IVA fees should adequate and clearly explained to you by your advisor
Regards Kelly Osadare Debt Advice Manager at www.pjgrecovery.com (host to www.melaniegiles.com.)

PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
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