Hi,Can I get a ballpark for IP and supervisor fees. I just got my proposal through which states £2ooo for IP fees and £6900 for supervisor.
To me this seemed quite a lot...o is this the norm?
That is probably higher than average - but as supervisory fees are generally based on a set percentage of the level of your contributions, I assume that these are quite high? How much are you going to be paying into the IVA on a monthly basis?
If you are paying over a five year period, at a rate of 15% of your contributions, the supervisor's fees do look too high - 15% would equate to £4,770. I expect that the fees suggested will be modified downwards by creditors.
Are you self-employed, or are there any other circumstances which would warrant the fees being higher in your opinion? Are you a company director perhaps, or do you have a lot of creditors?
The additional fees may be based on the fact that they have to review accounts on an annual basis, although this is usually no more than conducting a wage review based on wage-slips.
If you are happy with the service provided by your IP firm, I would not worry too much about the fees they are charging - let the creditors be the ultimate ajudicators of that, as you will have to pay the same amount into the IVA regardless of the costs.
Those fees are at the higher end (and would probably get reduced by creditors) once your proposal is put forward.
Nominees fees should be around £1,500 with annual supervisors fees of £600 per year. Visit www.iva.com and review there a number of IP's and ask what they charge?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
