www.iva.co.uk

I currently have to pay 47 pence in the pound and find this sum very high, considering my creditors get 33 pence in the pound and the IVA company 14 pence in the pound. Your thoughts please??( I work full time in the public sector and am not a manager or higher pay level)

You are paying back a decent dividend to your creditors. At the end of the term then you will be able to write off a portion of your debts.

I am also public sector, non management and I have no problems with what I am paying back.

I pay over £600. is this the norm?

Hi Alison, all IVA's are individual and it is based on your disposable income so as long as you're not struggling and your I&E is correct then your payment will be the right one for you. x

I agree with Lesley and Jan. Your repayments would have been decided after working out your Income and expenditure. There is no right or wrong ammount to pay just what you can afford after priority bills.
Your IVA company are working on your behalf and your creditors are agreeing to write off some of your debt

Ivas are based on affordability so we all pay different amounts and achieve different dividends. If you are struggling with your payment your IP can help.

Regards fees, we are paying for a professional service much like a lawyer or any other type of accountant so the fees will be substantial. My fees are the first five monthly payments plus 15% of monies realised. I don't know how this compares to other firms or what it works out as a pc of the dividend but I feel I get value for money.

I've no idea offhand what my fees are, I'm just happy to be paying back what I can to my creditors and am happy to pay someone to administer it for me.

Hi Jan, I know what you mean. I was just happy that someone could sort my life out.

To Alison

Your payments are based on your own disposable income, which takes account of what you earn and how much you spend on essential items. You would pay that sum, regardless of whether the IP charged a fee or not.

It seems that your fees may be a little on the high side, but they have been agreed and set by creditors. If we were not to be paid for the work that we do, there would be no IVAs - leaving you with bankruptcy proceedings or uncertain debt management plans, with no legal protection from your creditors. Nothing wrong with either of those processes, if they are the right solution for you, however I think it is good to have the half-way house that an IVA generally brings.