Posted: Mon May 21, 2012 2:07 pm
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?
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.