www.iva.co.uk

If I have debt of £48K and try to offer an IVA payment of £400pm then obviously before IP fees the creditors would be looking at 50p in the pound, but realistically what will the creditors be receiving after the IP's fees have been taken. I know the fees are not rigid but approx does anyone have an acceptable figure for IP fees (i.e professional companies)

Hi KLG2002

The fees are set by creditors and no the IP, who are your creditors, then i can give you a an approximate idea of what fees will be charged.

Fee's really need to be the last thing you need to worry about, provding you are happy and feel your payment is realistic and affordable this should be your main worry, any fee's that are taken are from you monthly fee and as you say, you will make total contributions of £24,000 and this is all you will pay.

Creditors will be paid from this money and so will your IP.

My Creditors are as follows

Alliance & Leicester (£13.5K)
Lloydstsb (£15.5K)
Capital one (£7.5K)
Beneficial ?? (£3K)
Halifax (£3.5K)
Argos C/C ? who the exact creditors are (£3.5K)
Barclays (£1.2K)
GE Money (£600)

I can only personally afford £300 a month but the person I share my mortgage with says she will give me £100pm month for the next 5yrs to help me out and increase the probability of the iva being accepted

It is difficult for anyone to confirm the level of fees to be charged in your case, as most of the creditors have different policies and this is usually only determined on the day of the creditors meeting.

Also, your own IP will have their own basis of charges, which should be discussed with you prior to them finalising your proposals.

I generally work on the basis of an average fee of £2,000 plus VAT for the nominee work, and £800 per year for supervisory work, but at the end of the day the creditors have the ultimate say so and you have a mixed bag in your listing.