www.iva.co.uk

All seems clear re iva except following. what do companies typically charge and dont say its free. Nowt is free. More importants all quote after 60 months outstanding debt is written off. Does this really mean that agreed repayments over 60 month period ensure there is no outstanding debt. Or to use absurd example if it is agree to repay total £1 per month (tot £60) for £100 debt you knowingly will have final £40 written off. (yes I know simplictic silly example but you get what I mean dont you?) regards

Hey debt, welcome to the forum. You really need to speak to an IP to explain all your options and go through your income and expenditure to see what disposable income you can put into an IVA. It's not really about the amount that you can write off, more about how an IVA can help you manage and pay off your debts. Please wait for an expert to help you. Viki X

In an IVA, ALL of your disposable income has to be paid.
The aim is to pay back as much as you can realistically afford so, if your income increases then so do your payments.
If at the end of the term, you have adhered to this then your creditors agree to write the rest off but you MUST make every effort to pay back everything you can.

No it's not free. The average charge is 5000-7500 by the company setting up the IVA. This is added to your debt when you start the IVA, thus increasing your potential debt.
You only would pay off this new total debt if you have enough disposable income (after essentials) to do so. Otherwise, you pay what is affordable for 60 months, then the remaining debt is written off. Minimum agreeable by law is 25% of new total debt, but most IVAs pay off around 40% I believe. Not an expert, just quoting what I read on here.

£5000 to £7000 is not added to your debt as such!..a charge for services is made each year and deducted from your payments.

There is no set minimum,75% written off is only what adverts state!...my IVA wrote off 82%

IP fees these days are completely dictated by creditors - as we no longer have any say so as to the basis of our charges. The most used formula is for fees to be based upon a percentage of realisations - usually 15%, with an intitial fee for acting as nominee of generally between £750 and £2,500 depending upon which creditors you actually have.

There is no longer a minumum dividend of 25p in the £, and the balance of your debts is legally written off at the end of the fifth year, providing all of your payments have been made on time and you have complied with the terms of the arrangement.