what is an IVA and what does it cost?

[ClearDebt]

millize - that's pretty much right: I'd add one thing - iIf you have a partner, make sure you both understand how an IVA will impact on each of you, especially if you have joint debts.

With joint debts you are normally boith jointly and severlly liable for the entire amount, which means if you are in an IVA and your spouse/partner isn't, then a creditor could still claim everything from your partner. Whether this means you should pursue an IVA - or not - or whether you should both consider an IVA, is a judgment call your IP should help you with.

Regards

ClearDebt
www.cleardebt.co.uk

[nicky_ch5]

Ahh, right, thanks very much for that. I'm OK on that aspect, but I'll add it to the list above as something that must be fully explored beforehand but as this is a new page, I'll add a copy here!

[nicky_ch5]

Right, think I've got it clear now:
All I have to do is to be
* very honest about my debts,
* be very thorough in checking out exactly what my living expenses are going to be and stick to them relentlessly
* make sure I've fully understood every aspect such as bank accounts, mortgage, liability of partners, etc with my friendly IP
* make sure I always keep up to date with my payments
* keep in touch about any changes in salary etc...

and get on with my life [:)] while my expert IVA company negotiates and sorts out all the horrible details! Worth every penny they earn!

Fantastic [:)]- I'll have to change my avatar! - now I'm off to check in with my IP.. thank heavens she is very friendly as well as truely efficient [:)]

[OliverDowning]

When the changes happen in September, will IPs change their fee structures? It would be nice to hear from you all on this point.
Nominees £1200 not £2500? what do you think?

No Fee IVA and Debt Management Advice. Do NOT pay upfront fees. Free Face to Face appointments, Just the facts 0870 0948040, www.insolvencynetwork.co.uk

[Adam Davies]

Hi
WOW what an old thread.
I,m not sure if the TIX proposals are set in stone or if they are still being debated with IPs.What I do know is that many projected low monthly disposible income IVAs will find it hard to get an IP to propose them given the fact that IP fees will be limited to 4 or 5 times the monthly fee,for nominee fees,and 15% of the monthly payment in supervisory fees.So on a £200 payment the IP will receive £800 to £1000 nominee fees and £360 per year to supervise it,a total of £2800 !!! A long way short of the current fees.It,s worth remembering that a £400 a month IVA will net the IP £5600 for the same work.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

A lot of old threads seem to have been resurrected Andy!

I think the TIX proposals are very unfair and as you say will lead to a lot of people being unable to get an IVA. I do hope that a lot of these people will then stick two fingers up at the banks and go bankrupt rather than agreeing to never ending DMPs.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

IPs may be forced into fee capping arrangements, but will very critically review the cases that they will take on. We will end up seeing more factory based arrangements, perhaps at the expense of quality, and I fear that many good IP's will exit this particular marketplace.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[s.b.w]

Hi All

So far... my fees are:

Nominee fees £1,600

Fees to date from IP £5,800 (this is after 4 years)BUT... there is a clause which restricts fees to £5,288 unless 75% of creditors agree with the higher fees.

I'll post everything on the forum when it's all finished.

Sharon

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/