what would I expect to pay an IP?

[philg]

what is the normal ammount that i would be expexted to pay an ip?

[MelanieGiles]

Hi philg and welcome to the forum

Do you mean if you are looking to put forward an IVA? IP fees range from approximately £4,500 to £10,000, depending upon the type of IVA and its duration. But these fees are negotiated with creditors, and are drawn from the money you would pay into the IVA - so effectively they are borne as a creditor expense.

This would not be the case if you were offering your creditors a full repayment, in which case you would effectively be paying the fees by nature of the additional payments you would need to make on top of the payments for creditors.

Most insolvency practitioners will not ask you to pay anything to them up front, until a creditors meeting has been called.

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

[scaredkez]

it all depends on what you owe and what disposable income you have left at the end of the month, you need to post what you owe, what you earn and what you pay out each month without including unsecured creditors, then the experts here will be able to guide you to what will be your best solution, an iva is what its says, individual voluntary arrangement , meaning its individual to you and your circumstances
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[iva_squirrel]

Good morning,


The costs of setting up and running an IVA may seem high, but there is a lot of work involved in advising the client, preparing the IVA proposal, gathering all the information required, preparing and filing the Nominee's report, sending the proposal to the creditors and holding a creditors' meeting.

Effectively it won't cost you anything on top of the monthly payments you're already proposing to go into the IVA, as the costs and fees are paid from what will be going in to the arrangement. Creditors realise that insolvency practitioners need to be paid for their work, therefore they do not object to proposals that show the IP's reasonable fees coming out of the money going into the arrangement.

Typically insolvency Practioners' fees are from approximately £4,500 to £10,000, depending upon the type of IVA and its duration.

Kind regards,


Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm