Do IVA companies charge you

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victoria.1

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Post by victoria.1 » Tue Sep 21, 2010 9:23 am
Do IVA companies charge you and how much for setting up an IVA and when do they want the fee? There is little equity in my home, although we do own it, do they secure my debts on my house?
 
 

kallis3

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Post by kallis3 » Tue Sep 21, 2010 9:30 am
Hi,

An IVA will not be secured on your house at all and as long as you continue to make the mortgage payments it will be ok.

You would be charged fees by the company. These would come out of your monthly payment.

Visit www.iva.com for a list of companies and reviews. Give one or two a ring. The advice is free and impartial.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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http://kallis3.blogs.iva.co.uk
 
 

Shining

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Post by Shining » Tue Sep 21, 2010 10:32 am
A great link provided above and it's always advisable to talk to 2 or 3 companies to ensure you get impartial advice, they will explain everything in respect of fees and any other queries you have. All the best. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 21, 2010 11:03 pm
Fees can vary from company to company, but these days they are generally regulated and set by the voting creditors. It is vitally important that you understand the fee basis of your chosen IP firm before entering into the voluntary arrangement, and personally I would choose one who draws their fees at the same time as they distribute monies to creditors and on the basis of the level of monies you put into the arrangement, rather than a firm who charges fixed fees or fees based on time costs.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Broke of London

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Post by Broke of London » Tue Sep 21, 2010 11:53 pm
As a benchmark my firm took the first five monthly payments and then 15% of all monies realised by the iva to be paid quarterly when the creditors receive their dividend. They also noted a maximum figure - about 200 - for disbursements. I don't know how this compares to other peoples experience but it seems fair to me for professional fees.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Sep 22, 2010 3:13 am
That is because that sum would have been stipulated by creditors. Any IP who things it is a sensible method of charging nominee's fees, needs to find another profession!
Regards, Melanie Giles, Insolvency Practitioner
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