Yes, you do need an IP for the IVA. Fees and suchlike rarely concern us as debtors, unless we are in a position to pay off the full debt, which, to be fair, is a rare occurrence. Likewise we don't really "see" the fees in bankruptcy -- which are much, much higher than those in an IVA.
Everest wrote:Thanks so much everyone. You’re all so helpful on here!
In relation to opting for bankruptcy...I’m not sure about this as I’ve always assumed it’s a last resort. I have looked into it a bit more this afternoon and it seems it’s not as devastating or life changing as it once was. And there’s not so much of a stigma attached to it.
In order to be eligible for bankruptcy, do you need to be under a certain salary threshold?
And finally, moving back on to the IVA; can this be done by yourself or will you always need an IP who’s the go between? Someone mentioned to me today that fees/ interest etc can be quite high and that’s obviously something I’m trying to get away from.
The 'criteria' for making yourself Bankrupt is:
You have debts over £5k
You can afford the Bankruptcy Fee (currently c£700) or the balance after any discount for certain benefits is allowed.
You are insolvent.
Take a look at my quick video on BKY here - this will give you the key pros and cons to think about:
I wouldn't use a go - between, I don't see the point, just go straight to an IP.
Fees/interest are effectively agreed by, and paid for by the creditors so won't affect you except a) if you have enough assets to pay everything off in full - then you will have a vested interest in the costs or b) if the costs make any dividend too low that it makes an IVA not viable.
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