Settling an IVA

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Post by leon291 » Thu Jun 24, 2021 5:44 pm
My Girlfriend has an IVA currently and would like to Settle her IVA today. As she has a Windfall and could Pay off the remaining Debt. But the IVA Company has tagged on £8000 In fees the Debt is not even thins much. to me this seems like they are taking advantage of the Situation. Am i right in thinking that or is this something we are going to have to Deal with.? As i thought after all this was a Voluntary thing and that Fees. were not going to be that Much. Like i said i am just after trying to get my head around it myself. I don't want her getting ripped off more. and having to pay Fees she does not need too.


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Post by Foggy » Thu Jun 24, 2021 6:25 pm
The fee structure will be that agreed in the proposal and possibly amended in the Chairman's Report of the intial creditors meeting.
As regards to the source of this offer -- "A windfall" ... what nature of windfall ? I ask because windfalls over £500 are payable to the IVA trust anyway. It could be that the amount of this windfall would take the IVA to it's maximum collectable amount anyway.
Fees are normally around £1750 Nominees fee, disbursements of around £500 - £1000 and then Supervisors fees, typically 15%, but a few firms go to around 23%, of money paid in.
Out of interest, what was the original debt amount and how much are the IVA payments ? How long has the IVA been running and how much was the windfall ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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