Hi- Im proposing an F&F settlement IVA as we don't

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neveryes
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by neveryes » Fri Jan 15, 2010 2:29 pm
Hi- Im proposing an F&F settlement IVA as we don't have sufficient disposable income to propose one on a monthly basis. I was wondering what is reasonable
for the nominee/supervisor fees?

 

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Michael Peoples
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by Michael Peoples » Fri Jan 15, 2010 2:34 pm
Hi Neveryes and welcome to the Forum.
The fees are agreed between the creditors and the IP and are drawn from the IVA pot. You should have to pay nothing up front so whatever is agreed will have no bearing on you. If creditors believe that your IPs proposed fees are excessive they will restrict them. They will not reject your IVA because of the fees.

It would be difficult to give a specific fee as the levels depend on the complexity of the case and are charged accordingly.

 

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MelanieGiles
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by MelanieGiles » Fri Jan 15, 2010 9:16 pm
The costs of offering this type of IVA are going to be far cheaper than if you were to offer to pay over a five year period - which in your case is not an option in any case.

As Michael says, IP fees are agreed by creditors, but it is important that you agree to the suggested fees in the first instance and understand how these have been incurred. The IP should confirm to you the level of their proposed charges in their initial engagement letter, and the basis on which it is proposed that these be charged.
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