Approximate IVA fees

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Richardd592
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by Richardd592 » Thu Sep 14, 2017 6:15 pm
Approximately how much should the fees be on an iva of £32000?

Thanks
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Foggy
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by Foggy » Thu Sep 14, 2017 6:38 pm
It depends upon how much and / or by which method has been agreed by creditors -- for supervisors fees; sometimes they will agree a set figure, sometimes on a time spent basis or, more commonly on a percentage of realisations (typically 15%). Nominees fees are usually around £1500 - £2000. Then there will be disbursements on top.
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Lisa Thomas
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by Lisa Thomas » Wed Sep 20, 2017 8:28 am
Check your proposals for which basis was approved.

If % you can calculate.

If time spent will depend on how complicated the IVA is, how long it runs for and therefore how much time is spent etc etc

Your original proposals will have included an estimate.

If you have been in an IVA for a while you will see the costs disclosed in the IPs Annual progress reports.
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Enjoyingthesmallthings
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by Enjoyingthesmallthings » Thu Sep 21, 2017 8:13 pm
Richardd592 wrote:
Approximately how much should the fees be on an iva of £32000?

Thanks


My debt is £32k, and these are the figures for my fees and costs
IVA - Pre appointment fees - £2,400
IVA - Post appointment fees - £2,583
Statutory interrest - £2,630
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Foggy
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by Foggy » Fri Sep 22, 2017 6:50 am
Enjoyingthesmallthings wrote:
Richardd592 wrote:
Approximately how much should the fees be on an iva of £32000?

Thanks


My debt is £32k, and these are the figures for my fees and costs
IVA - Pre appointment fees - £2,400
IVA - Post appointment fees - £2,583
Statutory interrest - £2,630


Who are you with ? the Nominees fee (pre appointment) seems high and the Supervisors fee ( post appointment) seem low. The Statutory interest figure is an annual amount (8% simple) and will be calculated on a daily basis on the reducing balance. The S.I element doesn't get charged until and if you pay back 100% of the debt and fees.
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Lisa Thomas
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by Lisa Thomas » Fri Sep 22, 2017 8:09 am
Were those post Supervisor fees for the entire IVA or just the year in the annual report?

What basis have they been fixed at? %, time or fixed rate?
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