is it possible to set my own iva up

[tcl]

i have an iva set up and i am not happy on 2 counts, 1.the fee for £7500 which is better going to my creditors, and 2nd, 50% rule.is it possible to set my own iva up

[luluj]

I believe you need the services of an IP. You can arrange an informal DMP with your creditors but this runs the risk of interest being added still!

Speak direct to your IP if you are not happy

8 down 52 to go- life goes on!

[aguise]

Hi there.
You will need an insolvency practioner to set up an iva. There is a lot of work involved, and it continues throughout the five years. if the creditors are not happy with the fees they will say so.
I have said this so many times but the 50% depends on how you view it,I look at it from the point of view that pre iva I didnt get to use any of my overtime oney the whol e lot went to keeping us out of trouble with the debts. Now the 50% is 50% more than we ever got before and we can get the odd treat and save for those unexpected breakdowns and emergencies.
All the best
Ang

[Adam Davies]

Hi tcl
An IVA has to be supervised and proposed by a licensed Insolvency Practitioner
You creditors have agreed to your IP fees and it is they that are paying these so I wouldn't get too hung up on this point.
The 50% overtime clause is standard across the vast majority of IVAs and only fair.
If you are having affordability issues then speak with your IP and fill out a fresh income and expenditure form
Regards

[MelanieGiles]

And more importantly you agreed to your IP fees and the 50% clause, so why are you now now happy?