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Posted: **Wed Aug 29, 2007 9:14 am**

Typically what would the cost of in IVA be? that is the fees payed to the IVA manager not the total monthly paymen.

Posted: **Wed Aug 29, 2007 9:25 am**

A typical 5 year IVA will cost between £5500 - £8000.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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Posted: **Wed Aug 29, 2007 10:17 am**

Good morning Kho,

Welcome to the forum.

Oliver is right, it would usually be between £5500-£8000.

Kind regards,

Julia Simavi

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Posted: **Wed Aug 29, 2007 4:46 pm**

The reason I ask is that Im currently having problems keeping up with payments on a debt of around 15000 I have at least 75000 equity in my home and Im expecting an inheritance of around 10000 in the next six months. Looking at the information on other posts I feel an IVA may not be the best option as I would be adding the IVA fees and still end up paying back intrest of aroun 8% once the "windfall payment" was payed into the IVA. Perhaps an independant agreement would make more sense at this time as I just have to keep my creditors satisfied for a short while untill I can repay the bulk of my debt and bring it back to level I can manage. Do you agree?

Posted: **Wed Aug 29, 2007 4:53 pm**

As you are not insolvent, and IVA could not be proposed in any case. I suggest that you write to your creditors to see if they will accept lower payments until you receive your inheritance - or explore whether a re-mortgage is a sensible option.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Wed Aug 29, 2007 4:55 pm**

If you owe 15000 and have equity of 75000 why don't you just remortgage and release the equity to pay your debts?

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Posted: **Wed Aug 29, 2007 5:09 pm**

You need to be insolvent to be eligible to propose an IVA. As you have a greater amount of equity than your debt you are not insolvent.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Wed Aug 29, 2007 5:11 pm**

Did you mean to say that you have £7500 equity?!!!

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Posted: **Thu Aug 30, 2007 4:19 pm**

Certainly re-mortgageing is something Ive concidered however when I use afordability calculators the sums come up short to cover my debts + existing mortgage. Also I was unsure how likely it would be for me to be accepted having missed / eratic payments on my credit history. Is it likely for me to be able to find a mortgage under these cercumstances?