The fees are agreed between the IP and creditors and depends on the complexity of the case and level of contributions. You do not have to pay up front fees and all the costs of the arrangement come from the contributions. There should be nothing hidden or any nasty shocks.
You should look at one or two IP's before making a final decision. Visit www.iva.com for a list of companies and reviews. You will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Michael has said, fees vary greatly given the complexity of the case etc, but just to give you a very rough idea, many creditors are coming back with modifications which state total fees (nominee and supervisor) are not to be more than 40% of asset realisations. For example, if over the 5 year period you make contributions of £12k, total fees plus VAT will be £4,800...none of which you pay up front, but will be taken from contributions.
Depending on the level of your contributions etc, this may be capped etc.
Best bet would be to speak with a few IP's and see what they say once they are aware of your individual circumstances. It is hard to estimate without knowing your individual case.
Good luck
Kind regards,
RJC Financial Management
Accountants and Insolvency Practitioners with over 18 years experience.
I have absolutely no idea what my fees are. I am just happy to be paying back what I can to my creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Yes it is, the first payments are always for that, then the creditors will start receiving money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have only recently started paying anything to mine.
Perhaps your IP is holding the money and will perhaps pay it out once a year, or once every few months. I don't think they have to pay them every month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think hubby did on our annual review, I hadn't paid any by then.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've not seen that 40% cap on fees for a long time - so it is interesting to see that others are still experiencing it. The norm these days is for a fixed nominee's fee - either based on the value of four or five times the monthly contribution or a fixed price - typically between £1,500 and £3,000 - followed by supervisory fees of 15% of total sums realised.
I haven't a clue what we are paying. As long as they contine smoothly and we complete when we should, then I'm not too worried. My creditors were obviously happy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
