www.iva.co.uk

Does anyone know much about the fees payable on an IVA - specifically whether the fees remain the same if you do 60 months supplemented by equity from a remortgage or, being unable to remortgage, you do the 60 months and then the additional 12 monthly cotributions? Yours ever, clutching at straws lol...

Hi, I'm not sure about fees despite being 49 months into an IVA as I never worry and just pay my payment to my IP (company) as the fees come out of that.

Maybe one of our other posters will be able to give you some advice. x

I suppose the supervisory part of the fee will be reduced a little if a remortgage ends the IVA,rather than an extra 12 months in lieu.

Paul

I presume that the fees may be slightly more if the IVA carries on for an extra 12 months as they IP will have more work to do.

However, I could be wrong and one of the experts will correct me.

Like Lesley though, I really don't worry about my fees. My creditors were obviously happy so I just continue to pay my money across.

Hi. It depends on how the fee charges were agreed by the creditors at the outset. Some fees are charged on a time spent basis and others on a percentage of the monies brought into the IVA pot over the term.

So, I am guessing, on a time spent basis the IP will get more in the way of fees with an extra 12 months to run ( but will have to work an extra 12 months for them).

If on a percentage basis, I would guess they will get slightly less on a 12 month extension, as generally, the payments on an exyension don't cover the equity available if it could have been released.

Thanks for the responses, as I say clutching at straws, lmao.....

Most supervisory fees these days are charged on a percentage of realisations, so they are unlikely to be lowered if the arrangement ends earlier.

My fees - set up fees (nominees) then they get a % of further cash paid over (supervisor) so longer & more paid over more they earn.