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Approximately how much should the fees be on an iva of £32000?

Thanks

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.

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.

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

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.

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?