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if you are thinking of an IVA
donnalove
Posts: 574 Forumite
just thought i would post this for people who are considering IVA's against a dmp.
We recicieved our completion certificate on saturday, :j with that a breakdown of costs and payments to creditors.
We had £37,000 of debt the iva lasted 4 1/2 years we remortgaged and gave them £9000, to complete early. we were paying £240 a month.
We paid a grand total of £21,660.45p
the creditors got £12,853.85p, divided between them a dividend of 35.92p per £1.
the ip including nominee's fee and supervisor's fee, expenses and vat came to
£8806.60p :eek:
so infact the ip ended up getting more of our money than the creditors, so basically we remortgaged just to pay ip's fee's
It is a very expensive route to take if you have less than £30,000 of debt, at least on a dmp all of what we paid would have gone to creditors and you can then justify all your hard work of cutting back and budgeting, yes it might have taken another year or 2 for us to offer full and finals but that wouldnt have been to bad.We didnt have computers or internet 4 1/2 years ago so wasn't getting advice like now.
just thought i would post to give you guy's ideas of costs involved
donnalove
xxx
We recicieved our completion certificate on saturday, :j with that a breakdown of costs and payments to creditors.
We had £37,000 of debt the iva lasted 4 1/2 years we remortgaged and gave them £9000, to complete early. we were paying £240 a month.
We paid a grand total of £21,660.45p
the creditors got £12,853.85p, divided between them a dividend of 35.92p per £1.
the ip including nominee's fee and supervisor's fee, expenses and vat came to
£8806.60p :eek:
so infact the ip ended up getting more of our money than the creditors, so basically we remortgaged just to pay ip's fee's
It is a very expensive route to take if you have less than £30,000 of debt, at least on a dmp all of what we paid would have gone to creditors and you can then justify all your hard work of cutting back and budgeting, yes it might have taken another year or 2 for us to offer full and finals but that wouldnt have been to bad.We didnt have computers or internet 4 1/2 years ago so wasn't getting advice like now.
just thought i would post to give you guy's ideas of costs involved
donnalove
xxx
0
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