IP's charges for setting up an IVA

Hitme

Does anybodt know how much an Insolvency Practitioner should be charging to arange an IVA ?. Working out from the figures given to me does £7800 over the 5 years sound about right or too much ?.

thanks.

Debt_Free_Chick

Sounds about right. There is no standard scale of fees and each IP can, effectively, charge what they like. Of course, if they're too expensive they may price themselves out of business, but in theory, there is nothing to prevent them charging whatever they can get away with!

Addicted2Chocolate

most of the failed IVA's i have seen where payment sin have been up to £40K, have all been eaten up by the IP's fees...... shocking the IP's dont make it clear how high their costs will be and a lot of people in IVA's think most of their contributions go to the creditors. This is not the cas ein the cases i have seen......

Addicted2Chocolate

did you know the Official recever can act as supervisor for straightworward IVa's, they are called Fast Track Voluntary Arrangements. The costs are much lower than IVA's. see insolvency.gov.uk

jellycat40

Hi there

Seems high to me. I can always refer you to the IP I am using if you want to PM me. She is not charging that much.

Louise

OnTheCusp

Hi there,

My IP say's he'll charge 15% + VAT of all the payments I make. Does this sound reasonable?

Thanks.