IVA declines

Squawk_2

I think the amount is a percentage of the total IVA cost so it'll be different for each person. Overall I think it's about 25% of what a bankruptcy takes out of the amount available for creditors, which is what makes IVA's a win/win for both parties.

Addicted2Chocolate

sorry i dont think this is right. a bankruptcy admin fee is £1,625 most bankruptcy fees are in the £2,000 regions, whereas IVA fees often go to £10K, because they are based on a high hourly rate.

Squawk wrote:

I think the amount is a percentage of the total IVA cost so it'll be different for each person. Overall I think it's about 25% of what a bankruptcy takes out of the amount available for creditors, which is what makes IVA's a win/win for both parties.

Squawk_2

The total bankruptcy fee for me was £38k against £8k for IVA. It's not just the admin fee it's the DTI Ad Valorem and Trustees Realisation fee, (whatever they are).
Both of these figures come from what is available to the creditors, so overall an IVA gave the creditors an extra £30k even if I paid out the same amount.

james32_uk

£38k!!!!!!!!! How much debt were we talking about?

Squawk_2

As I said in another post, I'm the top of the leader board with over £200,000.

At least it makes everyone else feel a lot better :eek:

james32_uk

Well, you've got your IVA sorted out and hopefully a new account, so GO THE SQUAWK!

Squawk_2

Thanks for that, at least it will all be over by 2012 so I can watch the Olympics in peace

donnalove

hi james hope this info helps.
as we have completed our iva we have info of payments and reciepts,but bare in mind all iva's are different and costs would vary. Our iva was with debt free direct.

nominee's fee £2316.00
supervisor's fee £4950.00
office holders expenses £232.00
vat £1308.13
total £8806.13
on a £37,000 debt we paid creditors £12,853.85 we paid £242 a month with a final lump sum of £9000.This gave creditors settlement 36p in the pound.


donnalove
xxx

james32_uk

Thanks Donna. Very helpful. Was the £9000 lump sum agreed at the start or offered by you during the IVA???

Squawk_2

Hi Donna,
How long was the term of your IVA?