IVA's - What a Rip-off!

Radiantsoul

doelani wrote: »

If your brother was badly advised and bankrupty was better suited he may have cause for complaint but it was his choice to enter IVA and agree tot eh fees.

In many ways it is the creditors who pay the fees anyway, as if the fees were lower(say zero) then the debtor would merely have to increase their payments!

JCS1

villabadger wrote: »

Just recently discovered that my brother got himself lumbered with an IVA and I can't believe the costs associated with it!

Briefly, he had £30k of debts and agreed an IVA monthly payment of £525 which would settle the outstanding amount after 60 months. However, the costs of the IP are ridiculous - I'm in the wrong industry! The fee for the Nominee is £2.7K +VAT and the fee for the Supervisor over the term of the IVA is a maximum of £6k +VAT. AND the Nominee and Supervisor are the same person! What a con! Also guess how much has been listed as to be repaid during year 4?............Yep......£10k How the hell do the courts sanction this type of process when the people being kicked are already on their backsides?

Anyway, rant over. Many of you are probably already aware of this but for those of you who still have a choice, please speak to the free helplines before the leeches get hold of you!

The main reason for this post is that he has now been contacted by another leech (?) offering him the chance to go bankrupt for £1.5k with all debts cleared in 6 months - is this real? Any other surprises he could look forward to? I am getting him to speak to the free help first but can anyone offer some advice on here?

Thanks for your time.

Don't pay the £1.5k to the company offering to help with BR. They will take a copy of the IVA proposal and copy it into the BR paperwork, and get paid well for doing very little.

dawnkb

I am currently repaying into an IVA with payplan i have approx 4200 already over last 2 and hlf years, i have about 3800 to pay back. my partner has offered to get cash to settle the amoun for me but not sure what percentage i should offer to settle early. has anyone else done this and what did you offer.

Anondebtadvisor

I would say a figure of around £3000 should be acceptable but speak with your IP if this is an option for you :-)

tigerfeet2006

Dawnkb, you will get more help and support on this on the IVA&DRO board, this is the bankruptcy board.