Best IVA?

forumman_2

Hi,
Can we start a thread listing the names of the Insolvency practitioners used and the % of debt repaid through the IVA? I've been on the 'Myvesta' website and it quotes IVAs at 30%!
cheers

Mr_Frugal

It's wrong when they quote these %'s ! Insolvency Practioners have a legal duty to return as much credit as possible to the creditor, so you can never say that any one case will be 30% as it depends on equity held in that persons house, car(s) etc and their available disposable income !
It is true to say that if someone cannot return more than 30% (after realising what capital they have available) that an IP should be able to get creditors to accept such an IVA but it is few and far between with the creditor getting 40-50% as an average.

Would however also be interested in a thread listing names of IP's. Would like to hear peoples views on good/bad ones.

james32_uk

I tried to set up a thread detailing %'s of accepted IVAs but noone was interested. It's true that your IP shouldnt work 'towards' a %. They should work out what you can afford to pay and get the % from that. Also dont forget the fees need to be added onto the %. For example I'm repaying 52% of my debt but my % return to creditors is only 35%.

forumman_2

I would have thought that once the amount available is calculated the IP fees would have to be subtracted from that rather than added? This thread just needs a quick 1. total debt 2. % repaid. 3. IP name. 4. any comments

james32_uk

Nope. On a total debt of £30k where you have say £300 per month surplus income for an IVA around £8k of the £18k (60x£300) will go to the IP as IVA fees. This leaves £10k for the debt which means your offer would be only 33% despite you repaying over half of the original debt.

james32_uk

1) £61k
2) £32k to be paid over 60 months. (£21k repaid to creditors 35%)
3) Payplan Partnership