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Cost of an IVA

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chamcham
chamcham Posts: 8 Forumite
in IVA & DRO
Good Evening,

Having heard that I'm going for a DRO my sister looked into doing it too but her car is worth over £1000. So she's now looking at an IVA after speaking to a company. They have said they will charge her £295. Is this correct?

Many thanks.

Comments

  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
    Hi. It sounds as if she has been speaking to an introducer. Tell her to have a look at https://www.iva.com where she will find a list if firms that she can go to direct. There are reviews there too. She would eb advised to speak to a couple, to compare advice and to see who she feels comfortable with. The advice is free and without obligation. Do not use a firm which charges upfront fees. Most reputable companies will only ask for the first months agreed payment, so it can be paid as soon as the IVA is agreed, but even these don't insist on it. All fees will come out of the agreed repayment.
  • chamcham
    chamcham Posts: 8 Forumite
    Thanks very much for this FoggyBrain - I didn't think it sounded right. Have passed on your advice so that she can compare IVA firms.
    Thanks again.
  • Peteholden
    Peteholden Posts: 5 Forumite
    chamcham wrote: »
    Good Evening,

    Having heard that I'm going for a DRO my sister looked into doing it too but her car is worth over £1000. So she's now looking at an IVA after speaking to a company. They have said they will charge her £295. Is this correct?

    Many thanks.

    There is nothing wrong with the value of the car. Its £300 of assets EXCLUDING the car which can be worth up to £2000
  • The_Swerve
    The_Swerve Posts: 78 Forumite
    Part of the Furniture Combo Breaker
    Peteholden wrote: »
    There is nothing wrong with the value of the car. Its £300 of assets EXCLUDING the car which can be worth up to £2000


    regarding the car, I thought it was no more than £1000. Has something changed?
  • Peteholden
    Peteholden Posts: 5 Forumite
    Yes, it changed in Nov 2011
  • The_Swerve
    The_Swerve Posts: 78 Forumite
    Part of the Furniture Combo Breaker
    Peteholden wrote: »
    Yes, it changed in Nov 2011

    I cannot find any reference to a change on CCCS, National Debtline or Insolvency Service websites. Where did you get that info from?
  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    The_Swerve wrote: »
    regarding the car, I thought it was no more than £1000. Has something changed?

    No. Still £1,000 as far as I know.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
This discussion has been closed.
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