Charges by Insolvency practitioners

rich4x4

I was made Bankrupt in March 2002, I was allocated an insolvency practitioner, and during the three years I was told by my contact who worked with the senior practitioner that I would probebly have to pay something like £3,000 in charges at the end of the term.
I had to remortgage my house at the end of the term and was informed that I would have to pay £ 35,000+ to settle, and after some negotiation finally got it down to £30,000, as I was struggling to raise enough on the remortgage.
Is this an average scale of charges, £10,000 per year??
I personally think I was over charged, I did not have any warning that it would be so steep, or I would have gone for an IVA or something.
What do you think!!!!!

Gimpsdad

You may find you got off lightly!!! The IP would have been appointed as Trustee by the OR, currently fees of £15k to £20k per annum are not uncommon and take precedence over other debts in the BR estate. The OR's office itself has taken a policy decision not to look at beneficial interests in property until 2 years and 3 months in, so beware anyone, even on here, who paints BR as an easy option.

You would have paid far less IP fees in an IVA, but whether it would have been a better solution depends on factors I know nothing about as I am not you.

debtinfo

Hi rich, not quite sure what you are saying, was the £30K the whole amount paid into the bankruptcy of just the IP Fee, what debts did you have

rich4x4

Dear Debtinfo,

The £30k was just IP charges, it was £35k before pleading poverty and able to negotiate a £5k discount, my outstanding debts were under £10k.

Regards
Rich