What % do Payplan take from an IVA?

MeestaDimples

I read on the forums at https://www.iva.co.uk that Payplan take all of your first year's payments of an IVA - is this true? Would CCCS do the same?

livinginhope

No Payplan do not do IVAs,they can recommend you opt for an IVA,but they do not actually set them up,as far as I know they direct you to another company,I may be wrong,but that is what I understood when I contacted them.All IVAs have charges that have to be met by the debtor,these charges are very high and I doubt anybody would have the money up front for it,so yes they probably are taken from your payments in some way.

livinginhope

Sorry,scrub out what I just said,just looked at the Payplan website and they now do IVAs,it was good to have a look around the site as I haven't looked for over a year now,eek!
LIH

danno_4

Hi
payplan i think have an in house insolvency practitioner,And the cost of setting up an IVA is very exspensive,i work in insolvency and i try to stay clear of them,Make sure you are confident that your creditors will be willing to except
good luck
danno

makingendsmeet_2

I have an I&E review with payplan tonight as they think I have enough for an IVA now. Remember an IVA takes every spare penny from your over 5 years. Reckon bankcruptcy is the best bet for me.

james32_uk

Payplan will take (very approximately) £4k plus roughly 10% of your payments. To be honest once you get accepted the amount of fees you pay will make no difference to you as an IVA will take all your disposible income no matter what the fees are. What is important is that they wont advise you to enter one just to make as much money out of you as possible and that they dont charge you any upfront fees. ie if you dont get accepted by creditors it wont have cost you any money.