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Leaving an IVA
matkavs
Posts: 7 Forumite
I have been in an IVA for 2 1/2 years, I am releasing equity in my house and creditors have accepted my offer which equates to 38p for every £ i owed.
I will be on average £300 better off a month now which is a god send as my wife just gave birth to our 2nd child.
The mortgage was arranged through CLM financial services and the mortgage is with GMAC and CLM are charging me £2201 for their "professional services" added to the mortgage. This seems excessively high. But I feel I have gone to far into the exiting IVA to pull out now, its been going on for 3 months.
What is the normal broker fee and are these people just ripping off those who do not have a choice, seems bizarre they charge so much to those who can't really afford it.
I am in a quandry, do I just put up with the fee and exit the iva now? :mad:
I will be on average £300 better off a month now which is a god send as my wife just gave birth to our 2nd child.
The mortgage was arranged through CLM financial services and the mortgage is with GMAC and CLM are charging me £2201 for their "professional services" added to the mortgage. This seems excessively high. But I feel I have gone to far into the exiting IVA to pull out now, its been going on for 3 months.
What is the normal broker fee and are these people just ripping off those who do not have a choice, seems bizarre they charge so much to those who can't really afford it.
I am in a quandry, do I just put up with the fee and exit the iva now? :mad:
0
Comments
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Who are you doing your IVA with? Fees of around £8k are not unusual, in an IVA, but these fees are, to a certain extent, shielded from the debtor as they are 'included' in the overall debt, thus making it look as though your creditors are paying the charges. Some, less than scrupulous, Insolvency Practitioners take all of their 'fees' up-front, before your creditors see anything.
Most posters, on this forum, would strongly reccomend that you only start an IVA with one of the Insolvency Practitioners that are reccomended by one of the Debt Charities, such as PAYPLAN or CCCS, since many of the companies who advertise that you can 'Write off up to 90% of your debt' are, or appear to be, more interested in their commission/charges than in your financial interests.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0
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