IVA Advice

Thriftkitten

Hi my friend is currently getting advice regarding an IVA from a company called RE 10, She asked for my help regarding her debts as wants to get serious and sort things out, she knows I have previous experience of going through a debt relief order, and understands that this option isn't available to her because of her having an excess income over the DRO threshold.
I have never heard of this company before and said I'd ask some advice here. She's coming for a coffee this morning so will get a little more in the way of details to continue this post but just wondered if anyone has had any dealings with this company.
Many thanks.

maxmycardagain

Re 10 Finance Ltd (up north) 100% positive reviews

or


Re10 Restructuring and Advisory Limited (dahn sarf) scores 1 out of 5...

Thriftkitten

maxmycardagain wrote: »

Re 10 Finance Ltd (up north) 100% positive reviews

or


Re10 Restructuring and Advisory Limited (dahn sarf) scores 1 out of 5...

Ok thank you i will be sure to pass this on, I remember her saying it was a charity aparently she would pay £100 a month for 5 years which includes their fee... and 11k of the debt is written off by the end... does this smell fishy, I have no experience with IVA im afraid..
Many thanks for your response too

sourcrates

Hi,


All IVA`s attract fee`s, but there is no set fee structure for them, unlike bankrupcy and a DRO that have set fee`s.

Basically an IVA is set up by an Insolvency practitionaire on your behalf, the fee`s are paid as part of your monthly payment, i have not heard of this particular company, but that dosent mean they are no good, for example, stepchange debt charity charge one of the lowest fee`s for an IVA at around the £2000 mark.


The Supervisor fee is 15% of any further realisations, to cover the on-going costs of the IVA. So, if you entered into an IVA you'd pay monthly contributions or money from assets to pay the nominee fee at first. Then any remaining money you'd pay towards it would go towards the Supervisor fee.

I see she only has 11k of debt though, an IVA was originally designed for people with massive debts, who could not go bankrupt due to having assets such as property, but if the figures look good, then there is no reason not to do it.