IVA closure fees £300

IVAmonkeh

I’ve contacted Hannover Insolvency a few times in the past to see if I could pay my off my IVA with money which would be gifted to me.  They required photo ID and a letter as well as bank statements from the person gifting the money to me, which isn’t a problem but made it less of an incentive to the 3rd party.

I was fortunate enough to receive a PiP payment in arrears which is enough to pay off my outstanding IVA in full.  The IVA company then added £300 to the final amount which they are charging me to ‘notify’ the lender I wish to close the IVA and have a meeting.

Seems pretty steep in this day and age with Zoom meetings etc. regardless of the fee, they are taking weeks to even contact the lender.  I called them the other day and the person on the other end of the phone said ‘you’ll just have to wait’.

Considering this company is supposedly ISO9001 accredited you’d think they would have a clearer outlined procedure and it would be a priority if I’m paying £300 for the privilege

when you’re setting up the IVA they’re your best mates, when you’re trying to pay it off they’re pretty obtuse.

sourcrates

Unfortunately IVA companies are very loosely regulated, and take a very long time to process anything.

The fee`s they can charge will have been set out in your IVA proposal, the one you signed at the start of the arrangement.

They don`t just pluck these figures out of thin air, it has to be in the terms and conditions, you know, the ones no one ever reads.

There are many different fee`s associated with an IVA, this is the nature of the beast I'm afraid.

fatbelly

Even so, worth challenging. Fees should bear some relation to the work done. You never know...

IVAmonkeh

Yeah, you’d think.  I got an email stating that they’ll get back to me in 1 month after speaking to my creditor - then they’ll start the process of paying it off.

£300 for what? It’s robbery.

Of course, I’m in this situation with the IVA and it’s my own doing, but you’d think they would facilitate exiting it a little quicker.

thanks for the replies