reasonable fees for IVA

wtf999wtf

Hi, I have been quoted £113 per month repayment on c£10,000 of debt, through Ukdebtexpert.co.uk and creditfix.co.uk, their fees are £4500, including supervisor fee of £2100. Repayments would total £6780 over 5 years. Is this a good deal?

Grumpelstiltskin

No   Don't touch them with a barge pole.

IVAs are not really suitable for your size of debt.

Why aren't you considering a DMP?

Its informal, not insolvency.

Go over to the Debt Free Wannabe board they will give you good advice.

Edit Link to DFW.


Debt-free wannabe — MoneySavingExpert Forum

sourcrates

Not something you should do under any circumstances.

IVA`s are designed for homeowners with tens of 1000`s of pounds worth of debt, who also have assets to protect, such as a house, so they can`t go bankrupt.

I suspect you have neither, so why are you looking at insolvency for a mere 10 grand?

The fact is these arrangements are wholly unsuitable for the vast majority of folk, who tend to sign up to them after seeing an add on social media, and not fully understanding how they work, or what they are letting themselves in for.

Best advice is to walk away and look at a debt management plan run by one of the debt charities instead.

fatbelly

wtf999wtf said:

Hi, I have been quoted £113 per month repayment on c£10,000 of debt, through Ukdebtexpert.co.uk and creditfix.co.uk, their fees are £4500, including supervisor fee of £2100. Repayments would total £6780 over 5 years. Is this a good deal?

You could probably pay less by letting everything default, waiting for the debts to be sold at a fraction, then offering full & final settlement.

Wouldn't be a good deal for creditfix or their associate because they couldn't charge you 4.5k  for filling in a form.

Not necessarily suggesting that. If you want to give us the details we can comment further

https://www.lemonfool.co.uk/financecalculators/soa.php

wtf999wtf

Thank you sourcrates  and fatbelly for your kind advice, appreciated :-)