Nothing left

oxheys

Sorry I wasn't clear but I did know that. The costs are coming out the pot but the figures on his paperwork are as follow:
They started by asking how much he earns and how much he needs to live. The difference is the amount he can afford to pay his IVA. That value is £341 x 60 months = £20,460. They have then taken their costs for Preperation of proposal - £1175, Nominee Fee £1175, Supervisor fee £5875 = £8225 off the £20,460 to leave £12,235 which they are offering to the creditors. The winners here are the IVA company. Don't get me wrong, my brother ends up with 5 years interest free to pay off his debt but something just doesn't sound right.

tigerfeet2006

Those seem like normal charges for an IVA.

Get him to ring CCCS or National Debtline (numbers in my signature.) they will be able to tell him if this is the best way to go as they have no vested interest in selling him anything. To be honest it seems a bit extreme on a debt of 12K.

Let us know what they say.