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Setting up an IVA

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Are there any fees to pay to set up an IVA ?

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Generally, yes there are. An Insolvency Practitioner would firstly be appointed as your nominee and would assist you in preparing your proposal to creditors. There will be a Nominee's fee for this work. Once the arrangement is agreed, the Nominee becomes the Supervisor of the Arrangement and any Supervisor fees are generally paid from the contributions you'd make into your IVA.

 

If you debts are under £15,000 you may be better off considering a debt relief order.

 

Have a look at the attached link to the R3 booklet "Is an IVA Right For Me?"

 

All the best,

CM

 

http://www.gregorypennington.com/IsanIVArightforme.pdf

Edited by Chipmeister
More info added

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Generally, yes there are. An Insolvency Practitioner would firstly be appointed as your nominee and would assist you in preparing your proposal to creditors. There will be a Nominee's fee for this work. Once the arrangement is agreed, the Nominee becomes the Supervisor of the Arrangement and any Supervisor fees are generally paid from the contributions you'd make into your IVA.

 

If you debts are under £15,000 you may be better off considering a debt relief order.

 

Have a look at the attached link to the R3 booklet "Is an IVA Right For Me?"

 

All the best,

CM

 

http://www.gregorypennington.com/IsanIVArightforme.pdf

 

 

 

 

 

 

 

Will setting up an IVA affect any claim for miss-selling of PPI ?

 

 

 

Bump..

Edited by Consumer dude

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There is a substantial upfront fee for an IVA, with no quarantee that your creditors will agree to it.

Infact, creditors have become wise to IVA's, they get very little from it, aswell as the upfront fee, the practitioner keeps most of the money you pay.

An IVA will affect your ability to get credit.

Becareful, they may put in a windfall clause.

You have to maintain the payments for 5 years, if you can't pay, & the IVA fails, regardless of how much you have paid, your back were you started.

Once the Insolvency practitioner has you signed up, & youv'e paid. They may be unresponsive to any problems.

Think very carefully before thaking this route. If you can afford to pay an insolvency practitioner. Consider reaching an agreement with your creditors.

 

 

Debs

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