| T O P I C R E V I E W |
| steve_r |
Posted - 17 February 2009 : 21:39:41
Im considering going BR and have been talking to a company that deal with IVA'S...they told me about court costs - approx £500 but they also wanted a similar fee.
Is this the norm or can you "cut the middle man out".....
It seems alot to pay when its all astruggle financially anyway.... |
| 8 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 18 February 2009 : 16:06:00
If you do need help, then I would shop around to find someone who wasn't going to charge the earth.
I'd always advise anyone thinking of IVA or DMP to shop around before finding a company they were comfortable with - I certainly agree that you shouldn't use a middleman!
The glimmer gets brighter all the time
Jan
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| s4pps |
Posted - 18 February 2009 : 12:16:53
I also think a lot depends on the individual circumstances and how complex your own situation is.
I had a business so it became much more involved. The Landlords lease. The stock. Etc. So for my situation getting help was a Godsend.
Having said that you do have to be careful. When we were considering IVA we were approached by a company that wanted to charge us £2,500 just to prepare the paperwork to the give to an IP - when an IP offers that service anyway!
Suzanne x
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| Skippy |
Posted - 18 February 2009 : 09:21:05
I wouldn't recommend paying out £500 to complete the forms, which actually aren't that difficult. Before deciding if BR is the way forward for you I would recommend you take professional advice from another Insolvency Practitioner as they it's worth getting a second opinion. Make sure that the initial consultation is free - most IP's offer this.
I also don't think that paying £500 to avoid an IPA is necessarily a good thing. A lot of money is going to be written off, so is paying something really that bad? I pay £186 a month, and I don't think I'm hard done by when I think about how much was actually written off.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| John |
Posted - 18 February 2009 : 07:38:34
Hi
whilst I would agree in principle that the forms can be completed yourself the suggested extra £500 fee should not be dismissed out of hand.
Do you understand the implications of an Income Payment Agreement?
If yes is the disposable income into your household sufficient to suggest you will most likely be asked by an examiner to agree to an IPA?
If you have no DI and you are sure from research that all the expenditure's you will claim will be accepted then you should definitely complete the forms without the added service on offer.
The simple fact is that the service provider, before offering the service, should be confident that their assistance will result in a lower monthly IPA payment, or none at all if it is borderline.
Remember if you have only a minimum IPA of £50 monthly that is £1800 over 3 years. If this could be avoided with the added service, and I say IF, then one may consider it a reasonable investment.
If your not sure then use the forum first and list your income(s) and expenditure details on here for lots of good support and advice.
timendi causa est nescire
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| Lizzie |
Posted - 17 February 2009 : 22:57:59
Have you tried your local CAB? we contacted ours about 3 weeks ago within a week they had all the info they needed and with 3 weeks we had appointment, now they are contacting all our creditors and then we will decide where we go from here and the best part is its all free, I know some people have not had much help from their CAB when they have contacted them, but our local CAB have been brilliant.
I would certainly not pay out a fortune on fee's, take a good look around this site, it gives you loads of advice for free and then you can make your mind up as to whether you need to pay for specialist services. Paul at Reviva is brilliant for giving advice and help. |
| steve_r |
Posted - 17 February 2009 : 21:53:22
they wanted approx £500 for all info on income, expenditure etc which really i already have through discussing IVA'S.
£500 i thought was taking the mick.....
My only other concern is my job is also commision based so obviously have some good/bad months....will the good months i have affect anything in the future? |
| ElleB |
Posted - 17 February 2009 : 21:44:24
You don't need the 'middle man'.
If you have made the decision to declare bankruptcy all you need to do is contact your local County Court. Ours sent out all the paperwork we needed to us, as well as really helpful guide. When we contacted the court we were given a date for our bankruptcy hearing. We just had to take along the £495 fee (each).
I can't imagine what this comapany are charging for, unless its help filling out the forms, which you can get for free on this forum :D
Take care
Elle |
| pix1 |
Posted - 17 February 2009 : 21:44:22
Hello,
I think the fee is £495 but it may have gone up slightly. This is one off and will not be higher than that. It is not £1000.
There are a lot of issues to decide.
To help you decide whether bankruptcy is the right option please look over these links from the Insolvency Service website.
Insolvency Service
Home Page;
http://www.insolvency.gov.uk/
FAQ;
http://www.insolvency.gov.uk/faq/faq.htm
Technical Manual;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/
Realisation of Assets;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/HomepageChapter31.htm
Property - Family Home;
http://www.insolvency.gov.uk/freedomofinformation/technical/propertymatters.htm
(Mortgage Shortfall);
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter33/part6/part_6.htm
http://www.insolvency.gov.uk/faq/faq.htm#16
(Vehicle);
http://www.insolvency.gov.uk:8765/query.html?col=test&qt=vehicle&charset=iso-8859-1 (see FLOWCHART FOR MOTOR VEHICLES)
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part2/part_2.htm
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part4/part_4.htm
Income Payments Agreements and Income Payments Orders;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/Introduction.htm http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part7/part_7.htm (see link to Household Expenditure Spreadsheet)
Bankruptcy Restriction Undertaking and Bankruptcy Restriction Order;
http://www.insolvency.gov.uk/guidanceleaflets/bro/bro.htm
Early Discharge;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch13-24/Chapter22/part2/Part%202.htm
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