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IVA

Typical FactFind Fee £650
An IVA offers a practical and sensible solution for clients with serious debts.

Clients can retain their assets, make monthly affordable payments and write off on average 60 to 65% of their debt (if the IVA is successfully concluded).

An IVA can be tailored to provide the best return to creditors such as:-

Criteria

Debts
Minimum of £17,000 of unsecured debt At least three creditors and two lines of credit (i.e. not all Lloyds TSB)

Debtors Location
Debtors must be based in England and Wales (IVA'S not relevant in Scotland )

Homeowner/Tenant
Relevant for either Tenant IVA's are straight forward proposals for 5 years Homeowners are obliged to seek to introduce a sum in place of their equity in year 5 of arrangement. If they cannot remortgage they can consider introducing a third party sum instead or adding extra contributions.

Minimum Monthly Payments
An IVA needs to offer creditors a reasonable return. We recommend that the monthly contribution is no less than 25p in the £ but contributions can start lower (especially if clients need to clear mortgage payment arrears)

Referral Fees
50% of the Nominees Fee circa £650
This is treated, for ethical and regulatory purposes, as a FactFind Fee to advisors for assistance with preparing financial information on behalf of the Nominee. The FactFind Fee must be disclosed in the proposals and forms part of the Nominees fee.