ANNUAL CHECK INFO

[RICKI]

I've just got a few questions to ask anyone who can advise me:
My IVA was approved last week. I would like to send my payslips into my IP regularly so is it possible to send them in monthly or two-monthly? I think I'd rather pay 50% of overtime monthly instead of paying a big 'lump sum' after 12 months. But is this possible? The other question is: I'm due some back pay (prob about £300) in this months pay which dates back from Oct 2004 to Jan 2006. As this isn't overtime or commission, and as it's from almost 2 years ago would this money be mine? I've been waiting for my back pay for months now and I'd hate to think that the wait had been in vain.
Thanks in anticipation,
Ricki.

[accgroup]

Hi Ricki

It sounds like you need to speak to your IP, you should be able to make your 50% additional contributions on a monthly basis, at Accuma we advise that this is the best way to deal with addtional contributions as it avoids making a lump sum payment after 12 months (when the funds have probably already been spent!).

Your back pay will probably come under the 50% of additional income term in the IVA (so you may be required to pay £150 into the IVA from this), however speak to your IP as they will be able to advise you specifically as they have full knowledge of the terms of your IVA.

Hope this helps



AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

[RICKI]

Thanks for taking the time to answer my question, but I've just thought of another one!.. Typical, eh?!
I've already been told that I need to repay 100p in the £ to my creditors (yes, I'm seething when I see other people paying back 40p in the £ or so!) so will the extra payments that are made through 50% of overtime be taken off the amount that I need to remortgage for in 5 years time? I keep thinking that even by paying £100 extra per month for 5 years, it'll mean that I'll need to remortgage for £6000 less than I've been quoted. Am I right? Surely if I'm paying back 100% of my debts, it'll all add up in the end?
I'm just getting to grips with this IVA and I've already posted a few days ago to say how blooming scared I am about it all but I feel that if I have a degree of control over it (by paying monthly, and eventually reducing the amount of equity I need to pay in 2011) I'll be able to sleep easier at night. Over the last 9 days since our IVA was approved, I've gone through a whole range of emotions and I'm hoping I'm 'normal'.
I'm very new to this, but I'd really like the opportunity to thank everyone for listening and mostly for making me realise that I'm not alone. And that means so much more than anything else at the minute.
I'll stop rabbitting now, and again thanks in anticipation.
R.

[neverending]

Ricki
On paper your idea sounds fine and any reasonable person would see that,HOWEVER one thing that i have learnt is that your IPs fees can and probably will increase during your IVA term[they are not fixed,the figure they quote is the minimum that they will charge].They work on a time is money basis so the letters and time that they take in sorting out your "extra" payments will probably swallow up any inroads that you make into your debt.I may sound synical but my advice is.............send your pay slips and 50% of overtime payments in each month then before your 4th anniversery of your IVA contact them and discuss the fact that you have paid more than had initially been agreed and hopefully you will have to remortgage for less.
Keep all corrospondence to a minimum.
Regards

[Oliver]

I know that some IPs will increase their fees depending on the work required within the case. However, I think it is important to point out that there are a growing number if IPs who now work to fixed fees. These will not change based on the number of times you speak or write to them.

In these cases, the IPs fees will only change if their is a specific requirement to vary a case (for example if the client has to make a change to the monthly payments because of lost income). In these instances, the IP has to go back to all the creditors and negotiate the variation. There is an associated extra cost of doing this and so additional fees will be legitimately charged.

I guess that this info is not too useful for people already in IVAs. However, if you are currently considering an IVA, a good question to ask will be are your Supervisory fees fixed and written clearly into the origional IVA proposal or on a time basis? If they are not fixed, then perhaps shopping around would pay dividends

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com

[neverending]

James
This is what is needed,however for many of us its too late.Lets hope that as time goes on the vast majority of IPs will keep to fixed fees.
Even better lets hope that it becomes part of the regulations as there are still too many people entering into IVAs oblivious to the real ins and outs.
Strong self regulation is needed.

[iva.com]

Hi Neverending, i have read a few of your posts regarding regulation and would like to get your thoughts on our new site that helps regulate the IVA industry. http://www.iva.com

Let us know what you think

IVA.com - Regulating the IVA industry by using custome feedback.

Please rate your IVA company or Insolvency Practitioner by reviewing them here: http://www.iva.com/submit_iva_review.asp

[DebtDummy]

Oh my! So, the Nominee fee and the Supervisor fee which are being paid do not cover all the fees??? I am going to include they remain fixed unless for negotiating a variation. Gee, he can charge for telephone communication and letters? Thanks again people for the good advice. I shall discuss this with him...emmm...when I am able to reach him.

All I have left is my humour.

[MelanieGiles]

Most IP fees are fixed now by the creditors, so it is unlikely that they will be able to rise without the specific agreement of creditors at a variation meeting if necessary.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk