I cannot equate those numbers to fees of >£16k! Did the Supervisor manage to get his fees agreed on a "time-costs" basis rather than fixed fees? If so, that suprises me, as fixed fees have been more common over the last few years - I have always done my IVA's in this manner, in order to create certainty of return of dividend for the creditors.
If the fees are based upon time spent (we cynically refer to that as the "open cheque book" approach) then you may potentially have a case for being overcharged - and as you are re-mortgaging to effect a settlement, you are effecively paying those additional fees.
I would not leave your challenge until the IVA has concluded. But I would also let the variation meeting go through first - you don't want to upset the IP before that! Your best bet is then to challenge the basis of the fees with him directly. I do not know this firm, but they look like a small firm of mixed practice accountants based in Manchester. Nothing wrong with that as long as they do the job properly.
If you do decide to go to the IPA, you will need to demonstrate that you have taken steps to raise these queries with the IP directly, and have not been answered satisfactorily. Ask the IP for a detailed note of his time charged - most IPs should keep a computerised time recording system - so you can see how much time and by whom has been charged.
If you were a client of mine, I would expect that fees of approx £5,000 would have been charged. We do charge a variation fee of between £1,000 and £1,500 depending upon the complexity of the case, but this still needs to be agreed by creditors.
I wonder what creditors will make of those fees at the variation meeting!!!
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
