Can we stop calling these people "ip" advisors

[Keepingmyheadabovewater]

melanie i got my first statement from my ip yesterday on my first years monies i have paid in can you explan this for me please

debtors contributions £3.510.10
payments
supervisors disbursements £34.00
nominees remuneration £2.700
supervisors remuneration £234.95
vat 513.62
balance in hand £27.53 and also says
i have complied with the terms of his arrangement he has maintrained his contributions at the agreed rate and introduced additional monies upon request
then it comes to divdend
the proposal indicates that there will be an estimated divdend availbale to unsecured creditors of 38p in the pound and agreed monification requires this to be a minimum divdend i currenty have insufficient free funds to warrant the payment of a dividend at this stage

melanie can you explan this please or can andy davie help in any way

JOHN

[thebear29uk]

Hi John

I think it just means that so far not enough has been paid in to pay anything to your creditors which is normal as the Nominee fees and set up costs have to be paid first. If you were to continue paying in as now then at the end of the second year there would only be lesser supervisor fees to come out of your payments so some monies can be paid to your creditors. This continues through to year 5 at which point the supervisor would close the IVA and issue a certificate of completion provided the minimum dividend has been met.

If this is incorrect somebody will advise you.

Regards

Dave

[Keepingmyheadabovewater]

thanks dave you mean discharge papers

JOHN

[thebear29uk]

Once the IVA is completed your IP issues a certificate of completion. At this point you are free of the constraints of the IVA. Any windfalls remain yours and you are free to take credit without permission. However whilst your credit report will show the IVA as completed it will stay on your file until 6 years from its start date. So even though you are free to obtain credit it won't be easy to get it. Not that I would want it anyway.

All your statement does is tell you and the creditors the state of play with your IVA account.

Regards

Dave

[Keepingmyheadabovewater]

so after the 5 years of doing it wait another 12 months thats the 6 years then it comes of my file

JOHN

[MelanieGiles]

Hi John

I have covered your query about charges under a different post - and Dave's advice above is as good as I can give and an IP with regard to closure. Wish I knew more about contact lenses!!!

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

[Keepingmyheadabovewater]

sorry about that melanie been a bad day

JOHN

[Adam Davies]

John
Dave,s reply is excellent and it,s worth noting that you do not get "discharged" from an IVA but issued with a completion document R.5.34,and any remaining debts are written off by your creditors.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Keepingmyheadabovewater]

say andy how come some ip advisors try and sell ivas the wrong way

JOHN

[MelanieGiles]

Can we stop calling these people "ip" advisors please!

An insolvency practitioner is a highly qualified professional, who has worked for years in their respective profession, usually gaining professional accountancy qualifications prior to studying for their insolvency exams which have about a 25% pass rate. They are personally liable for their actions and decisions, and have to be properly licensed by one of the professional regulatory bodies each year, and are extremely highly regulated. I do not feel that insolvency practitioners necessarily mis-sell IVA's, but of course we do have to ensure that all options are provided to our clients.

I suspect that the majority of poor advice, comes from within the unregulated side of the debt management industry - but for every bad advisor, perhaps motivated by sales targets for the wrong reasons - there are probably ten good,well-meaning persons all wanting to help.

There are good and bad in each profession, and all forum posters in financial difficulty should choose their advisor with care. Personal recommendations are usually a good bat, and do take advice from two or three firms to compare the options available.

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

[thebear29uk]

Hi Mel

I know exactly what you mean. My profession often get called contact lens fitters when in actual fact we are contact lens opticians. It took me 6 years to qualify and I don't wish to be regarded as a kwik-fit fitter, kitchen fitter or carpet fitter.

Once again to anyone reading this I wholeheartedly recommend Melanie as a great IP.

Regards

Dave

[BlueShoes]

I'll second that! Melanie & her team are great, we would happily recommend them without reservation!
Blue