close relationship with your ip????

[jasperyogi]

Can you help me I'm having a blonde moment... Are my appointed joint supervisors my IP's if the IVA is accepted? Also does it take 48hours normally after the meeting has been held to be told of the outcome because that is what they have just told me!!

Why spend life worrying...when you can spend it smiling!!

[MelanieGiles]

Yes to the first question, and no to the second! You should be advised of the outcome of your IVA as soon as it has been accepted. Why the need to wait 48 hours, it does not make sense!

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

[catullus]

Do you know if there were any modifications proposed by your creditors? Its relatively unusual for there to be none, and if there were some, these should have been discussed with you on the day of the meeting.

The other possibilty that occurs to me is that the meeting might have ben adjourned because there were no votes received and your IP is chasing down creditors to vote. You should have been told about this, as well, so it doesn't make much sense.

Let us know when you find out.

[aguise]

I heard within 15 mins of the end. Obviously there may be delays but they can still let you know.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[jasperyogi]

I dont understand the reason for the 48hours either. The meeting isn't until next week but thought I'd give my IP a buzz to see how it was all going....only to be told that my IP is only a name on a form, and that I wont be able to have direct contact with them ?????? and when I asked if they will call the day of the meeting to tell me the outcome, I was told that I would be informed within 48 hours because it could take this long to appear on the screen???? I thought I would be able to speak to my IP directly ....Especially with them having a total £18,000 in fees! Do you think I should ring them back?

Why spend life worrying...when you can spend it smiling!!

[aguise]

I would ring them back and ask I dont see why it has to appear on a screen, very impersonal, whoever is dealing with your meeting should contact yopu to know the outcome.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[jasperyogi]

I know I agree I'm dialing as I type....

Why spend life worrying...when you can spend it smiling!!

[jasperyogi]

No answer, they must be closed. I'll give them a call 2moro and let you know. Thanks for your help though. Have a good evening.

Why spend life worrying...when you can spend it smiling!!

[MelanieGiles]

An IP only being a name on a form!!!!! This sort of nonsense really does not help our profession one iota. No wonder the creditors think we should do our work for cut-price fees. When will these large firms ever learn the art of customer service?

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

[catullus]

What you have been told is complete codswallop.

For technical reasons there has to be communication with the debtor on the day of the meeting and in that communication it will be obvious as to whether the creditors approved the iVA.

Your IP has a personal professional relationship with you and, within reason, should always be prepared to talk to you about your IVA, even if an appointment for a conversation has to be made.

Although he doesn't have a professional obligation to speak to you he does have a professional obligation to answer your correspondence in a timely fashion. So if they really do refuse to speak to you, first I would broadcast the name of the Firm on this board and secondly I would put your questions to the IP in writing stating that you require a response within 14 days.

The other thing that you mention is fees of £18k. Yours must be a mightily complicated IVA to justify this level. Are you sure those are the fees and not the contributions??

[jasperyogi]

Hi there,
Sorry about delay responding, had to bath the children.
Well I'm not sure about complicated we have been told that it is very straight forward. We owe 59k to 10 creditors and have an ongoing DMP with them all. The breakdown is as follows we are paying 763 for an IVA for both myself and my husband. The contributions are £45.780 the nominees fee is £3,550, supervisory fee of £13,700 and other disbursements £750 a total of £18,000! Now I am worried does this sound ok or have I just made a HUGE mistake. As for the name on the form thing, and the 48hrs ...I will give them another ring!! Thanks everyone

Why spend life worrying...when you can spend it smiling!!

[aguise]

I have to say my husband and I have interlocking iva's and a similar debt owed and our fees are almost half of that amount.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[jasperyogi]

oh my goodness....I guess its too late to do anything about this now???? Am I correct in thinking that the creditors could say no because they are only getting back 27k and if so what happens then???

Why spend life worrying...when you can spend it smiling!!

[aguise]

I would wait for Melanie to answer that You are making a higher payment than us, I dont know if that has any bearing on the fees. Unless there is some major difference, do you own property, is there an equity release. Ours was a very straightforward iva.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[jasperyogi]

That just it there is nothing to sort out we live in rented accomodation, have 2 loans and 7 credit cards and 1 overdraft,
The 2 loans, 1 credit card and overdraft are with lloydstsb
2 cards with halifax
2 with capital 1
1 with goldfish
1 with cl finance
the 2 children we have are ours so there is no mainenance involved etc....just 1 wage, 1 joint child benefit payment and 1 tax credit award...does that sound complicated to you? dont think it could be less complicated...maybe they are just trying it on, and hopefully the creditors will ask them to reduce their fees rather than regect our proposal...is this even possible???? thank for your support ang. And to think I quit smoking 4 weeks ago.....what a bad move that was!! Hee hee

Why spend life worrying...when you can spend it smiling!!