I do not blame my (ex) creditors for the mess i got myself into - it was entirely my fault.
I entered into an IVA as it offered a fair return to my creditors at a level I could just about afford.
When I was unable to release equity in year 5 it was not my intention nor the intention of the creditors that I would make a further 12 months of payments solely for the benefit of the Supervisor.
Trouble is Vince, everybody/companys are trying to make their bit out of peoples financial troubles.
Yeah nobody made me spend thousands on credit cards but even when they (the credit card companys and banks) are phoned up by customers telling them we are struggling to meet the payments etc all they want you to do is sign up for even more lending.
Im in an IVA now and yet im getting letters from Vanquish have a credit card. I still maintain that these companys have also played their part in throwing money at people hoping they will make loads but instead they have got their fingers burnt a little bit.
Look at the Bank of England base rate 0.5% and yet has the intrest rates gone down a bit to maybe help a few people? NO not a chance. Mortgage rates, going up.
Ive fees: Do i think they are fair? Probley not if im honest but like everybody keeps posting on here, dont worry about the fees as they come out of your payments and the creditors agree how much they can have out of them.
Making you pay another 12 months IVA payments so they can have most of it? Yeah lets hope they choke on it, only trouble is when your in a IVA, the IVA companys call most of the shots so your at their mercy im afraid.
I see where you are coming from but I can't helping feeling a little bit sick that my IVA was extended for 12 months and my creditors didn't see any benefit from it.
When the variation was drafted because I couldn't release equity, my then Supervisor insisted I increased my final year payments from £1,550 to £1,600 per month. Funny how £600 seemed so important back then yet 12 months later the creditors accept a variation which allows a retrospective increase in IP fees of over £16k and reduced the dividend from 70p to 59p. If the creditors didn't want the money why couldn't my IVA just end after 5 years? I suspect the answer to that is the creditors didn't understand the impact of the variation they were agreeing to. They will no doubt be a bit surprised when they see the final paperwork.
Last edited by vince666 on Tue Apr 03, 2012 6:06 pm, edited 1 time in total.
At a time when most IP firms are suffering from severe pressure on reduced fee income, it is interesting to read the experiences of Vince with his own IVA. Whilst this may be an extreme case, one wonders how such a high increase would be acceptable to creditors - although it must have been or else they would not have agreed to it. What were the total fees charged in your case Vince for the Nominee and Supervisory fees as a matter of interest?
I believe, as this was what a member of GT staff told me, that they agreed a mass variation of all the ex-BE cases with the creditors, which is how I imagine mine sneaked through un-noticed.
Total fees were as follows:
Nominee (BE) £2,500.00
Supervisor (BE for 5½ years) £4,650.00
Supervisor (GT for 6 months) £17,839.89
Total £24,989.89
By the way, I came off the Insolvency Register overnight - nice to see at least one government department that is efficient. Now I just need Experian to update their records and I'm truly debt free
Blimey that is alot of fee's - how can that be justified ? Creditors should have benefited from some of the additional 12 months - thats extortionate !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Ridiculous isn't it - I think GT could have technically claimed up to around £23k, but there wasn't enough in the bank, hence the strange amount of their fees - I think they just cleared the bank account out.
The other annoying thing is that after the Paymex issue was sorted, I still had to wait another 7 weeks for my certificate to be issued. I was told that this was because of the final dividend payment and as GT were having to use the old BE software it could only be done once a month, and then they needed a couple of weeks to check it had all gone through ok - what a load of rubbish, there was no final dividend paid to my creditors.
My certificate was issued exactly 6 months after my final payment - it feels very much like GT were doing everything possible not to issue it before that date. Has anyone ever received a completion certificate from GT in less than 6 months? I don't recall ever seeing anyone post that.
Still waiting for mine last payment 5th July and meeting 11th /august they said VAT issues and also waiting for final dividend claims, well if they have not claimed now give it too the rest for me fed up !!!!!
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
The fact that some of your creditors have not yet claimed Vinnie should not be holding up your closure. Contact your IP and ask them to provide a definitive date by which time you can expect to have received your closure report.
