The fees will be detailed in your chairman's report from the acceptance meeting - it would have been at this point that you agreedto the fees. I'm not sure if they are required to provide you with a breakdown of costs as their business model and profit margins aren't really any business of the client.
I wasn't referring to that I meant the cost of running the IVA, letter sent etc., I wouldn't have a clue without asking daughter what any of that was if I'm honest.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I might have read the OP wrong but I thought it meant fees incurred with the ssetting up of and the administration of the IVA. All of which I've been provided with and I don't personally need to know any more.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Full details get provided at the end where they breakdown costs and dividend payments made over the years in the IVA to who and who was included. Max Recovery mainly in the end bought up most of mine with the exception of First Direct and Capital One who remained one of my creditors throughout.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I see a breakdown of fees on my annual report but I don't see a breakdown of how costs are incurred. The 15% commission isn't related to costs so in that that sense the costs are irrelevant.
Each year, the Supervisor has to issue an annual report to their clients and the creditors showing the level of fees drawn. If clients want any more detailed breakdown, they are entitled to receive such information under our regulatory best practice guidelines.
what is the meaning of the nominees fee and why is it set at £2.500 on top of which you then pay £100 monthly fees to your ip just a question as ive never got a straight answer to this one can anyone enligthen me?
just to add my iva although ive completed the 60 months im still paying more fees until the cc i9s sent thats then taken my total fees to just over £9,000 to date and counting ps iva arrangement as for debt of £27,000 to start with
The nominee fee is the fee charged by the IP for all work carried out prior to the creditors meeting, and the supervisor's fee covers all work carried out after the creditors meeting.
Those fees you are quoting do look on the high side, but presumably you agreed them with your IP in advance and they were ratified by creditors at the meeting. Not sure why you are still paying fees if your case is ready for closure. Are you still paying in contributions?
The nominee fee looks very similar to mine but the supervisor fees look high. Mine are 15% of realisations and from memory I don't think there is anything else, maybe a few expenses. At the end of the day, as long as the fees being taken are in line with what was agreed by you and the creditors in the chairman's report from your acceptance meeting then the IP is doing nothing wrong. There may be something in your case that justified the higher fee.
