does this seem excessive?

[Shaz]

I entered into an IVA and understood I would have to pay a certain administration fee however my IVA was for £15,000, I payed back £250 per month then had to pay £13,000 at the end of the IVA, does this seem excessive??

[ianmillington]

Hi

Can you supply more info please:

When you say "for £15,000" was that the extent of your debts?

Did the IVA run for 5 years?

How was the £13,000 raised at the end of the IVA?

[Shaz]

Hi Ian
Original IVA ran for 5 years - total debt £15,366 (31/10/2000)
Paid £12,036.00 and asked for settlement figure as wanted to clear this and get credit back on track.
In October 2004 I was told to discharge all obligations I would have to pay an additional £13,136.57 which I did (my partner sold his house and gave me the money).
Total amount paid £28,502.57
Does this information help?
Shaz

Hi

Can you supply more info please:

When you say "for £15,000" was that the extent of your debts?

Did the IVA run for 5 years?

How was the £13,000 raised at the end of the IVA?

[Adam Davies]

Hi
You have paid IP fees ontop of your original debts[can you just confirm again that your debts before IVA agreed was 15k ?]
On the info that you supplied a debt management would have been a better option,was this route discussed pior to your IVA ?
Regards

[Shaz]

Hi
Original debts when confirmed in court was £15,366. I wasn't given any options just told that this was the route I needed to go down if I didn't want to be made bankrupt. I had debtors contacting me and I was told if I went down this route they would stop. I was told I would have to pay approximately £3000 administration. When we queried the settlement figure we were told that was what we would have to pay. Upon settling we were then told that not many people settle in full but I wasn't given any alternatives.
Regards Shaz

Hi
You have paid IP fees ontop of your original debts[can you just confirm again that your debts before IVA agreed was 15k ?]
On the info that you supplied a debt management would have been a better option,was this route discussed pior to your IVA ?
Regards

[ianmillington]

Has the IP ever provided you with a Receipts and Payments account to show where your money went? Seems an expensive process to me.

Ian

[Shaz]

No just an annual and final statement showing figures but no proof and to be honest when questioned we were told that if we wanted to clear and get credit back on track there was no option.

I have copies of all paperwork and can fax them if you want to see them.
Thanks
Shaz

Has the IP ever provided you with a Receipts and Payments account to show where your money went? Seems an expensive process to me.

Ian