full and final payment

[frances]

your more than welcome melanie,
another question if i my total unsecured debt of 53k paying back 52pin the £ have equity release in the region of 22k have paid back in total 5k monthly payments 259.Have read about offering more say 54 in the pound.I must be having a really dumb moment just can't seem to come up with a figure if my payments were 60 x 259 =15540 then fourth year equity release 22000 total 37540 less 5000 would i be correct in thinking 30000 would be a reasonable figure.Have tried andys calculation but no matter what i do i don't get the figures the same,thankyou in advance and sorry for having a blonde moment,may i add i am not blonde,lol
thankyou
frances

[Adam Davies]

Hi
54p in the £1 on debts of 53k would be a return to creditors of approx £28600.
You have had IP fees to date of £4250 nominee fees[too high !!] and 1k per year supervising fees,so £6250 plus vat.
Add this to the £28600 and the total pot is about 36k.Deduct payments made of 5k would leave 31k to find.
So 30k would be a reasonable figure.
regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

[frances]

thankyou andy you are a star

[frances]

hi there,
have recieved a letter this morning,basically it says by order of the court on 14th dec 2007 s.watts and paul gordon-saker have been appointed joint supervisors of these iva's in place of karen t potts,your attention is drawn to the enclosed order and in particular paragraph 5 thereof.Paragraph 5 basically says there be liberty to each creditor or debtor in the iva set out in the schedule to apply to vary or discharge this order in so far as it relates to the proceedings in relation to which that person is a creditor or debtor within 28 days of being give notice of the terms of this order.Paragraph 6 the costs of the parties to this application shall be apportioned equally between the iva set out in the schedule and be paid as an expense thereof,save that the costs payable pursual to the order shall not exceed 10% of the value of the realised assets in each particular iva

now i can see why nobody replied,does this mean anything to me do i just carry on before.they have also given me a figure for full and final
minimum dividend of 52 in the £ £53,028.96
dividend of 52 in the £ £27,575.06
plus costs
nominees fee £4994.00
disbursements £339.00
supervisors fee £2350.00
contributions to date £4992.34
amount required £30265.72

i have already made another payment have also asked for up to date mortgage staments from both mortgages and it says variation can take up to two months as they have to give creditors 28 days to register voting.So who do i contact now one last thing my payment as just been taken but it is payable to karen t potts will they need to amend this
thankyou in advance
frances

[MelanieGiles]

It looks like Karen Potts may well have left Synergi - hence the transfer of her cases, and gives you 28 days to apply for a variation - which could mean the appointment of an alternative IP - but this should only be done if there are very good reasons as you would need to bear the costs of the application.

For future queries you need to contact the new Supervisors, and I don't think that you will need to amend the payment.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Beechy]

Dave Beech