If we were accepted for an IVA, I understand that if our circumstances change from my previous post(e.g. inheritance, better paid job etc)that we have to declare this and hand the money over. Does the extra money all go to our creditors or does the IP take any of it?
If your IP is remunerated on the basis of a percentage of realisations - it is usual for this to be 15% - then they will also gain if your payments increase.
MelanieGiles wrote:
If your IP is remunerated on the basis of a percentage of realisations - it is usual for this to be 15% - then they will also gain if your payments increase.
Why dont Ip's just have set fee's Mel?? Is it more common for them to be paid according to the realisations?? Surely the Ip wont have any more work to do if your monthly payments are able to be increased by £100,so why should an IP get more of a cut?? Do you mind me asking what way you work fee's wise?(dont worry if you cannot say,I wont hold it against you!!)[;)]
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Oh I wish we could go back to the good old days when IP fees were fixed and based upon the amount of work required, but sadly this is no longer the case as a result of many differing criteria stipulated by creditors.
I have to fall in line with this policy, because if I don't then it will be modified in for me in any case by creditors. I belive that fixing the fees at the beginning of the job is a much fairer way, but sadly the lending community do not agree - and they are masters of all of us when it comes to IVAs!
Thanks for the honest answer Mel,much appreciated. I really can see why so many people on here who have used your firm appear to treat you in an almost regal manner!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
