IVA Fees

[l.h]

Hi all

I am trying to find out where I stand regarding my IP fees. I am fortunately in my final year of my IVA, which is due to complete successfully (everything crossed!!!) in September this year. Not even thinking anything of it until I visited this site, but I wondered what happened to my "upfront" payments that were made prior to my Meeting of Creditors.

Basically, I have paid my IP five additional months money, as the ball starting rolling in May 2002 and didn't complete until September. As I was totally naive and not really knowing much about the IVA system back then, I thought this arrangement was the "norm". However, having a bit more knowledge now thanks to forums like this I realise it was a riddiculous length of time. Basically my IVA is a very simple one without any property element and apart from one modifaction asking for additional contributions, was a straightforward process. Reading correspondence from my IP dating back to June 2002, there is a paragraph which states he will take all contributions until the meeting as his fees. Do I have a leg to stand on ? Is it worth me trying to shorten the term by five months or do I not stand a chance ?

Thank you !

[freelili]

Hi and welcome

Sorry I cannot answer your technical question, just wondered who you went with? Wow, almost complete, it must feel good.
Please dont say synergi, I only have 1 nerve left and they get on it.

LILY

I asked God for a solution and have to live with his reply.

[MelanieGiles]

Hi lh

You are certainly doing the right thing to query this point now. Your IP must disclose the basis of his fees within the IVA proposal, so dig that out and see what is provided for. Also look at your Chairman's report of the creditor's meeting, as fee bases are often altered at this point usually to the detriment of the IP.

If you had made five up-front payments to your Nominee, these should have been disclosed as cash in hand on your IVA proposal. You need to find out if the five payments are included in the 60 offered or not, so check this out with your IP about this as soon as you can.

Do let us know how you get on.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk