IVA settlement accepted

[JB1520]

I recd the paperwork from the meeting and all is great. However can someone explain what is meant by the sheet that reads:
1. Variation fees must not exceed £400 plus vat
2. The supervisor's fee must be reduced and taken pro rata.

I am asked to sign this and return.

Thanks

[Skippy]

I think it means that no more than £400 plus VAT can be taken from your settlement to pay for the variation fee, and that the supervisor's fee must be taken pro rata as your IVA didn't run for the full 5 years.

[MelanieGiles]

That is correct - neither of which actually affect you, but do affect the level of your IP's income.

[Kazz]

The fees that your IP charge vary, and if you settle early, a lot of creditors request that the fees are reduced accordingly.
The fee regarding the variation meeting is what fees have been charged for the calling of the meeting, but cannot exceed £400 as requested by a creditor

[JB1520]

When I receive my certificate of completion, who do I send it to? experian ? equifax? All my ex creditors?? and what letter do I send??

Ta

[rayb]

Hi,

Send it to all the major credit agencies (I believe there are only 3 anyway) and just sending a covering letter with the certificate asking them to update your files with this information

[JB1520]

Do the CRAs have a file that shows I am in an IVA or that I have £.... debt to this that and tother. Therefore, when they receive this from me do they just wipe everything clean?

[JB1520]

Equifax, experian and what is the third?

[kallis3]

Even though you have completed your IVA, it will remain on your record for 6 years from the date of approval. By sending a copy of the completion certificate it will show that you have settled the IVA.

[kallis3]

I think the third one is Callcredit.

[plasticdaft]

This is the downside to ending an IVA with a F&F,many people dont realise that credit is still going to be hard to get due to the IVA remaining on file for the full 6 years.

That said getting to the end of an IVA by any means is an achievment to be admired.

[kallis3]

And of course you've freed up that extra money per month, so you can always put that by for a rainy day - after all, you shouldn't miss it!