The following information is on my chairmans report, forgive my lack of knowledge but i dont fully understand it, does this mean i will need to pay further fees to the IP on review?
"Variation fees shall not be considered or agreed as part of the Arrangement until a variation
meeting is called by the IP. Consideration of the fee required to vary the IVA will be made at
the creditor meeting based upon the debtor circumstances and work undertaken or required
by the IP."
Hi Sam 5436
try not to dwell on this. I understand that if , in the event of a variation meeting being required, the IP would alter their fees accordingly. This should not affect you in any major significant way personally to my knowledge, if the IP did not think a variation was reasonable they would not propose it. Sometimes complex wording can frighten you and I. best wishes
Oscar
Last edited by oscar on Wed Oct 19, 2011 4:34 pm, edited 1 time in total.
need to smile today? go on check out my blogs - I'll add to them regularly
Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
Basically, if you ask for a variation that requires another "meeting" of the creditors this will have to be paid for. As it says, consideration will be given to the circumstances at the time. Quite often the extra is taken from the "pot" if creditors agree (depending on the reasons for wanting the variation). You do not have to pay extra for annual reviews, that is covered under the supervisors fee already agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It will only occur if you need a variation meeting and will be sorted out on the day.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've not known of anyone having to pay any extra, as Foggy says, it comes out of the pot.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sam5426
Try not to be nervous, you have had enough of that before your IVA approval. Try to celebrate that it has been approved you have done well in getting this. I know it's easy for me to say but I remember crystal clear how I felt all the way through the IVA check out my blog there is a link below you can scroll down and just read the bits you want to if you feel like it, try the last one, tears and laughter sides to our IVA it just might strum a note. Hugs
Oscar
x
need to smile today? go on check out my blogs - I'll add to them regularly
Our IVA's over YIPPEE unbelievable!Seems like yesterday it was approved despite everything
