Questions about last stages of my IVA

[s.b.w]

Dear Melanie

Please be assured that my only concerns have come along this year. GT have been good, but I just have these concerns due to their sudden change (the additional payments they requested as stated in my other topic) and many other things. I never had a problem with them till this year and I thinkI am justified in questioning a doubling of fees.

the first 4 years of the IVA have incurred fees of £2,000 per year. So I can safely expect another £2,000 for this year.

This means my IVA fees will be almost double the original as set out in the proposal (they set it at @ £5,000). I'm certain I'm in a open ended charging plan which means at this rate, I'm 20% short of the p/£ already, which could work out at beng nearly 40% short if fees increase at this rate, meaning I could be looking at another 24 months!



Arghhhhh!!!!!!!!!
If only I'd said NO!

[MelanieGiles]

I absolutely agree that you should question the nature of the fees - as you are going to be paying the increased fees directly in order the effect the dividend. That is why we should work on fixed fees, rather than percentage based or time cost based charges. £2,000 per year seems very high for what appears to be a relatively simple case.

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

[s.b.w]

Thanks for that Melanie.

My only real quibble is the high fees, but if I question them, I'll just incur more?

I'm presently starting a blog and hopefully it will finish off with me being out of this mess by the middle of next year.

My blogs at:

http://shazzy.blogs.iva.co.uk/

I desparately need to be out of the IVA by the Summer of next year, as I have to go abroad with my work and they will not allow me to go while I have the IVA.

I could lose my job over it, as my contract is dependant on me being able to go out to Australia and I'm having probs getting the VISA because of the IVA.

So any adviceyou guys can give me would be much appreciated.

Sharon

Arghhhhh!!!!!!!!!
If only I'd said NO!

[MelanieGiles]

Hi Sharon

I imagine that your IP is either Mark Allen or Garth Neill? Why not pick up the phone to them and make your query in person - tell them that you feel that you ought to have been put into an IVA with fixed fees, and that you wonder whether they would at least be prepared to fee-cap the remaining period of the IVA so you know exactly where you are. They are nice guys and I am sure will be helpful.

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

[s.b.w]

It's Mike Gerrard I think, and I've only ever talked to jane Moorman, his sec. Never had the honour of speaking to him, and the only real contact I've had is via letter. That's why I can't understand how the fees are so high!

Thanks for your advice though. Really is much appreciated.

Arghhhhh!!!!!!!!!
If only I'd said NO!

[MelanieGiles]

OK - I know Mike as well, he is based in their Bristol office and is a really nice chap. i am sure that if you mention to Jane how important it is that you speak to him, or book an appointment with him for a telephone conversation, he will be happy to oblige.

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

[s.b.w]

Thanks for that Melanie, it's actually putting my mind at rest.

I may jst be worrying for nothing, but it's on paper and it doesn't look very good...

all the best

Sharon

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

[Rainbow]

Thanks for the info Shaz and I really hope that you get your last year sorted.

I think I am just swinging between all this because it has gone on for so long - They have had all the info since 3.5.07 and we returned the first set of papers at beginning of Aug to be told that they hadn't received them! So we have sent again...Its just getting me down a bit to be honest. But thanks for the positive news. Let us know how you get on.
Best wishes
Rainbow

[ray_a]

I looked at my IVA documents and mine clearly state that the IP fees were to stay at a fixed level and any increase had to meet with the creditors agreement.

Is there a clause in your proposal?

If there is then you might be able to use that as an argument!

Hope that helps

Good Luck

Ray

[s.b.w]

WOW... onwards and upwards...

Ray... your right... and mine does have a clause which clearly states... and I quote:

"Supervisor's fees must not exceed £5,288 inclusive of VAT without the consent of 75% of voting creditors, such fees to be taken pro-rata over the term of the arrangement."

Phew...this obviously makes the situation a whole lot better.

I still think I may have to extend it slightly, as there will probaby still be a slight shortfall, but not by anything like my original estimation.

Thanks all....

Shaz x

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

[Adam Davies]

Hi
Well if that,s the case your IVA should not extend as you will meet your proposed dividend.Write to your IP and quote that clause and ask them why their fees are quoted at 8k in the last report.I,m sure the creditors will not agree to the extra unless you have had variation meetings etc.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

[s.b.w]

Thanks Andy

I'm going to pop that into te next letter I send through to them... I'm due to send off the next lot aof pay slips at the end of this month... so let's see what they say.

Sharon

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

[s.b.w]

just to update you all...

Have received a letter clearly stating that I have 7 payments remaining of £320 per month.

7 Months away from freedom and a new life!

I have a small additional payment to include into this, but this will only be around £150 max.

Just thought you'd all like to hear that IVA's do work!

And the past 4 1/2 years' has just flown past!

Good luck to you all...

Shazzy

Arghhhhh!!!!!!!!!
If only I'd said NO!

Go to my blog at:

http://shazzy.blogs.iva.co.uk/

[Skippy]

That's really good news - the 7 months will fly past.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Hels]

Well Done Shazzy,

I'm 4 months into my IVA and it feels like a very long way to go...

Having just started out on the IVA journey, stories like yours give me some hope! Thanks, good luck and here's to a new life after IVA!

Hels