paragraph 30 of this might assist you:

https://ion.icaew.com/insolvency/b/webl ... n-v-wright

You say it would be a lot less than if I carried on without the Iva but if I paid £20k off my original debt I would only be left with £16k and that does not add up to £7k extra worth of interest You are quite right. and if you had paid off the 20k there is a good chance you wouldn't have needed the...

So me getting a £20k inheritance will end up costing me £7,000 more than I originally owed, seems really unfair unfortunately you have received truly shocking advise and shouldn't be in an iva if the inheritance was known. make a complaint You won't get much sympathy here for paying over the odds I...

kallis3 wrote:

I'm sorry Chrissie but they would - at the end of the day they are a business and charge fees.

And therein lies the problem. Have a read of SIP 9 and all of the legislation on fees and then you might understand a bit better!

That's why I said report the IP if he doesn't and let the regulators sort it out. Any reputable IP wouldnt even entertain taking that sort of fee from an inheritance.

You cannot insist that they deal with monies paid in other than in the manner agreed at the inception of the proposal without putting forward a variation and getting creditor approval. You can Please enlighten me. Whether you like it or not IP has to have fair and reasonable fees AND has to be able...

Insist that any IP fees are done on time costs when dealing with the inheritance as there should be no early Christmas present for the IP getting a 15% jackpot on £30k inheritance. If they refuse, report them. You cannot insist that they deal with monies paid in other than in the manner agreed at t...

Insist that any IP fees are done on time costs when dealing with the inheritance as there should be no early Christmas present for the IP getting a 15% jackpot on £30k inheritance. If they refuse, report them.

Over the course of 5 or 6 years no one is likely to grumble over those costs. Over a year - different story. It's irrelevant what is in the proposals. The IP still has to justify it, statement of insolvency 9 says so. So if he can't do that then report him.

i'd ask the IP to justify why that kind of charge is fair and reasonable, which he is required to do, and if he can't, report him.

I'm afraid you are missing the point. In this scenario the IP should cover his costs, no more. The IP getting a windfall from someone's inheritance is wrong in anyone's book.

I don't see that there is any problem as far as the debt is concerned. But why should the IP pick up £12k or whatever it is for next to no work. The original agreement really is irrelevant as it would never have been agreed if the inheritance was known to be a likely scenario. Pay in full, IP covers...

Charging fees on inheritance is immorral and shouldn't be a windfall for the IP. I would challenge it all the way, in Court if necessary.

Is it just me or am i missing something here. The only reason the IP wanted this verdict is so that they can be paid even more than they already do by taking a massive handling fee from the PPI claim? They're not acting on behalf of the creditors. They're all out for them selves. Or am i barking up...

No, because you iva started in 2011 so the new rules will apply, it goes by date of approval of the iva, anything approved prior to April 2010 is removed immediately