First payment taken by arranging company though they advised no funds are paid to them.

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Darrend2149

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Post by Darrend2149 » Thu Jul 31, 2014 8:51 pm
HI , I have come to the end of my IVA, apparently it is my last payment (60th payment) at the end of August, then hopefully be free from it, well actually I checked with my bank accounts and I will have paid 61, apparently the 1st payment was taken by the company who initially set up my IVA, it was passed on the 03rd September 2009, but this 1st payment was taken just before on the 1st Sept, and does not count towards my IVA, hence why I have to pay this additional payment to make, I spoke with GT and they advised that this can happen ,and more frequently so it happens, I was wondering the company who arranged my IVA, even though they advised me no funds are paid to them , they took this payment, and I am thinking it was my 1st payment towards my IVA, has anyone else had the same issues, Sorry for the long story guys !!!! Can I check this with anyone that may know ?
 
 

UpToMyNeckInIt

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Post by UpToMyNeckInIt » Thu Jul 31, 2014 9:20 pm
Sounds like you originally went with an upfront fee charger who then had their cases brought by GT. Plenty of Iva's start like that - mine did.

I softened the blow by putting that payment on a credit card which ended up in the iva anyway.

Don't think there is much you can do about it I'm afraid.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
 
 

Shining

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Post by Shining » Fri Aug 01, 2014 11:14 am
Do you have anything in writing to say there was to be no upfront fees or that the first payment would be returned in the event the IVA was declined.

I had a letter saying my payment would be return in the unlikely event the IVA was declined it wasn't so like you thought you were I was one payment down on entering the IVA.

I know some companies do charge the arrangement fee and then pass you to the IP. Have a check of original paperwork.

You're almost there though so welld one for completing, it's a great achievement.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

sponge

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Post by sponge » Fri Aug 01, 2014 6:10 pm
My IP firm asked if I had any credit cards that still worked, Just the one left I said, that'll work said they, then took that credit into the IVA as well..ouch!
 
 

Darrend2149

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Post by Darrend2149 » Thu Jun 18, 2015 7:30 am
I wonder if anyone can assist, I am finally out of my IVA..............at last, but during the final stages GT / Claimsbroker made a claim for my PPI, which to be honest was quite a sum came from it, approx 7000, obviously I never received any of it, but then I was advised that the Statutory interest would be calculated and i would be paid this amount, I finally got the calculation of statutory interest through the post, the total value was £5500 but out of that the claims management company took a whopping 2000 and then GT took supervisor fees of another 1500.00 totalling 3500.00, which was well over half the statutory interest value I was initially given. GT advised originally that they would pay this payment to me, but never told me that they would then take an another Supervisory fee, and god knows what this supervisory fee was actually for as these have been a nightmare to be honest, Fair enough I understand the claims broker are due their fees, but I thought I had paid supervisory fees when my IVA first started, I have a question if anyone can help, are GT entitled to take another set of supervisory fee fees out of my statutory interest, as they said I would be paid this amount? Thanks if anyone can assist, its just a kick in teeth again, when again why would they say I was entitled to this amount and then take another set of money from it ? Thanks for time if anyone can assist.
Regards Darren
 
 

Foggy

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Post by Foggy » Thu Jun 18, 2015 7:49 am
I would say that GT are NOT entitled to 15% of the interest. The usual agreement is that supervisors fees are 15% of realisations (money paid into the IVA). This interest element is not being paid into the IVA and, therefore, not subject to a deduction of fees.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

lifenoteasy

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Post by lifenoteasy » Thu Jun 18, 2015 8:17 am
Agree with foggy - they would only be entitled to 15% if the statutory interest was seen as income or a windfall where it went back into the iva.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

Darrend2149

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Post by Darrend2149 » Tue Jun 23, 2015 7:54 am
Thanks guys for the info above, but i queried this with GT and they sent me the following;.............
With regard to the Supervisor fee, I have reviewed your case and can see that you agreed to the MVM Terms and Conditions. As such, the Terms and Conditions noted the following:



- Successful Payment Protection Insurance (PPI) claims (or claims of a similar nature) paid out shall be an asset of the arrangement. However the debtor will be entitled to receive any amounts of statutory interest (net of costs) included within any payment received into the arrangement as an incentive for co-operating with the PPI claims process.

- Any additional funds received (including any VAT refunds or successful PPI payments or similar claims), will be subject to the deduction of Supervisor fees at the prevailing rate.

Does anyone know what the MVM Terms are? as I was told to sign the PPI form for them to investigate PPI, I was not aware of what these Terms are? Does anyone have a clue what they are, I do appreciate anyone's assistance on this, I just this they are out of order for charging additional fees is out of the statuary interest, which is what they state above should be entitled to me.

Thans guys any help will be greatly appreciated.

Regards


Darren
 
 

Foggy

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Post by Foggy » Tue Jun 23, 2015 10:40 am
Did you sign one of the infamous "spotty letters" ( so called because they arrived in envelopes covered in bright spots) ? They were for a MVM which amended a number of terms, some carefully hidden in the smoke and mirrors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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