Just been rough my 1st year, don't understand the payments

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
 
 

Shirl

User avatar
Posts: 4
Joined: Mon Oct 06, 2014 11:32 pm

Post by Shirl » Mon Mar 23, 2015 7:59 pm
just been rough my 1st year on an iva don't understand the payments will it always show the nominee fee etc each year
 
 

MerlinL14

User avatar
Posts: 1626
Joined: Sun Oct 30, 2011 2:44 pm
Location:

Post by MerlinL14 » Mon Mar 23, 2015 8:06 pm
You annual report will be pretty detailed on what comes in and what goes out and to whom. It gets easier as you learn to budget and get used to having no spare money, however I found having no letters from creditors or thoughts of too much month left at the end of the money worries far outweighed the stress I was under pre IVA. Good luck and try to think of the debt free future.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Mar 23, 2015 8:09 pm
Nominee fees normally get covered by the first few months payments. After that the supervisors fee id deducted as a percentage of your regular monthly payment.

The fee structure will be detailed in your proposal, and probably amended in the Chairman's Report.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”