I have 2 months left of my Iva and have been told it is to be extended by a further 12 months due to the equity in my property. I also have had bonus payments (6months worth)put onto the end of the IVA. Could you tell me if I can request the additional 12 months payments to be applied first before the bonus payments. The reason I am asking is that firstly I see the 12 months as an extension so should be applied first and secondly I have a secured loan on the property which is due to end may 2017 and these funds will then be tied into the IVA. Could you also tell me what the average Supervisor fee is as we are paying approx £3000 per year Which seems quite excessive ......thanks a lot Andrea
It makes no difference how these extensions are applied -- the end result is still the same -- you have 18 extra payments to be made and are therefore tied into the IVA, with all of it's encumbrances, for an extra 18 months. The savings on the secured loan will result in an increased disposable income, regardless of source.
Fees will be as stated in the Proposal and are usually modified by creditors in the Chairman's Report -- often these days they are a percentage of funds paid into the IVA, typically 15% ( but some are in excess of 20%).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Andreadk96
I have 2 months left of my Iva and have been told it is to be extended by a further 12 months due to the equity in my property. I also have had bonus payments (6months worth)put onto the end of the IVA. Could you tell me if I can request the additional 12 months payments to be applied first before the bonus payments. The reason I am asking is that firstly I see the 12 months as an extension so should be applied first and secondly I have a secured loan on the property which is due to end may 2017 and these funds will then be tied into the IVA. Could you also tell me what the average Supervisor fee is as we are paying approx £3000 per year Which seems quite excessive ......thanks a lot Andrea
Do you agree with the equity calculation? This could be the best place to challenge to see if you can argue the 12 month extension should not apply to you.
