Variation Meeting..

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Chris.z

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Post by Chris.z » Sat Aug 04, 2007 9:24 am
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Hi.. Haven't posted for a while due to changing internet providers! Anyway, I just wanted peoples opinions on my figures which are going to Variation next week. When I rang and asked for them in writing I was actually amazed when I read them.. Firstly even though I have been in an IVA for 12 months my debts have increased by 3k , from 26k to 29k ( I thought interest was meant to be frozen! Anyway here are my figures!

240.00 for 84 mths = 17,280.

Fee's : Nominee's Fee's ( Including VAT ) = 3,819.00
Supervisor's Fee's ( Including VAT ) = 6,416.00
Disbursments ( Including VAT ) = 150.00
Variation Fee ( Including VAT) = 587.50

17,280 subtract 10,972.50 = 6307.50 to creditors.

What do people think. I would be especially appreciative of expert's opinion's.

Chris
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Adam Davies

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Post by Adam Davies » Sat Aug 04, 2007 12:10 pm
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Hi Chris
Interest etc does stop once in an IVA.The changes are probably due to balances of debts being different once your creditors proved their claim.
Can you remind us why you are going for a variation ?
Is it to offer lower payments over a longer period[7 years] ?
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
Andam Davies
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Chris.z

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Post by Chris.z » Sat Aug 04, 2007 2:57 pm
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Hi Andy it is to reduce the monthly payments , IP suggested going over more years. Just seemed ridiculous that the Fee's far outweigh the return to creditors. I will be amazed if this is accepted!

Chris
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