As Drew says, it's something extra requested by the creditors prior to the meeting, or alternatively, extra payments if you earn more during an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
So surely your managers are taking this up with the TiX staff and referring back to those high level meetings, in the interest of your clients? If so, I cannot understand why the increases are standing.
I'm afraid not. You can appeal against the decision of the creditors meeting if you feel there is a material irregularity - this must be done within 28 days of the meeting. However, in this scenario I am afraid that the uplift will stand
Our feedback from TiX today has been quite positive. Rather than "tighten up" on expenditure allowances they appear to be trying to be more consistent, and challenging everything that strays above what they'd expect as a matter of course.
TiX now appear to be requesting evidence or explanations for any and all unusual expenditure, which is consistent and fair. As we can see from the large discrepancy in expenditure in older IVAs, this has not always been the case with many creditors and IPs.
Last edited by liamjames on Thu Nov 25, 2010 1:11 pm, edited 1 time in total.
Last week, a representative of Tix stated that HSBC have a hurdle rate where they wanted a minimum of 40p in the £ return. As mentioned in my previous post, they have not admitted that this is not the case after it was mentioned to them that Martin Prigent had said this was nonsense
They used to have a 40p hurdle, but I believe that Melanie posted some time ago that it had been removed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Melanie, I've edited my previous response as reading it today I could see how it could be easily misinterpreted. I meant to say that in the past there seems to have been a lot of variety in proposed expenditure, especially in larger IVA companies who deal with more clients, and I respect and welcome the consistency TiX have been showing recently.
