hi skippy the extra 15 months have been added on because my wife was on merternity leave and we could not keep up the arrangement so its been added onto the end the only thing is this has cost us as varden nuttal wanted 400 plus vat to do this and because my wife couldnt find a job for nealry 4 months we had arrears of nearly 900 there for adding on another 4 months in respect of the 11 months of her being off it works out that ill be paying even more money back than i would of if i didnt have a break from the iva the dividend to creditors is 0.40/£ meaning the rest of the money is going to varden which is far greater than the amount going to the people i owe!!! feels like im being scamed?
Thanks for the replys I will be contacting them as they just sent me a letter stating they want yet another 300 plus vat for software costs? And for making out another appendix letter for creditors they even state there fees amount to nearly 9000 pounds which I don't understand why I have to pay them more than my creditors? Will sort this hopefully will even go to citizens advice for help I don't want to wait another 6 yrs for this to end!
Hi Adr - you do need to speak to VN - what are these software costs? Neither me or the wife have heard of this before or being charged for a template letter.
She who must be obeyed tells me that there used to be some posters from Varden Nuttall on here - let's hope one of them picks up on this one.
If you pay more money back then more will go to your creditors...you still owe 100p/£ not 40p/£. The write off happens when you complete the iva having made up the payment break you've had. The £400 could well be a variation fee which would have been charged for the work they put in getting a proposal together so your I've didn't fail when you were four months in arrears. Have a chat to them because on the surface it doesn't look as if anything is wrong in what they are doing. x
As far as I'm aware they are charging me more than I should be paying and it's gonna take even longer an the dividend was 0.40/£ that's in black and White on the proposal that's gone up from 0.34/£ since last year cause we are earning a bit more now I ain't got a problem with that it's the additional cost there charging me for doing this if I new from the start that addtional cost would incurr further down the line then I would of tried to sort an iva out with citizens advice as it's free and full money would go to creditors!
Software costs extra vat on top no idea? why they are saying they want this but this is what they are asking for and will be put forward to creditors on 1st June to accept or reject they want me to sign this form and send back but I will ring and find out the coming Tuesday why am I still having to pay additional costs as they write out a new proposal as most of my money I have payed so far has gone into there funds they even tries the other day to take money twice which came up declined thank god as they said the first payment didn't go through! If I could turn back time then I would of never of entered into this iva it's gone from bad to worse with no light at the end!
Sounds as though you are having some awful problems - before you sign anything give them a call and ask them to explain exactly what they are asking you to pay extra for.
Just found out from other forums that these company's are making money out of us that's there aim
Now the only way to get out of it is to declare bankruptcy which I didn't want and hopefully won't need to if I can get more help.the fees they are charging is for writing up letters to me and to pass on to the creditors. these are costly and in the long run I will be out of pocket as I would be paying more in fees I should of read the proposals in more depth rather than just signing them. I just wanted all the letters an phone calls to stop which did when they took over I was paying into a dmp since I was 21 I'm now 31 it's been a long time the dmp was going any where as interest kept getting added I only took a 5000 loan out to pay off a 7500 car finance loan which didn't pay it off the 5000 turned into 15000 because of intrest! The 7500 was reduced but still owed 5000 then I took on my wife and ended up with another 8000 debt which she had so we put it in an iva it's still gonna cost us 23000 to pay off!
ALL iva providers charge at a rate set by creditors! CAB would refer you to a so-called charity that charges the same fees as a commercial firm. VN have no control oversees so cannot be ripping you off!!!! The creditors pay the fees and they set them.
According to money saving expert they say the company are set out to make money on people like me and to stay clear of them and it's too late for that I'm living comfortable and can afford to make the payments I just don't want to be taken for a fool an have to pay more than I shoul be saying they said they would right off 75% of the debt but when you calculate the total amount your paying in the length of time it's more or less 95% your paying but for them to keep saying we will be taken a further 300-400 plus vat every year it seems your paying extra I want to clear the dent not have more added!
Ive only just read your thread but I hope I can still help. Please remember that all IVA firms charge fees for the work they do. The fees are agreed by your creditors at the creditors meeting (when you first came into the IVA). They are clearly set out in the proposal, chairman's report and also in your annual reports.
When a variation is performed we (Varden Nuttall) ask your creditors for an extra fee for the additional work required. If they agree to this then we are authorised to take the fee. Please note that this comes out of the creditors pot and you do not have to pay the extra money.
I would strongly recommend that you contact your designated customer service advisor who will be able to answer any questions or concerns that you have regarding the IVA fees and your changed circumstances. If you would like to contact me via email instead my address is gareth.buckley@vardennuttall.co.uk.
