Interesting point Nick / Foggy, is that what this statement is? "The Supervisor may draw fees, once the Nominee fee has been paid, on a monthly basis at 15%. excluding VAT, on asset realisations. These fees may only be taken when the Supervisor is in receipt of contributions/assets." It does then go on to sat that total costs and fees must not exceed £12,500.
That's the one 2year2go. Add to this the recent MVMs proposed by GT to increase the percentage to 25% and you can see why some firms are getting so hot under the collar regarding PPI refunds.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
b*****s. This paragraph, along with a couple of others didn't exist on the draft arrangement, but was added in the Chairman's report on the passing of the agreement. This would explain a lot of my experiences with my IP.
Just referring back to a previous post about a final payment before the end of an agreement from inheritance, presumably this would explain why the actual amount was so much higher - if the same %age was in place (sorry, can't find the post).
Yes, because this is usually a modification added by the creditors it will appear in the Chairman's report rather than the original paperwork.
And, yes, if you manage to pay the full original debt ( by whatever means) you will pay the full amount owed, plus nominees fees, 15% Supervisors fee and, possibly, 8% statutory interest ( though most IP's do move to get this obligation removed).
But, at the end of the day, that total figure will still be less than you would have paid over the term including the, often, exorbitant interest rates being applied to loans.
The annoying thing is that the creditors who push for these things to increase the yield, often, end up selling the debt on for pence in the pound anyway !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
