We have been really fortunate and have won an amount which means I can now get out of my IVA. Even though we jointly won the money my IP is stating that its legally all mine so I have to use it all to pay back my IVA 100% diveded + fees. All the winnings will be swollowed up. Im not ungrateful certainly not but we have serious issues with the house that need addressing to make the property safe and giving up all the money means we have nothing left to fix the problems. Im really not trying to be greedy but we really are in a fix. I have been sent the following as I asked for a breakdown but I dont understand why Im effectivly being charged twice by my IP, he is asking for 15% of the amount that I would of paid on his nominee fees?? Is that normal?
Unsecured creditors 22770.6
Statutory interest @ 8% calculated on a daily basis 2744.5
Total due to creditors 25515.1
Nominee fee 620
VAT, disbursements and costs of the IVA 777.84
Bank interest received -0.45
Total costs 1397.39
Client Refund - PPI 0
Total costs and creditor claims 26912.49
Supervisor Fees @ 15% 4639.85
Total required 31552.34
It depends upon how your fee structure has been agreed with the creditors ( outlined in your Chairman's Report). It could be worded that 15% is deductable as fees on all payments into the IVA ( which includes those initial payments used to cover the nominees fees). Have a read.
Incidentally, I would be disinclined to rock the boat too much as those nominees fees look a little low to me !!
Also check that statutory interest is actually payable --- in my arrangement it was specifically excluded, and is often removed by variation by many IP's it circumstances arise where it would become payable. It is an inequitable condition, basically penalising the debtor for paying more back!!
Might I ask where the money was won, and on what basis you think it is shared prize money, in case there is a counter arguement that comes to mind ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you Foggy, I will have a good read. The wording can be so confusing in my documents. It was an online betting site, it was is my name but the stake came from my partners wages. They are saying that gambling regulations state that as its my account my partner couldn't of been betting even though we were doing it together. The stake came out of my bank but all money including his wages goes in and out of my account. My partner of 10 years understandably feels quite bitter that he wont get his share and it has to be used to pay my debts. I've tried to provide my IP with all the evidence that I can to prove that his wages are paid in to my account and that the stake was placed from the same account but to no avail. At first the case officer was really pleasant but as soon as the answer as no I was told very directly and that I had to pay up within 7 days (this was yesterday). I don't want to sound penny pinching but I haven't stop crying since yesterday as I feel that Im being penalised for doing the right thing and giving them everything. Thank you for your help so far.
Hmmm ... I was hoping it might have been jointly owned Premium Bonds or some such. In the circumstances you describe I can see why the case officer has come to the conclusion he or she has. However, I would not accept such a decision from a case officer and would insist of talking directly to the IP regarding this. Even if you get the same answer at least you will be satisfied that it comes from a qualified source. Many firms have highly trained and proficient staff, others are sorely lacking.
OK - the prize money might be going to the IVA, but at least it will get that particular monkey off of your back and you can get back to normality a lot sooner.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with foggy ...request a discussion with the IP and fight this to the end. You may still have to pay it all across but at least you will have then tried all options.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I think if the membership of the site was in your name only and the bank account is in your name only you will have to pay the whole amount over to your IP
Thank you everyone, I really do appreciate your support. I will try and talk to them again tomorrow and see if there is anything in regards to the interest I can do, our front door actually fell off today whilst we were away so the repairs are genuinly urgent and we dont have a bean to fix it fingers crossed they will at least be resonalble
fingers crossed they will at least be resonalble