i have recieced some info from my ip the rest i should have on tuesday after a long battle with them it appears that i have paid in just over 8k over the period it has run so far but they havent paid anything out to the creditors only to themselves which totals to 4.5k leaving just over 3k in the pot for creditors is this normal pratice on an iva or have we been taken for mugs
No you have not been taken for mugs. Your IP will have done extensive work prior to your creditors meeting, when acting as nominee, and this has to be paid for prior to creditors. It also looks as if they have drawn supervisory fees as well, and personally we do not do this unless a distribution is being made at the same time in the majority of cases under my supervision, but again your IP may be entitled under the terms of your proposal to remunerate himself/hersef in thsis manner.
The various changes we have seen in our profession - with the introduction of the IVA protocol and a change in creditor attitude generally over the last couple of years, generally deny IPs the ability to draw excessive fees before monies are returned to creditors - and this is a good thing.
the amount that has been judge by the courts to pay back is 16k with them taking this fee out the iva will fall 4.5k short at the end what happens then as the agreed monthly payment is £270 p/m
Your IP's fees would have been provided for within the IVA proposal - presumably at the level they have been drawn. Are you saying that your IP has drawn more fees than they are entitled to?
we are looking at replacing the kids bedroom furniture from a friends cataloge as thiers is dropping to pieces but before we order any would we be able to add this cost to our iva expenditure as this would be the only way we can do it
i have been in one 31 months and when they reach a certain dividend in the bank like say 8p of the debt (34p in the pound i am to pay)monies are paid out i was quite surprised by the amount of interest made
zzspudnick wrote:
we are looking at replacing the kids bedroom furniture from a friends cataloge as thiers is dropping to pieces but before we order any would we be able to add this cost to our iva expenditure as this would be the only way we can do it
This is further credit and cannot be taken without the permission of your IP. I imagine if they agreed that you would probably have to pay this seperately.
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
