hi mel heres a breakdown of my original may i add i was not told at the beginning the total cost or the monthly fees until i had my first reveiw therefore too late to change!!!! so for the 60 months
£2,500 nominee fees
£4,404 superviors fees
vat and disbursments £1,208
total £8,112
this has now changed and is at present as folllows
nominees fees£2,500
supervisors fees £5,500
varition fee £500
cost of arrangement £1,944
vat and disbursements £1,680
total £12,174 this is to month 64 as stated on my summary and is pre ppi claims no closure yet and my vat meeting is next month is this ok or on the high side thanks for taking the time to read my previous post its much appreicated
fees
i received a clear summary of fees and disbursements when my iva was proposed. have to admit at the time i took very little notice of them for as long as they were agreed by my creditors and my iva accepted i was happy, and i feel exactly the same now. i got myself into a mess, my IP worked with me to find a solution that was affordable and everyone was happy with, surely thats what matters, worth every penny!
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
Bol i m not sure but the summary seems to suggest that extra money is being taken and is under the supervisor fees did you see my post if so then you can see that fees for 60 months and the update for 64 months as of april 18th 2012
What does the "cost of the arrangement" at £1,944 entail - and wby have supervisory fees increased from the original estimate? Have you paid in more money over the period of the IVA?
I'm not sure what you mean by the fees were not agreed by you, as the fees are an important part of the proposal and you clearly signed that document prior to the creditors meeting. Do you mean that your IP did not really spend much, or any, time explaining the basis of the charges with you, and you more or less accepted them as a fait accompli rather than understanding how they would be charged.
hi mel the cost of arrangement does not have a break down also there is no explaianation of the increase in fees ie supervisors as for all the charges all i was advised over 5 1/2 years ago was there would be a monthly fee which would be taken from my £338 monthly payements but not how much neither was the nominees fee explained looking back i should have had and questioned the costs to get more information and to a degree im at fault all i can say is that the process was so comfusing that all ai saw was if and when the iva could be accepted. my payements have stayed the same throughout the five years with no arrears or payement breaks the only extra money being paid in is approx £13,000 to date for ppi and of course the vat issue and as ive said the meeting for that is on 2nd july 2012 so if i add all the monies paid in at present the fund will have recieved around £34,000 not including the vat refund and maybe further ppi claims my total debt was aaprox £27,000 and thats as much info that ive got and thas taken a lot of e mails and nagging to achieve now i just want my cc i do hope that no more fees are taken
I'm sure we all have questions we wished we asked at the outset! There's so much to take in!! I think you'll get the most clarification from raising Mel's points with your IP and asking them to explain the changes.
