I received an email today saying modifications have been made to my proposal and I can either accept or reject but I have no understand of half the words. The email quotes
Nominee and supervisor fees
The nominee fee will not exceed £1500. The nominee may pay expenses incurred by a third party which is necessary in connection with the IVA. Any balance of remuneration, expense or disbursement outstanding at the time of this approval of this proposal will be paid by the supervisor as provided for under the terms of this proposal
The supervisors remuneration will be the aggregate of
The balance of any "blended fee" payable to the supervisor and
A realisation fee of 15% on any other asset realised for the benefit of creditors "other asset fee"
After payment of the nominees fee and any disbursement, the balance of the blended fee is to be drawn by the supervisor over the remaining term of the arrangement subject to a minimum total fee of £3100
The blended fee is defined as a realisation fee of 35% of gross monthly income based contributions or any lump sum in lieu thereof to include a nominee fee of £1500 and any category 1 disbursements incurred by the nominee and any category 1 costs incurred by the supervisor.
The supervisor will be permitted to draw the first 2 months income based monthly contributions in so far as they are necessary to discharge the nominees fee and any disbursement.
Thereafter to any extent necessary funds can be retained by the super on 70/30 split with 70% being retained either to discharge any balance of fees and disbursements properly due and payable to the nominee and supervisor and the remaining 30% being distributed to creditors.
Where a virtual meeting of creditors is convened to consider a variation of the arrangement or to obtain direction the supervisor will be entitled to draw a 'meeting fee' of £300 for each virtual meeting. The supervisor may not draw and adjournment fee
Increase of contributions
Voluntary contributions to comment at £280 per month rising as per the original proposal and in accordance with the reviews (uplife £20 smoking)
Recalculation of dividends
The dividend must be recalculated to include any increase from the modifications or changes to the value of the unsercured creditors and the new dividend must be included in the chairmans report
Can someone please explain this is a simpler way please?
Or does this just mean my payments have been increased to £280 a month rather than £260?
Most of it revolves around fees, which, unless you manage to pay back all of the debt, will not directly affect you. But, yes, it looks like the creditors have rejected the £20 smoking allowance and the payment is now £280 per month.
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 it looks like the creditors are seeking £280/mth ... it is not a huge increase but you need tp.be sure you can cope ... look at it in a different way ... £20 is 2-3 packs of cigarettes a month ...not even one less a week .....
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I remember the early part of my own IVA application. The amount increasing from £260 to £295 a month through various parts been rejected from the creditors themselves. It seems normal practice for them to tweak a few things - they are a business at the end of the day but it should be within what you can afford for 5-6 years.. Although they usually allow a few things i.e Sky tv, pets and honour existing mobile phone contracts - they could be a lot worse.
Foggy wrote:Most of it revolves around fees, which, unless you manage to pay back all of the debt, will not directly affect you. But, yes, it looks like the creditors have rejected the £20 smoking allowance and the payment is now £280 per month.
Thankyou the email also said
I can confirm that I have received votes from Watch Portfolio Management advising that they are willing to accept your voluntary arrangement with modifications.
Does this mean it has been accepted, the meeting is on Wednesday? Im very confused by the email
Foggy wrote:Most of it revolves around fees, which, unless you manage to pay back all of the debt, will not directly affect you. But, yes, it looks like the creditors have rejected the £20 smoking allowance and the payment is now £280 per month.
Thankyou the email also said
I can confirm that I have received votes from Watch Portfolio Management advising that they are willing to accept your voluntary arrangement with modifications.
Does this mean it has been accepted, the meeting is on Wednesday? Im very confused by the email
It depends on the amount of debt Watch Portfolio are responsible for. I imagine they are the authors of the above mentioned modifications. In any event you will need to wait until the appointed time to see if the arrangement is accepted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
