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Posted: Mon Jan 19, 2009 8:01 am
by JB1520
I recd the paperwork from the meeting and all is great. However can someone explain what is meant by the sheet that reads:
1. Variation fees must not exceed £400 plus vat
2. The supervisor's fee must be reduced and taken pro rata.
I am asked to sign this and return.
Thanks
Posted: Mon Jan 19, 2009 9:07 am
by Skippy
I think it means that no more than £400 plus VAT can be taken from your settlement to pay for the variation fee, and that the supervisor's fee must be taken pro rata as your IVA didn't run for the full 5 years.
Posted: Mon Jan 19, 2009 9:25 am
by MelanieGiles
That is correct - neither of which actually affect you, but do affect the level of your IP's income.
Posted: Mon Jan 19, 2009 6:27 pm
by Kazz
The fees that your IP charge vary, and if you settle early, a lot of creditors request that the fees are reduced accordingly.
The fee regarding the variation meeting is what fees have been charged for the calling of the meeting, but cannot exceed £400 as requested by a creditor
Posted: Tue Jan 20, 2009 9:16 am
by JB1520
When I receive my certificate of completion, who do I send it to? experian ? equifax? All my ex creditors?? and what letter do I send??
Ta
Posted: Tue Jan 20, 2009 9:44 am
by rayb
Hi,
Send it to all the major credit agencies (I believe there are only 3 anyway) and just sending a covering letter with the certificate asking them to update your files with this information
Posted: Tue Jan 20, 2009 10:07 am
by JB1520
Do the CRAs have a file that shows I am in an IVA or that I have £.... debt to this that and tother. Therefore, when they receive this from me do they just wipe everything clean?
Posted: Tue Jan 20, 2009 10:08 am
by JB1520
Equifax, experian and what is the third?
Posted: Tue Jan 20, 2009 10:16 am
by kallis3
Even though you have completed your IVA, it will remain on your record for 6 years from the date of approval. By sending a copy of the completion certificate it will show that you have settled the IVA.
Posted: Tue Jan 20, 2009 10:18 am
by kallis3
I think the third one is Callcredit.
Posted: Tue Jan 20, 2009 2:43 pm
by plasticdaft
This is the downside to ending an IVA with a F&F,many people dont realise that credit is still going to be hard to get due to the IVA remaining on file for the full 6 years.
That said getting to the end of an IVA by any means is an achievment to be admired.
Posted: Tue Jan 20, 2009 3:17 pm
by kallis3
And of course you've freed up that extra money per month, so you can always put that by for a rainy day - after all, you shouldn't miss it!