www.iva.co.uk

Hello

I need some advice i paid my final payment on 1st April and today i received a copy of a variation request from my IP. They have put together a variatioon report and have scheduled a meeting with creditors on 10th May to request 'that my remuneration be based on time properly spent by me and my staff without restriction' and ' to allow a further three months to complete the final administration'.

Is this normal? What does this mean for me? That i will have to wait till August for my certificate of completion? Which seems ludicrous!

What is this final administration?

Please help me understand!

Thanks

Hi Suzie,

I recall the professionals on here saying that it can take around 12 weeks for the completion certificate to come through. I'm sure someone will correct me if I'm wrong.

Likewise, I'm sure one of the IP's who post on here can explain the final administration.

Well done for completing xx

Hi
Your IP is requesting that their fees are increased, based on a time costs rather than a fixed fee. This should not affect you but may delay the finalising of your IVA
Regards

I didn't think that fees were done on a time cost basis any more Andy, and surely it's a bit late to move the goalposts now?

Hi
It may be that the case has been time consuming and as it is nearly five years old it may have been drafted during the transition between time cost and fees based on payments made.
Regards

Nothing wrong with time cost resolutions - but they still have to be accepted by creditors.