www.iva.co.uk

My mum would like to put in a full and final offer for me however I've just ask and payplanplus have told me that they take 500+ in fee's is this normal?

Hi and welcome,

Don't worry about the fees - these are sorted by the creditors.

This is a variation fee and is charged by all firms -- the creditors will often lower it at the meeting, but it comes out of the offer, you don't need to pay it.

ok so i've been told if she puts in an offer for 800pounds (total left) it would be rejected because they'd take 500 which would only leave 300 and my creditors would say no.

However it sounds like thats the wrong information?

That is correct --- I agree though, that for this amount a F&F would not be of any gain to you. Bear in mind that Payplan take three months to arrange these meetings, so you will be that much nearer the end anyway.

It would be better for you if your mum simply took care of the remaining payments as they arise.

brilliant thank you, I'm just excited its been a long 5 years. Do you by any chance know what's involved in a final review? As my IVA ends in July i'm not sure if i'd have one or not

They also quoted me £500 but at the creditors meeting for the Full & Final offer my creditors agreed under one condition that their fee was reduced so it was to £300 + vat. It was of no extra cost to me anyway.

Best of luck!

Oh and from the time I sent my offer letter (noting that any future payments would be deducted from the offer amount) they took ages. Offer letter sent March, Creditors Meeting was eventually organised in August and accepted and paid. It's now November and I'm still waiting for it to be completed!

I needed to show 3 months bank statements and 3 months wage slips. They had already had my most recent P60. They also needed receipts for all my outgoings, they gave me no pre warning of this so i just saved receipts for a week! then they multiplied them to account for a months worth.

How long do you have left to go on your IVA? You say 5 years have passed so do you have 12 months left re an extension for the equity?