Letter from Debtmatters saying IVA moved

[joh71262]

Are they legally within their rights to demand more money for fees though ? Surely once the work has already been done and the annual reviews take place as normal, they can't ask for any further contributions for their own pockets ???

[ianmillington]

If the Supervisor at any time finds the fees inadequate, he can call a meeting of creditors to sanction an increase. This would be a variation, requiring a majority in excess of 75% (in value) of those creditors who vote.

As discussed above, however, the fee is only one of the reasons for which they might be seeking a variation.

Ian

[joh71262]

But would they take that money from the agreed sum or would they demand it from the person paying the debt ?

[ianmillington]

Out of the pot, so the creditors get less, hence the variation.

So far as you are concerned the deal is the deal and won't change (unless you can't afford the contributions in which case you would ask the Supervisor to propose a variation [:)]).

Ian

[lauren.f]

Please read my forum - read your terms, i personally would not sign, they want more money from you and to extend your agreement

Received letter today from Debtmatters saying that they have undertaken a strategic review of the business and as a result they will no longer continue to supervise our arrangement, and they have arranged for our case to be transferred to a company called Payplan.

Its says the transfer was approved by the high court on 20th Feb. It says payplan will be writing to us over the next few days to let us have new contact details.

Is this all anything to be concerned about? Does our orginal terms and conditions still apply? our chairman's report etc etc.....

Just a little concerned, are they any good????

[MelanieGiles]

Nobody is being asked to pay any more money - unless they are in arrears, in which case it is suggested that the arrangement be extended for up to twelve months to enable those missed payments to be paid.