Help please re: my IVA

[catullus]

I have to say that is a very unusual method of quoting a fee for a variation meeting.

When you say 10% of the original charge Nathan what do you actually mean by that. What charge?

As for the legal position, your Supervisor can only charge what is set out in the proposal. Have you read this to understand how the variation fees were originally quoted in the proposal?

Let us know what it says and we might be able to give you a bit more of an insight.

And Andy, you may have seen Melanie and I chatting about the new IVA protocol last night. I've had a good read of it today and frankly I think we've taken two steps back. I'll post separately on some of the choicer positions that the BBA has chosen to adopt.

[Adam Davies]

Hi
Any chance that you could email a copy of the protocol ?
Thanks

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[catullus]

Done!

[nathan.s]

Catullus

I am in London at the moment and my paperwork is at home back up north. I will hopefully get my hands on this information shortly to read through.

As for the 10% i have had several phone conversations regarding this and i am told that the 10% is 10% of the total repayable cost. ie. My total agreed repayable was initially £22k and after my first variation this went up to roughly £25k which i am told is there fees and £2,200 which is the 10%.

That is from my first variation. I am told i am having to go through a second variation which they will be adding another fee + 10% AGAIN???.

I said to them on the phone that this seems excessive but they just told me that it is there procedure and its in writting in my agreement. I asked what my options are and they told me i am already paying the minimum of 20p in the £1. Which as i mentioned earlier in the string adds up to approx £13k where i will be paying back now after this variation about £27k - hence more than half to my IVA people.

Thankyou for taking the time to reply. I will get back when i have the paperwork at hand

Regards

[MelanieGiles]

This is just not right, and I have never seen this basis of charging (and I have seen some odd ones in my time!) - but if the terms of the IVA say that it is then this has obviously been agreed by both debtor and creditors. I would have thought that, in an area of such sensitivity at present, that the IP concerned would have offered to do another variation on a gratis basis.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[bagpuss]

I am suprised the crediots aint asking "how come you are getting so much in fees' when its US this guy owes the money too"......sorry but i feel this is like kicking someone who is already down.

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[MelanieGiles]

Probably something to do with the fact that they agreed these levels in the first place - presumably without realising that two variations might be needed.



Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[nathan.s]

Thank you all for your time and posts.

I will look through my paperwork over the weekend but i fear i will have no choice but to sign acceptance of the fees if i dont want my IVA to fail.


This is a really good forum and a great help to people in my situation i wish i'd been a member 18 months ago!.

Thanks Again

[doaxb468]

I like to ask how these seemingly inconsistent charges can be introduced - it is almost stealth. The debtor loses out as he has to pay more and longer.

There should be a universal 'prescriptive' charge, all printed out and given to those on an IVA.