www.iva.co.uk

Hi
I received my final supervisors report today.
Just to recap I remortgaged to offer a 31p full and final dividend compared to the original 29p dividend.This was accepted by my creditors in early March.
My report shows an actual payment to creditors of 36.7p because the creditors have capped my IP fees at 35 percent of the actual money paid into the IVA,so my IP has had to accept about £3500 less than they expected.My IVA was charged on the time cost basis and this is not generally used these days.
I feel rather good that my creditors have received more than originally proposed and during an IVA you tend to forget that these crediors lent the money in good faith and should be repaid as much as is REASONABLY possible.

My figures are debts £66137
money paid in total £37483
IP costs £13200
money to creditors £24200

Regards


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

Many congratulations Andy and thanks for posting that information.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Congratulations Andy.
Thank you for all your excellant advice on this forum look forward to seeing you and others in London soon.

I can just see in the far distance the light at the end of the tunnel hurray!!!!

Well Done Andy and thanks for posting your figures, its interesting to see in real numbers firstly how much you actually paid back and secondly how much of that went to your I.P and creditors.

Best Regards. IVA Experts

Hi Andy,

Congratulations, and well done.

Your creditors capped your IP's fees ? - with all the trouble I am having (please read my last everlengthening posts) I was wondering if I should ask my creditors to settle for what they have got in the pot now and maybe cap the IP's fees to up their returns based on the fact that my IVA has so far cost over 20K of 60K. (£16 supervisors fees+ other costs)

What do you think ?

Chris

Hi Andy, congrats and thanks for the figures. It is really interesting for everyone to see.

Andy

Were you aware of the fee cap when your IVA was varied - ie were you issed with a Chairman's Report detailing the modifications? Or was this just a suprise when you received the report his morning?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Mel
No this was a complete surprise.
It could be argued that the creditors voted yes to a 31p dividend,but have received 36p due to the modification,as I wasn,t aware of this I could have remortgaged for less.
regards

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

Thats a good point Andy, its a shame you didnt have first hand knowledge of it really.

Chris
I did think of you today as you are on a time cost basis.
What is the total you have paid in and the total costs at present,is it more than 35 percent ?
Regards

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

Andy,

The total costs are £20.5K and total in pot is 60K so about 34% - the difference though is that my pot has received 60K, where as there was 38K in your pot.

I wonder if my creditors would cap the IP further because of the higher monetary value of my pot ?

The problem is of course that the IP would slam another £1500 for calling a variation meeting and if they creditors said no then I would have even more money to find!

Still spinning on my roundabout.