I am in my 54th month of an IVA - left to pay is £8720 - paying £710 per month. I received a letter saying they were having my house valued to see if we have any spare equity. My question to you is: administration charges were quoted initially as £5k now they are saying £12K plus what I owe. Is this an acceptable practice? I cannot pay £20k - £4K = £16K with only 6 months to go. What are my options?
What are these "Admin Charges" ? If they are fees, they can obnly charge what was agreed in the proposal or Chairman's Report (Chairman's Report overrides the proposal), unless you have agreed to a variation. They are not added on to the payments but are part of them already.
Do also read your equity release clauses, as these sometimes cause confusion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk