Can 3rd party who offer F&F also pay for variation meeting

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Nikl
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by Nikl » Mon Jun 25, 2018 7:12 pm
I’ve wrote on here several times about variation meetings and creditors rejecting due to losing too much on their dividend due to having the £300 variation fee taken out of what they would receive (8 months into an IVA of £27000 debt, paying £111 a month. F&F amount is the full amount of £5800). I told my parents (the 3rd party) about the fact one creditor has already rejected due this issue and they have said they would be prepared to pay the extra £300 to cover variation fee costs but ONLY if it gets accepted. Is this even possible?
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Foggy
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by Foggy » Mon Jun 25, 2018 7:36 pm
It is your offer to make and your terms to propose. However, I do not feel that the variation fees are the reason for rejection. Between them your creditors would be saving more than this in admin costs. A £300 fee between 6 creditors is only £50 each !
Nikl
Posts: 55
by Nikl » Mon Jun 25, 2018 8:14 pm
Foggy wrote:
It is your offer to make and your terms to propose. However, I do not feel that the variation fees are the reason for rejection. Between them your creditors would be saving more than this in admin costs. A £300 fee between 6 creditors is only £50 each !


Credit fix have said that one of the creditors, Ikano, who initially accepted the IVA, have said that the dividend will be too low if they accept now and they want me to continue paying monthly payments. Credit fix said this is due to variation meeting fees.
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Lisa Thomas
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by Lisa Thomas » Tue Jun 26, 2018 8:34 am
Have Credit Fix explained the saving on their own administration costs due to the fact the IVA will be ending early...?
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Foggy
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by Foggy » Tue Jun 26, 2018 8:39 am
Lisa Thomas wrote:
Have Credit Fix explained the saving on their own administration costs due to the fact the IVA will be ending early...?


Chances are that CF are being paid on a percentage basis, so will be getting much the same fee for much less work --- enough to waive a variation fee ???
Nikl
Posts: 55
by Nikl » Tue Jun 26, 2018 9:08 am
Foggy wrote:
Lisa Thomas wrote:
Have Credit Fix explained the saving on their own administration costs due to the fact the IVA will be ending early...?


Chances are that CF are being paid on a percentage basis, so will be getting much the same fee for much less work --- enough to waive a variation fee ???


Is there anyway I can put forward a request for them to waive it? They are so hard to communicate with and understand.
Nikl
Posts: 55
by Nikl » Tue Jun 26, 2018 9:09 am
Lisa Thomas wrote:
Have Credit Fix explained the saving on their own administration costs due to the fact the IVA will be ending early...?


CF are so vague it’s shocking.
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