I'm in the fortunate position to close my IVA early due to a windfall I've received.
Having spoken to my Supervisor they have sent me details of the final payment, listed below, they require from me which I find totally confusing.
Unsecured creditors 20,749.04
Statutory interest 6,998.96 (IVA has been running for 1539 days)
Total due to creditors 27,748.00 which I agree and understand.
However, it's the next bit that I really cannot understand.
Required to pay in 30,668.53 (I don't know where this figure comes from?)
Less fees @15% 4,600.28
Less VAT on Fees 805.05
Sub total 25,263.20
Plus payments & interest received 7,485.69
Sub Total 32,748.89
Less fees already taken 5,000.89
Available to creditors 27,748.00
They end my statement requesting that I send them a cheque for 30,668.53
Surely this can't be right or am I being entirely stupid in my own calculations below and based upon their figures?
Unsecured Creditors 20,749.04
Statutory Interest 6,998.96
15% Supervisors Fees 1,049.84
VAT on Supervisors Fees 183.72
Total Debt 28,981.57
Less Payments & interest Paid 7,485.69
Total due 21,495.88
Now, even if the supervisor is saying that they are charging an extortionate amount of 15% per annum that would bring their total including VAT to 5,201.26 then the total amount due would be 25,463.58.
Is it my maths skills that are at fault or theirs?