Hi everyone I hope you are all well. I have been reading through my Chairmans report after reading about the high fee's some of you have been paying, my chairmas report states the following:-
The Nominee fee must not exceed £1,500 excluding VAT.
Creditors are to receive a dividend distribution from Month 5 and monthly or quarterly thereafter where funds permit.
The total costs, fees, disbursements including the cost of Variation Meetings, of the IVA must not exceed the total of the Nominee's fees and the Supervisor's fees as set out above or £12,500 including VAT.
The Nominee Fee including VAT will be the equivalent of the first 5 monthly payments anddrawn as soon as funds permit.
The Supervisor Fee excluding VAT will be equivalent to 15% of all further realisations anddrawn proportionally as funds are received.
From this can anyone givem e an idea of what my total fee's maybe? I'm afraid figures and me just don't go together:-)
It will depend on how much you are paying as to the level of fees. Your IP will probably have listed a new estimated outcome on the Chairman's Report which will give an idea of the fees taking into account the modifications.
Those modifications are standard KPMG clauses - so I guess you have debts with Lloyds, Barclays or MBNA ny chance? Those fees are definately not high - on the contrary it is very difficult to do proper work for a nominee fee of only £1,500.
It is reasuring to know that the fee's I'm being charged are not high.
Yes Melanie my major creditor is Lloyds TSB. This was one of the main reasons I opted for an IVA. I was in a DMP but Lloyds would not freeze interest or charges and the debt just kept getting bigger and bigger.
Hi
I must agree that Lloyds can be painfully slow in agreeing to DMP plans and continue to pile on charges in the mean time.
I wonder if Andrew Graveson has a similar view ?
Regards
Might they want customers to use DMPs in order to keep charging interest and fees.
They have probably written off the debt anyway, so anything they receive as a payment is a bonus and when the customer enters an IVA their claim is so much higher.
Also, the more they write off against tax the better for them.
Lloyds were only one of my minor creditors, but they did freeze interest from day one when I did a DMP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Why don't we try and see if we can get an audience with Lloyds to see why they have this policy with DMPs. I know the chaps who do the voting on IVA proposals and bankruptcy meetings very well, and they are sure to have contacts who deal with DMPs.
Contact me off line if you feel this would be of use to the forum.