I got a question from a different angle.
I'm one of the creditors of the guy who entered IVA 2 years ago.
He owes me 22K for building works, and this situation put me on the edge of bankruptcy when it happened.
he also owes british gas 60k, one more contractor 15k and bank about 40k.
through the IVA he supposed to pay back about 70k, and in paper work it's stated that we (creditors) would get about 60p return per £.
Now 2 years into IVA he paid 17k, and I have t seen a penny from this,
The IP claims expenses of around 18k so far - they have some ridiculous hourly rates (managers 300/hr, support 100/he, etc) - and that amount is for the hours they spent on this particular case (at least it's what they claiming in the annual report).
Now - my question is - can I challenge that or complain to some regulatory body?
It seems to me that after the Iva is finished - the debtor will be debt free, all the money will go to the IP, and we, real creditors who lost money, will get nothing or some peanuts...
You will get paid a percentage of what he owes you and he will end up paying fees. Sometimes you are not paid straightaway. At the end the debtor will be debt free but you will have some money back. All IP's will charge fees so I doubt you will able to complain.
You can complain to their regulatory body via the government gateway --- information here:
https://www.gov.uk/complain-about-insol ... actitioner
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