My old marital home has sold and my IVA company payplan has been sent the £31,000 equity in my name as there was an order on the house. My debt equals £11,300. I spoke to payplan yesterday who have told me that upon completion and paying off my IVA I will have £10,300 returned to me. So essentially charges of £9,000?? My worry is that that payplan were unable to give me an actual breakdown of where the charges have come from and need to ring me back! My ex husband was also in an iva with them and the property conveyancer let slip that his equity was short to settle his iva and associated fee's. I'm concerned payplan may try and dip into my pot to cover some of his debt.
Were they two completely seperate IVA's or were they interlocking (one payment each month for the both) ? If interlocking then the fees will be amalgamated.
Demand to see a breakdown before they distribute any of the money.
They have interestingly added an extra £2,500 on top of the figure I was told was my amount of debt two days ago! I'm being charged 8% creditors interest of £4,132.26. Nominee fees £1,000 VAT, disimbursements and costs of £1,326.54, supervisor fee's of £3,245.56. Does this seem correct??
Nominees fee of around £1750 --- so they are low on that one.
Supervisors fees of around 15% ( check your Chairman's report for how fees are to be charged), which would be £1695. So on the high side --- but they may be calculated on a time basis.
Disbursements -- these could be anything --- mine were around £500. These do seem high
Interest at 8% simple for 4 years £3616. So a little bit over there.
VAT could account for a few hundred . A discrepancy of £2,500 on a debt of £11,300 seems a bit off, but I am sure they will be able to explain the figures. If they are allowed to charge supervisors fees on a time spent basis, rather than the usual percentage basis (usually 15%, but sometimes up to 23%), then a chunk would have been spent on separating the arrangements and recalculating dividends etc.
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