Hello.
I have been on an iva for around 15months with creditfix.
I am on sick right now so recieving benefits so have been on a payment break for 6 months.
I am about to recieve a windfall that should clear the iva so asked for a price to clear. My estimated price to clear is 25500.
Money owed to the creditors+estimated nominee fee+estimated supervisor fee+variation meeting fee is £19261
So there is £6239 over what there should be. I am waiting for answers from them but they have gone quiet.
I am quite concerned as that is a lot of money.
What could possibly have happened to cost me £6239? There has been no credit or variation after the £19261 figure.
Any advice would be greatly appreciated
Hello, I asked for help on the form at the bottom of the page but don't think it went through so thought I'd sign up and post.
I have been on an iva with creditfix for about 15 months, I have been out of work on sick for 6 minths and as they won't give me a review while I'm out of work I have been using payment breaks for 6 months by sending them my universal credit statements.
I am about to come into some inheritance which should clear the iva so got in touch with them to get a figure for my lawyer. They told me my estimated cost to clear is £25500 which came as a shock as;
My debt is £15311.
Nominee fee should be £1900
Supervisors fee should be £1750
I've had 1 variation meeting at £300
Making £19261
Where could the extra £7239 possibly have come from? No new debts have been added. How could I possibly start out owing 15.5k and have to pay them 10k on top of that?
I had an estimate a few months before of £22500 but the figures seemed to be all over the place, it wasn't till I got the latest figure of £25500 that I started doing the maths.
I'm waiting for an answer from them but they have gone quiet. I'm really worried I've lost £10000 by going on the iva.
Where are you getting your figures from ? I know CF charge higher supervisors fees than most and I would expect them to come in higher than £1900 --- Check the Chairman's Report of the initial meeting for the agreed amount. They are usually a percentage of monies paid in ( between 15 and 20%) -- and you are now paying considerably more than originally anticipated.
Also creditors claims often come in a little bit higher, which could aslo add a bit. And there may well be statutory interest of around £600
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I have looked through it a bit better now and believe they have not updated it properly after variation meeting as one of the debts is 4000 higher than it should have been adjusted after the sale of vehicle by finance company.
I did not know that they add a 15% charge for any funds paid in to the Iva outside monthly payments ie inheritance for distributing the funds. They also charge it to distribute the funds to themselves for their own fees which I think is a bit cheeky but isn't a substantial amount.
So to pay the iva off it should cost just over 21000 which is still a 6000 increase on a 15000 debt which is legal robbery but not much I can do about it.
Their breakdown is very unclear but after I have read through the entire paperwork this is the conclusion I have come to.
It may have been easier to figure out if they hadn't been so cheeky on the phone and helped me out.going to ring tomorrow and try sort out the car situation but it was and still is a bit of a shock how much they actually take from you.
Oh well won't be letting this happen to me again. It appears to have been a very expensive 15 months coming in at around 400 a month increase (my rent each month)
