Variation Question

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rayb
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by rayb » Thu Jan 14, 2010 4:52 pm
Hi,

I have now got my date for my F & F which is going to be the 15/2/2010 at 10:30am which is great new so fingers crossed.

A quick question though and I am hoping you can help:

It states on the paperwork as follows:

In relation to this variation meeting your proposal states; The supervisor shall be entitled to draw additional fees of £500 plus VAT in the event that an additional meeting of creditors is convened for the purpose of considering a variation of the arrangement to cover his additional costs and disbursements. I will fund such additional fees by way of additional contributions. This fee shall be in addition to the nominee fee he may have drawn or be entitled to draw and the supervisor fee as detailed above.

It then goes on to say: Please be aware that the sum of £587.50 will need to be paid in addition to your contributions, to cover the cost of the variation. This figure can be paid in instalments on the condition that it is paid in full by the end of the arrangement.

So I guess my question is how is this paid and who pays it after all the reason I am doing a F & F is because my circumstances have changed and the payments are no longer affordable so where would this come from?

 

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Michael Peoples
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by Michael Peoples » Thu Jan 14, 2010 5:00 pm
Sorry Ray but I have no idea and you will have to ask your IP. We factor the cost of the variation into the final figure but your IP must operate in a different way.

 

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rayb
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by rayb » Thu Jan 14, 2010 5:09 pm
Thanks Michael. It would seem my IP seems to operate differently to everyone else as I always understood it would be funded by the contributions I have already made so far

 

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rayb
Posts: 1288
by rayb » Thu Jan 14, 2010 5:47 pm
Well after all that pullava I rang my IVA Company and I do not need to pay this as the Creditors will agree to it being taken out of my paid contributions to date or not. I wish they would word letters better as I almost had a heart attack when it said I would have to pay more [:D]

 

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MelanieGiles
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by MelanieGiles » Thu Jan 14, 2010 7:22 pm
I have very rarely asked for variation fees to be paid by my client, but we do have provision in our proposals for this to be covered.

 

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rayb
Posts: 1288
by rayb » Fri Jan 15, 2010 7:25 am
Hi Melanie,

Thanks for posting that information. It just seemed odd as every other F & F being put forward that I have read about on the forum has the variation cost met by the contributions already made.

 

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MelanieGiles
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by MelanieGiles » Fri Jan 15, 2010 9:05 am
I think that that generally is the norm, rayb.

 

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kallis3
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by kallis3 » Fri Jan 15, 2010 9:09 am
Good luck with your F&F Ray.

 

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rayb
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by rayb » Fri Jan 15, 2010 7:35 pm
Thanks Jan. I will keep you all posted on the outcome come the 15/2/2010 [8D]

 

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kallis3
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by kallis3 » Fri Jan 15, 2010 11:20 pm
Let's hope the creditors are still full of romantic spirit after Valentines Day![:D]

 

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rayb
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by rayb » Sat Jan 16, 2010 10:04 am
LOL - You never know [:D]

 

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floridaholiday
Posts: 147
by floridaholiday » Sat Jan 16, 2010 3:28 pm
Keep everything crossed for you ray. I am going to be sending my offer off in the next week or so.

 

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Skippy
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by Skippy » Sat Jan 16, 2010 3:41 pm
Good luck Ray, I'll have my fingers crossed for you x

 

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Shining
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by Shining » Sat Jan 16, 2010 3:59 pm
Good luck from myself too for the 15th Ray x
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