One payment left to make yet I received an income & expenditure form to complete

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Andreadk96
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by Andreadk96 » Mon Jun 05, 2017 9:16 am
My IVA was extended by a year due to equity in my house, we have one payment left to make yet I received an income and expenditure form to complete this morning, why would I need to complete this? Also my original debt was approx £39,000 and I have paid back approx £50,000 I have asked for a breakdown of fees paid to the IVA company but still not received anything. How much is typically charged by IVA Companies? Thanks a lot
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Foggy
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by Foggy » Mon Jun 05, 2017 10:31 am
Hi --- and well done :-) Nearly there.

Yes, they will need to do a final review --- mainly to check that all income has been accounted for -- the expenditure part is not really relevent, but they use the standard review forms and process even for the final one.

Regarding fees etc ... these are detailed on your Chairman's Report, as agreed at the opening meeting. They will consist of:

Nominees fees --- typically around £2000
Disbursements --- typically around £500
Supervisors fees --- typically around 15% of receipts

During an IVA you are liable for the full original debt, plus fees and possible statutory interest. In your case, to achieve 100% payback to your creditors, you would need to have paid over in the region of £63,000.

You should get a full breakdown with your final report and completion certificate in due course.
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luluj
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by luluj » Mon Jun 05, 2017 7:47 pm
Agree with foggys response ... wanted to add well done ..you are almost at the end of the journey to debt freedom .. brilliant. Enjoy your debt free life x
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