IP fees

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Anon137
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by Anon137 » Thu Jul 06, 2017 4:33 pm
Hi, I am now in a 10 month extension period due to additional income. They forecast me paying in a total of 31k, my debt was 24k. They are offering creditors 83p in £. This means they will be getting around 11k in fees. Is this the norm?
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Foggy
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by Foggy » Thu Jul 06, 2017 4:39 pm
Fees are levied in accordance with the agreement and are detailed therein, as agreed ( and often dictated) by the creditors. On a repayment of £31k I would expect fees in the region of £6500 - £7,000, based on the usual fee scales these days, although I have seen higher fees agreed.

Ask them for a detailed breakdown and check this against the agreed fees structure.
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Lisa Thomas
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by Lisa Thomas » Fri Jul 21, 2017 3:11 pm
Ask the for a SIP 9 analysis and compare it to whatever was agreed in the original proposals/modifications etc.

Then check their average hourly rate and see if its 'reasonable', say £200.
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