F&F with inheritance money?

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kallis3
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by kallis3 » Wed Jul 26, 2017 1:21 pm
What is sIP 9?

I was happy to pay my fees so I could finish my IVA early with a lump sum.
poppet09
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by poppet09 » Wed Jul 26, 2017 1:53 pm
kallis3 wrote:
What is sIP 9?

I was happy to pay my fees so I could finish my IVA early with a lump sum.


Was you able to do a deal or did you have to pay the the full amount with interest etc
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kallis3
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by kallis3 » Wed Jul 26, 2017 2:03 pm
I made a full and final offer and was happy to pay that with fees - just happy to be debt free to be honest.
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Lisa Thomas
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by Lisa Thomas » Wed Jul 26, 2017 2:13 pm
It depends on the basis of their time and what creditors originally approved - if calculated on time spent basis then of course I would expect it to take a few of hours work to deal with the £30k.

If fixed as % of asset realisaitons then they will get their percentage from the £30k.
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Lisa Thomas
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by Lisa Thomas » Wed Jul 26, 2017 2:14 pm
...Either way the creditors are £55k and the realisations to date seem to only be £7k so the £30k is going to be swallowed in full leaving no surplus for the debtor regardless of how its split with the creditors and IP.
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Michael Peoples
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by Michael Peoples » Wed Jul 26, 2017 2:45 pm
Lisa is spot on. It makes no difference to the debtor and creditors usually state that supervisor fees 'will be' 15% of realisations so I see no argument. If the debtor was repaying in full they could haggle with the IP but otherwise there is no issue.
poppet09
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by poppet09 » Wed Jul 26, 2017 3:24 pm
I'm prepared and know they will get it all. I'm not trying to shy away from that, just wondering if my mums hard earned cash would be able to let me come out of the Iva.

Thanks for all your replies.
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Lisa Thomas
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by Lisa Thomas » Wed Jul 26, 2017 3:34 pm
kallis3 wrote:
What is sIP 9?

I was happy to pay my fees so I could finish my IVA early with a lump sum.


SIP 9 is just the nick name of a schedule/table/analysis IPs use when disclosing their fees to creditors.

It derives on best practice from Statement of Insolvency Practice Number 9 (snore).
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Lisa Thomas
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by Lisa Thomas » Wed Jul 26, 2017 3:34 pm
poppet09 wrote:
I'm prepared and know they will get it all. I'm not trying to shy away from that, just wondering if my mums hard earned cash would be able to let me come out of the Iva.

Thanks for all your replies.


Based on the level of your debt I think sadly unlikely but worth asking.
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Foggy
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by Foggy » Wed Jul 26, 2017 4:09 pm
Lisa Thomas wrote:
kallis3 wrote:
What is sIP 9?

I was happy to pay my fees so I could finish my IVA early with a lump sum.


SIP 9 is just the nick name of a schedule/table/analysis IPs use when disclosing their fees to creditors.

It derives on best practice from Statement of Insolvency Practice Number 9 (snore).



And relates (from memory) largely to justifying time based costings, not to fess agreed on a percentage basis, which need no further justification than that they amount to the percentage already agreed.
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