I really feel that I was miss sold my IVA, and have had issues with miss allocating my payments and sending letters of demand. this has since been sorted but when reading and getting advise i found that they can take a lot more fees than i was told over the 5 year period.
i want to find out how i can cancel my IVA and start paying my creditors directly as i think i am in a financially position of doing so without having to give this extra money to the IVA company.
When i ask for assistance to explain the fee they just send me the documents i signed.
i need to move as i have had another child and i cant due to my IVA and i feel that paying over 11k in fees is not what i was told.
please can someone help i am so stressed about this IVA, i don't sleep as i am trying to sort this out.
The fee structure is in the documents you signed, which is why they keep sending you copies. It is always laid out in the proposal and often tweaked in the Chairman's Report (the 'minutes' of the initial creditors meeting) and, by signing this, you agreed to these fees, whether you realised or not.
The fees are worked out as a sum for working as Nominee (typically around £1500 -- £1750), disbursements (typically in the order of around £500) then Supervisors fees for ongoing work after the IVA has started, which is usually, these days a percentage of the monthly payments and other money paid in (typically 15%, but could be up to 23% ).
This apart, failing the IVA is rarely a good thing to be doing as the creditors will add back 'lost' interest and fees and you will owe more than you started out owing. Also creditors will then be able to enforce repayment by other means. There is no guarantee that they will co-operate in negotiating repayment outside the IVA.
Even if failed now the IVA will remain a blight on your credit files for the full 6 years from the start, so, failure would not help the renting situation either.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
You can fail it by not paying for three months, but, as Foggy says, you may end up owing more due to interest and charges. You also have the help of your IVA company and they do need paying.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
you shouldn't be worrying about the costs really, unless you are paying 100p/£ dividend to creditors. The creditors approve and absorb the IP costs. If they are charging more than stated there could be room for a complaint but it depends on the circumstances.