We set up our IVA in May 2007 owing creditors £42.235.36p, we have since paid without default £547.00 per month. Today we have recieved a payment report stating the following Contribution from debtor £18.572.00, Overtime/Bonus £754.00, and Interest £18.14. We would like to know why we have only managed to pay our creditors £8.229.16 please? On a seperate piece of paper that was included it states the following: Nominees fee £3000.00, Supervisors fee £4775.87, Disbursements £747.77 and Irrecoverable VAT £1476.63, please can you help us to understand the terminology of the above and if in your opinion the fees paid are correct as we seem to of not paid much and are worried the IVA will continue past the agreed 5 year plan.
Many Thanks for your help in advance.
You should have had a breakdown of payments every year since your IVA started.
I've not paid a great deal across to my creditors at the moment, but am happy that things are going along ok.
As long as you can pay the original dividend then you should be ok.
Do you have an equity release clause? If so and you can't remortgage then you may be required to carry on for another 12 months.
What company are you using?
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
I wouldnt worry about fees to be honest,as everything has been agreed at the start so as long as you continue to make your contributions as agreed you will be fine.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It all seems reasonable to me - check with your original proposal that the fees that have been charged are in accordance with what was agreed by creditors.
