The actual IP herself - can you explain what and how long a stay of execution is and whether during the period of the stay of execution a variation could be applied for
As your bankruptcy has not been petitioned for you will not need a stay of execution, it would only apply if bankruptcy or other legal proceedings had commenced. Has you IP actually told you why you have to pay £750 upfront and why her fees are so high and why you cannot take the variation fee from the F&F estate? Has she given you any valid reasons? There's nothing wrong with charging a variation fee, most IP's do, however, commonly it's taken from the estate and it's unusual to ask a debtor to pay upfront. Is your F&F a lump sum payment or payments made to date? If it's a lump sum payment, where are you getting the funds from?
Bankruptcy not been petitioned this £750.00 is to ask for an extension to the duration of the IVA it its existing terms - not actually sure what this means tho have asked her on more than one occasion but she claims not to understand my question. I have also asked her to clarify what the £750.00 is actually paying for. She said she had never heard of variation fees been taken from the F&F estate and asked me what was meant by that!
Lozza - which firm is your IVA with? Your supervisor has a duty to your creditors as well as to you to put forward your variation. Is there some confusion over the fee issue, as I cannot understand why anyone would deny you the chance to successfully complete your IVA - least of all your IP who presumably will not want too many failed cases on her hands.
And this is an IP you're talking to? I can't quite believe what she's telling you!
Anyway, the F&F estate will be the funds you're proposing to vary the arrangement, if this is a further 12 months payments, then fees will come out of that or if you're proposing a Full and final variation based on payments to date then the variation fee will come from those funds OR if you're proposing a variation with a lump sum payment, then the variation fees will come out of that. Does that make sense?
Yes Its my IP that I'm talking to via email I am still not sure what my £750 is going on other than its to extend the duration of my IVA in its existing terms - Ihave court date at the end of April for a sales and possession order (previoulsy posted on here about this) so whether its to take me past the court date I don't know. I know my situation is complex but just feel so drained now and dont know where I stand but hopefully bankruptcy is NOT looming
I really find it difficult to understand why an IP would say this! Too busy to help a client? It just doesn't make sense! Is your IVA with a large firm or a one (wo)man band?
Fair enough - but why not ask her when she will have the time to look at this for you next week, or could it be delegated to another member of staff within her team.
When did you make your first request for the variation as a matter of interest?
Yesterday, a friend was going to make a third party offer but then lost his job so I asked for a variation as I didn't know what else to do. IP not very forthcoming with advice and if I ask to many questions (which I do as a lot of this is alien to me) she gets annoyed. Yesterday she said I should ask the advice of an Insolvency specialist
