My IVA is due to finish in February 2012. I have not missed any payments and expect to fulfil my part of the IVA. My proposal stated that I had to repay 26p in the pound and that total fees and disbursements including VAT should not exceed 30% of total contributions. My calculations showed that I should repay 27p in the pound excluding any interest if the fees did not exceed the stated 30%. Having looked at my IVA statement it appears that I have already paid well over 30% in fees with another year of fees to pay. This has reduced my repayment to creditors down to 22p in the pound. Will my IVA fail because of this? If so, can the IP claim fees in excess of the agreed 30%? I don't think there should be any excessive fees due on this as I have had no dealings with the IP save for the initial work on my proposal and being sent the annual income/expenditure review form; I also receive a copy of the annual report to creditors. Any help would be greatly appreciated!
Hi Darren and welcome to the forum. Talk with your IP direct and get their breakdown of how things are looking, if all monies are paid timely and in full then it shouldn't fail. It's in the interest of nobody for your IVA to fail at this stage.
Do you have the equity clause? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Darren and welcome - well done for getting this far in your IVA. As Lesley says if all payments have been made as per the schedule then there shouldn't be a problem.
Best thing to do is express your concerns to your IP, you don't want to be worrying for the next couple of months.
Thanks for the advice. I don't have an equity clause; the IVA was originally with Accuma but is now with Grant Thornton. I know I had to agree some changes when Grant Thornton took over the IVA, which allowed them to modify some of the terms but these would have to be agreed by the creditors. I never was informed of the details of any changes so maybe this included the fees? I will contact my IP (first time in 5 years) and see if they can clarify this for me!
I'm sure they will be able to Darren and you really are almost there and if this is the first time you'll have to contact your IP in 5 years you've done really well. I hope it's all clarified for you with a phone call and your mind put at rest. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Darren, I'm sure a chat with GT will clear this up so try not to worry, I'm sure you will be fine. We do have a representative called Karol from GT whom posts on the forum.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
She will pick up on it and hopefully be able to help you out.
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
Please do get in contact with me in order that we can clarify any concerns you have regarding the fees - if you have made all your contributions as per the terms and conditions of your arrangement there will not be any problems or issues.
I look forward to hearing from you,
Kind Regards
Karol
