please excuse my ignorance...but would like to know a bit more about the fees.....i know i should have read all the print before i signed anything..but 2 years on we are only now finding out what all the proposal is about...after we signed we were just so overwhelmed by the fact we had been helped that we didnt look too close
i dont have a problem with the fees just trying to get my head round some of the unfamiliar terms
can anyone tell me what "bordereau" is...265.00
am i correct in thinking the nominee is the first person who prepares all the stuff and then the supervisor is the one who is now called our IP??....sorry if i am so naive....
and there is a para. that says "according to SIP 9.maximum charge out rates for each level of staff???"...any knowledge???
on our 2nd annual review this week the charges taken off so far are ....5570.00....so would i be right in thinking there is only 3137.00 to come off over next 3 years....the initail charges dont seem to account for the VAT...eg...nominee fee states....2500...but the amount taken off was almost 2900.00 something..
sorry ..this is getting confusing....i cant seem to get my head round it..appreciate any clarity
thank you
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
Hi
The nominee and IP are the same person.
Most of the fees will be paid in the first couple of years.
Remember unless you are returning close to a 100p dividend it will be your creditors that effectively pay your IP.
Your nominee fees will be plus VAT,so £2937 and are basically the set up costs of your IVA.
The supervisor fees will be the month to month administaration costs of your IVA.
Regards
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 was going to say cheeky devils wanting you to pay for the wine.
Seriously I think it is to do with some thing like researching and records, probably ? confirming balances and credit checks re the setting up of the iva.
I'm glad you asked these questions mtl - I've been looking at our report and like you, when we went into IVA we were so grateful we didn't look at the fees.
Not that I have a problem with them, just want to be able to understand them. I think bordereau is a statement of detailed accounts ...admin [:D]
bordereau
n. (pl. -x) invoice; detailed bill; memorandum
INSOLVENCY PRACTITIONERS
In these Regulations:—
"bordereau" means a form upon which an insolvency practitioner enters certain details in relation to his appointment as insolvency practitioner in relation to a person, including the name of that person, the date of appointment, the value of the assets comprised in the estate of the person estimated in accordance with Part II of Schedule 2 to the 1990 Regulations, any increase in his estimation of the value of those assets and the date of his release or discharge from the appointment, for the purposes of evidencing those matters
I think what they ought to have stated in the list of expenses is 'Bond'.
In every type of appointment an IP takes, he / she has to 'Bond' for the estimated value of assets to be received in the arrangement/ bankruptcy / liquidation...
Trying to explain it as simply as possible, it is effectively an insurance cover, that offer's protection against the IP doing a runner with all of those realisations. If you think about it, at any one time an IP could hold some quite substantial sums of money.
In this particular instance the cost of that cover appears to be shown at £265 ... indicating to me a high level of expected realisations.
Each month the IP is required to schedule all of those bonds and forward it to his insurers. The schedule is known as the Bordereau.
thanks so much for info...it does help me get things clear in my mind..knowledge is empowering isnt it..altho like others i prefer to think maybe red wine is just as empowering !!!! LOl
cybus..can i ask what you mean by the level seems to be "indicating a high level of realisation"??...thanks all
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
moretolife wrote:
thanks so much for info...it does help me get things clear in my mind..knowledge is empowering isnt it..altho like others i prefer to think maybe red wine is just as empowering !!!! LOl
cybus..can i ask what you mean by the level seems to be "indicating a high level of realisation"??...thanks all
I assumed that the total level of realisations (Monthly contributions / equity / lump sum) to be high. My assumption could of course be quite wrong
I don't have the tables at home, but from memory the premium starts at just over £50 for total realisations of £25,000; then just under £100 for realisations up to £50,000; then just under £160 for realisations up to £100,000. The next step up is realisations up to £250,000 and from memory the cost of that cover is just shy of £200. So bonding using the band that I do indicates that total realisations in your arrangement are in excess of £250,000.
I should point out that different IP's may be subject to use of different bandsand so those premiums could be higher or they could be lower. The band to be used is determined by the company providing the cover and is based, generally, upon a combination of the number of apppointment takers in and the various types of appointment taken within your IP's firm. It is how the company providing cover assesses the risks to them to be.
