Hello again,
a few questions about IP Supervisor fees.
1)if there is enough equity at the end of IVA and can remortgage will the total i pay back be the original debt or the debt plus IP fees
2)Are supervisors fees reduced if IVA finishes early due to F&F? ie Are 36 of their 15% payments each month given back to the creditors if the IVA finishes 3 years early?
3)Does supervisor charge a fee for arranging variation meeetings? ie F&F proposal or I&E reviews(other than annual)
Q one Im not sure off but please hang on for someone with more knowledge than myself.
Q two: I believe than answer is yes, so if you were to concluded with a F&F offer nearest to the divided end of what you would of paid by the end of your IVA.
Q three: I believe there may be a fee charged for arranging a F&F proposal/creditors meeting but all your yearly & additional reviews you may need are not charged for seperately - I have had a few reviews done personally prior to getting to a annual review.
Hope this helps & others will be along to advise better than myself x
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
Rob.yg wrote:
Hello again,
a few questions about IP Supervisor fees.
1)if there is enough equity at the end of IVA and can remortgage will the total i pay back be the original debt or the debt plus IP fees
2)Are supervisors fees reduced if IVA finishes early due to F&F? ie Are 36 of their 15% payments each month given back to the creditors if the IVA finishes 3 years early?
3)Does supervisor charge a fee for arranging variation meeetings? ie F&F proposal or I&E reviews(other than annual)
thank you. Rob
Hi Rob!
1. That's a possibility, and it depends on how the remortgage clause is phrased. If you are required to introduce as much equity as possible then the maximum you will have to pay is your total debt, plus fees and statutory interest. Talk to your IP for more details.
2. Many IPs will reduce their fees if an IVA ends early, but that depends on the work done to date and whether the fees are being dictated by modifications. We usually reduce our fees but I can't speak for other practices.
3. The IP will usually charge a variation fee, and this will be added to the costs of the IVA. You will not be asked to pay this separately and it will come out of your normal IVA payments. The maximum amount your IP will charge is usually stated in your proposal.
