www.iva.co.uk

Posted: **Mon Dec 12, 2011 4:30 pm**

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!

Posted: **Mon Dec 12, 2011 4:33 pm**

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

Posted: **Mon Dec 12, 2011 4:34 pm**

When is the statement from? If fees are not allowed to go above 30% then query this with your IP.

You IVA wont fail. Who are you with?

Paul

Posted: **Mon Dec 12, 2011 4:39 pm**

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.

Posted: **Mon Dec 12, 2011 8:32 pm**

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!

Posted: **Mon Dec 12, 2011 8:38 pm**

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

Posted: **Mon Dec 12, 2011 9:05 pm**

Hi Darren I am with Grant THronton and they have been great with me delaing with any problems I have had so I am sure they can help you clear this up.

Posted: **Mon Dec 12, 2011 10:54 pm**

GT post here so hope they'll pick this up.

Posted: **Mon Dec 12, 2011 11:22 pm**

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.

Posted: **Tue Dec 13, 2011 6:35 am**

You can contact Karol from GT by sending her an email via this link:

ivacustomerservices@uk.gt.com and ensure that "IVA Forum" is all that is entered in the subject line of the email.

She will pick up on it and hopefully be able to help you out.

Posted: **Tue Dec 13, 2011 10:01 am**

Hi Darren

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