www.iva.co.uk

I have phoned grant thornton today about the closer of by Iva as this came to an end in may 2012 I came into some inheritance the Soliciter dealing with it sent £100.000 to them by initial debt was £ 82,000they told me today that I will not see any of this money I think this totally wrong they will also have all ppi this means that I will have paid double my initial debt is this right pleas help

Hi. Check your proposal for the details of how fees are to be calculated and whether you have to pay statutory interest if you pay back 100% of the original debt.

How much have you already paid into the IVA, not taking account of the inheritance Susan?

I have paid approx £30.000 plus theyhadc£1200.00 which was a endowment that I cashed in plus £20.000in ppi so far my last payment was may 2012

Statutory interest which may have been charged at 8% may be the killer here. If you had £82k debt and paid off £22k with your endowment and PPI, that leaves £60k. You have paid off £6k a year through your IVA payments but may be accruing 8% x 60k interest = £4,800 every year. Do at the end you may still owe around the £60 mark. Also you will need to add IP fees of perhaps £10k.

However, even with all this I think the max you could owe is £70k so if you are paying over another £100k surely you should get something back.

Ensure you are provided with a full acount of all money paid in and associated payments to creditors and costs. This will ensure you know were you are.

Please keep us informed Susan. GL

It doesn't seem to add up. Hope you get it sorted x

So what happened to the £100k you mentioned in your first post?

The £100.000was sent to grant thornton by the solicitor dealing with the estate

Hi Susan, have I got this right you had debts of £82,000, you paid in yourself £30.000, plus an additional £21,200 on top of the £100,000 inheritance, that equates to £151,200 if my maths are correct, that is nearly double what you owed in the first place. Yes you will reach 100p in the pound, there will be additional fees on top because of the amount of monies raised, as for the statutory interest as Melanie has said many times in the past this isn't something that is asked for in this day and age.

I think you need to write a letter to whomever is your IP, send it recorded delivery, outlining your concerns and give them 10 working days to answer, if not answered correctly or at all, then invoke their internal complaints procedure, if that doesn't get the answers you are looking for then I would complain to their regulators, that is a substantial amount of money and possibly a lot of it belongs to yourself, good luck and best wishes, hope you get this sorted soon.

These are big numbers, and you absolutely do need to get a full statement of what has happened to your money Susan, what has been paid to creditors and what has been retained in fees and charges. I am sure that they will be happy to oblige.

Do you think I might get some back

If the figures have been mis-calculated Susan, and I am not suggesting that they have, then it possible that you may be due a refund. The important thing is to get the figures, and understand where costs have been incurred - also checking that the IP fees have been correctly authorised - which I am sure they have been.

Good luck Susan, do keep trying to get the answers that Melanie has suggested as you may well be entitled to some of this money back, I would certainly be in frequent contact with them as it's over a year since you completed. Good luck and best wishes, I hope you get resolution very soon.

Thanks for your advice much appriciated I have written to them

Just seen your other post Susan, I assuming that you haven't got a reply yet to your letter, hang in there, hopefully there will be something coming back to you.