www.iva.co.uk

In 2008 I was advised that an IVA was the best solution for me. I received paper work with what an IVA will do and that the total fee was £2500 (got evidence of this). So, I went ahead. I finished my IVA Oct 2013 with Grant Thor??? and the fee is 11,000!!! What can I do? I would of been better declared bankrupt. Evidence shows I owed around £26,000 and have paid over £36,000. My case is still open due to a dispute on over payment to 2 loans. Plus I thought the IVA was complete on my last payment - not realising that it was still open and needed a certificate. Additionally, in March 2014 I received some PPI - do I need to declare this? Please help me with these two questions.

Hi Ruth. £2500 sounds very little for total fees -- were these Nominees fees or Supervisors fees ( which are usually quotes separately)?

The PPI does need to be declared and paid in as an asset of the arrangement. Grant Thornton will, in all probability want to pursue PPI themselves and will discover the payment. However, due to the timing there is a slim possibility that they will close without looking at this.

I would think the fee mentioned was the nominee fee which covers the work up to the meeting of creditors. Supervisors fees are then drawn in accordance with what creditors stipulate so the fees are likely correct.

If you received PPI it should have gone to GT so you need to let them know rather than them finding out which could cause major problems.

In this case...YOU are paying for IP fees if you have paid more than you own and lose that Iva debt write off 'selling point'.

75% write off,as advertised and maybe only 5% of these ivas approved get that creditor'generosity'.After fees creditors get peanuts back.

50% debt write off of the remaining iva approved is probably the true average.

The beauty of the Iva is to make most if the debt 'Vanish'..and not to increase it.I could manage only 55%.

Something has gone 'badly wrong' your iva if the figures your quoted are right.Persue it!

Hi all I written to GT in regards of PPI Claim. Additionally I am writing a separate compliant letter to GT, Gateway.gov and The Financial Ombudsman in regards of miss selling the IVA to me and the fees.
You are right Michael in regards of the fee- it is for the preparation. Did not know that!!!
In 2011 I received a letter that stated fees which amounted to £6,???. I phoned and wrote to Tenon (was with them before my case moved over to GT) in regards of this fee and the lady referred me back to my proposal. It states Total Supervisor fee (exc Vat) £6,000, Nominees Fee (exc Vat) £2,500, Disbursements fee £250 and Total VAT £1,531. I still did not understand and the lady agreed to freeze the fees and would send evidence but did not (unless the phone call was recorded). So, why am I paying 11,000??
TZEKIN – really sorry but I don’t understand percentage – I have dyslexia and am being tested for discalculate.
Thx all for replying