www.iva.co.uk

Things have been ticking along well but today I received an arrears letter from Barclay which showed an increase due to interest, of almost £1000!! Nothing has been paid to them in 8 months but I have been paying £254 a month to MacCambridge Duffy! What is my money being used for then?
It's very disappointing to find that my overall debt has increased as I suspect it will be the same with my other creditors

Ruthie

I'm not sure but I think fees are taken in the first year? I am sure it is all above board you are with a good company

I know - I've had no problems with them at all and things have gone well, just don't understand

Ignore the interest, it's an error on their part. They are bound by the iva.

we were with cleardebt who didn't send payments monthly, it's not cost effective.

Ignore the statements, we did!

The creditors will be paid in good time. You are with a very reputable company so don't worry.

You will see from the proposal and Chairmans report what fees have been agreed and the dividend frequency.
Usually the nominees fees (circa £1800) are drawn first and Supervisors fees come out with the dividend payments as a percentage. Dividends are usually paid quarterly, but this will be in your paperwork.

Thanks folks.... Will pop it in my file and ignore it!

Normally the first five payments go to the IP firm and there are also out of pocket expenses which need to be paid. Distributions to creditors are then made regularly depending on the terms of the IVA and the amount of money paid each month. If you are self employed there can be a delay until HMRC agree a final claim but creditors are aware of all these issues.

Send us a copy of the letter from Barclays and we can deal with it. Interest and charges must legally cease at the date of the meeting of creditors so this is probably just a computer generated letter and an error by Barclays.

Thanks Michael, I'll do that. Have looked at the bumf that came when my IVA was set up but tbh I don't really understand it that well

Ruthie

Ruthlyn, I am sure if you read through uour documents and call Michael with any questions that he will explain things to you. Entering an iva is a dark time and I tooktime after to digest. It's in everyone's interests that you understand things.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Ruthlyn

Thanks Michael, I'll do that. Have looked at the bumf that came when my IVA was set up but tbh I don't really understand it that well

If you want an amusing diversion... look up the origins of the word "bumf" [}:)]