Posted: Sun Mar 30, 2008 8:48 pm
Hi we would like some advise if poss. I have been in an iva for 3 1/2 years and am currently thinking about a f+f settlement.
I need to clarify a certain point, my iva is contracted to pay a minimum of 33p in the £. with estimated contributions of £10700 and £21706 equity in yr 4. Is the 33p worked out using the two figures above minus the estimated ip fees or is the ip fees extra?
The reason I am asking is that after entering the iva my figures I put forward were £72,716 but one creditor added all their payment protection that should have been due and it bumped the figures up to £93639.00. I have been following payments as per my ip and have not missed anything,but looking at these figures now I am not sure that the 33p in the £ will be met. Would they have worked out the payments going off my figures that I gave them or would they have waited to see what the creditors provided. Looking at my first report it says that unsecured creditors claims of £72716 as per debtors statement of affairs but they had actually received claims totalling £93639.
Am I right in thinking I would need to raise an extra £7000 on top of these figures to achieve the minimum of 33p in the £. Am I also right in thinking my ip could have got the figures wrong when working my payments out, should they have been adjusted? what would happen if the extra money could not be raised due to it being their fault.
I need to clarify a certain point, my iva is contracted to pay a minimum of 33p in the £. with estimated contributions of £10700 and £21706 equity in yr 4. Is the 33p worked out using the two figures above minus the estimated ip fees or is the ip fees extra?
The reason I am asking is that after entering the iva my figures I put forward were £72,716 but one creditor added all their payment protection that should have been due and it bumped the figures up to £93639.00. I have been following payments as per my ip and have not missed anything,but looking at these figures now I am not sure that the 33p in the £ will be met. Would they have worked out the payments going off my figures that I gave them or would they have waited to see what the creditors provided. Looking at my first report it says that unsecured creditors claims of £72716 as per debtors statement of affairs but they had actually received claims totalling £93639.
Am I right in thinking I would need to raise an extra £7000 on top of these figures to achieve the minimum of 33p in the £. Am I also right in thinking my ip could have got the figures wrong when working my payments out, should they have been adjusted? what would happen if the extra money could not be raised due to it being their fault.