www.iva.co.uk

Hi all, im new here and will be posting a couple of topics, im not getting much help or advice from my IP at the moment!

I am around 18 months into a 6 year IVA which was extended apparently due to the level of debt I had.

I recently recieved my first annual report, I rushed into my IVA initially as I was panicking and now im concerned I havent got the best deal.
My total debt was around £32k and I pay £315 per month. Around 85% of my debt is with HSBC. My IP is Wilson Phillips. What shocked me was that in my first year I made contribtions of nearly £3k and only £1200 actually reached my creditors! Im unsure if there are extraordinary fees in the first year?

I know there a couple of well respected IPs on here, and I wondered if they could offer any advice or even potentially assume the responisbility of my IP (Not sure if this is possible).

I would appreciate any advice anyone here can offer!

Ben

Hi Ben,

Unfortunately, although the IP's can advise, they cannot take over from your own IP - I'm afraid you are stuck with Wilson Phillips to the bitter end!

The money you pay across in the first year is used to pay the IP's fees, no matter what company you are with. The creditors will start seeing payments after that.

Sorry - we cannot take on your case, but from a first read of your post it does not appear than anything untoward has happened.

IP's get paid two lots of fees - as nominee for acting for you prior to the creditore meeting and then as supervisor until the IVA concludes. The nominee's fees are always drawn at the start of the case, so this would leave a lot less to distribute in the first year as you have experienced. Don't worry as it will catch up with itself over the next four years!

Wilson Phillips is owned by Accuma. No other IP can take over your existing case, unless your IP dies or is removed from office. Only then can someone else be appointed, and then probably from Wilson Phillips. If you have seen £1,800 approximately in fees taken this only represents nominees fees of £1,0722 and VAT of £188. This is fairly standard and is based on HSBC policy of allowing as a maximum Nominees fee inclusive of VAT the first 4 months of contributions. The balance is probably Supervisors fees of £460 and VAT of £80. In my opinion I think you have had a very good deal on the fees issue.