close relationship with your ip????

[aguise]

Yours is as straightforward as ours in fact we had more than double your creditors. As you say at the end of the day the creditors will pick up on their huge fees and probably ask them to reduce them.
Well done for quitting, stick with it, I still puff away, but just not ready to do it at present.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

Well I am a big defender of an IP's right to charge reasonable fees, but this is ridiculous! There is no way a simple IVA like yours should cost this much, and I would be very interested to know which firm you are using. E-mail me via the website if you prefer not to mention this publicly. With proposals like this circulating, no wonder the rest of us are being hit right, left and center with regard to our costs. I feel it is very unlikely that creditors will accept fees at that level - which are never justifiable in a million years. When is the creditors meeting?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Jasperyogi
Do not concern yourself with the fees isue.There is nothing that you can do at this stage and your creditors will be the ones that decide ultimately.They may reduce these at the meeting.
No wonder TIX is gunning for reduced IP fees !!!
You need to concern yourself with the statement ".only to be told that my IP is only a name on a form, and that I wont be able to have direct contact with them ?????? and when I asked if they will call the day of the meeting to tell me the outcome, I was told that I would be informed within 48 hours because it could take this long to appear on the screen????" I bet they don,t use this quote on any sales brochure !!!.It,s simply appalling and I would tackle them about it now.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jasperyogi]

Hi there melanie, I have no worry about naming they are Blair Endersby Limited and the meeting is on the 24th Aug at 11am. The nominees are James Kaye and Nicholas Morgan. Will this have an adverse effect on us at the meeting? Thank you so much for your help, and if you want me to forward the proposal to you I will do.

Andy
thanks for your comments...I am so angry with myself for not challenging it at the time...but...I thought this was normal procedure, just thought I'd check it with you lot first as I thought that I had read about having a good ip relationship and getting the results soon after the meeting was held on the forum but wanted to check. As for the sales brochure it is wonderfull!!!! I am so glad I asked, but I am even more worried now.....

ang
thank you so much for your help and drawing my attention to this. I did think the fees were a bit high as they are only getting 9k less than the poor creditors who I owe the money too!! now the guilt is setting in.....must keep smiling only another 9 days to go or maybe 11 till I know the outcome!!

Why spend life worrying...when you can spend it smiling!!

[louiseh]

I think capitol one will definately dispute the fees, that was our only modification fees capped at £4500 I think they announced the capping of fees in the national press.. Interlocking IVA with husband, debt £75,000 fees total £11,500 (inluding nominees fees).

[jasperyogi]

Hi there louiseh,
Did this have any bearing on the outcome, ie, was the decision delayed or did they thrash this out at the meeting?


Why spend life worrying...when you can spend it smiling!!

[aguise]

Jasperyogi I dont really feel that I helped but thought it beest for you to be aware they are high. All the very best and definately keep that smile, and dont wait 11 for the outcome ring them that day and say would like to know.

Angx

Please visit my blog at http://aguise.blogs.iva.co.uk/

[MelanieGiles]

You could withdraw your proposal, on the grounds that you have lost faith in your IP firm, but a better option might be to see what happens on the day of the creditors meeting. I am sure that these fees will be (rightly) reduced by creditors, but if they are not you can still pull out at that stage if you do not feel that you are being properly represented.

If I was told that I could not speak to the person who was fronting my voluntary arrangement because they were too important, I think I would have serious concerns as to whether I wanted to work with this firm for the next five years. Have you actually met anyone from this company, and who have you been dealing with (no need to name names, I am just curious about the level of staff).

There may be reasons for all of this, but I'm stuggling to see them from the information you have posted.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jasperyogi]

Hi melanie,
In answer to who we deal with its whoever takes the call, we dont have a named advisor or anything. We were originally with Baines and Ernst for a DMP, which we have held since feb, but lloydstsb credit card (only) wasn't happy with their offer so B&E advised us to go for an IVA and passed us over to blair endersby (not sure whether they are the same co)About 3 weeks ago (almost immediately after talking about the IVA with Baines and Ernst we had a phone call from blair endersby, the forms arrived within days. (most of the amounts owing etc they got from Baines). They sent a courier a week later for the statements, pay slips etc. Then they called us with our creditors meeting date last week. So to be honest we havent had direct dealings with them as such. To be honest we didn't have any real concerns until now because they have been really efficient...there again with those fees on the horizon who wouldn't be. But we didnt know the fees were high. Just hope the creditors get them lowered because it doesn't seem fair that they only get 9k more than blair endersby. what do you suggest I do....To be honest I just want an answer for the IVA now, We are in this position as a result of my daughters medical problems and I really need to be concentrating on her ONLY at the moment. I'm at the wits end. Just want to do the right thing by everyone concerned.....what do you suggest?

Thanks to everyone for their advice on this and I'll check back on the forum 2moro before I ring them and see if there are any suggestions. I think in all honesty we should have done more research but, Baines and Ernst have been fine, so we thought it would follow......

Why spend life worrying...when you can spend it smiling!!

[MelanieGiles]

Strange that you were offered a Debt Management Programme before an IVA? Was there any reason for this? What other options were discussed with you when you first approached this firm for advice?

The only thing you can do is go with your gut feeling. You have mentioned some issues with this firm, but then you also say that you have found them efficient. If your only concern is the level of fees they are suggesting, I am sure that this will be dealt with by creditors at the meeting, so if you feel comfortable with the rest of the service you have had so far there seems little point in upsetting the applecart at this stage.

If you feel that you will be unable to work with this company into the future, and I am not sure who it is you are actually dealing with, but at least you should have had a full telephone interview with either the IP or a member of their senior staff - this is a statutory requirement under Statement of Insolvency Practice No 3 - then you will have to decide whether to withdraw from the proceedings now.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jasperyogi]

Thanks melanie,
We were offered the DMP because we were living in Scotland at that time....hubby in the forces so no room for BK.
They have been efficient in their sending of forms etc, but as far as communication goes? Do you feel that we should find a more 1 to 1 company as from reading the forum I feel we have joined a battery farm. Is it imperative that we have good comunication with this company in order for the IVA to succeed? Or is it a case of doing the expenditures and reviews etc, (which incidentally are 3 monthly (maybe thats were the fees go hee hee) and completing the plan..

Why spend life worrying...when you can spend it smiling!!

[MelanieGiles]

I always put my Scottish H M Forces cases through the High Court in London, on the basis that Scotland is not your permanent base, in which case I do not feel that the DMP was necessary. As a member of HM Forces, your husband can use the High Court for jurisdiction in any action he wishes to pursue.

I am afraid that I cannot tell you what to do - only you can decide this. If you feel that you have been appropriately advised, and that your IP is confident of success at the creditors meeting, you will be paying the same contribution regardless of how much the IP charges, so you do not benefit directly from this matter. It is down to the creditors to decide whether they are prepared to accept such high fees.

You say that it is imperitive that you have good communication with the company - what communication or direct advice have you had so far? Gauge whether this is a good measure to assess their performance, and if you feel that you have received good service then this should bode well for the future.

Also remember that as a service family (I was an Army wife for a number of years and served in the Territorials for 19 years) that your IP needs to understand that you will require a degree of flexibility into the future. Does your IVA proposal provide for this? Postings to Germany provide more income than postings to Bulford, but the cost of living is different and you do not pay things like road tax or TV licence. Similarly, if your husband is sent to the sandy countries overseas, what impact is that likely to have on your family budget? What discussions have you held with your IP in this regard.

It is never too late to pick up the phone and have a chat with them - if they can spare you the time!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jasperyogi]

To be honest I think I'm going to stick with them. I dont think we can take the stress of going through this again without a rejection forcing us too. I know I wont benefit directly from the fees being lowered but was concerned that the creditors would reject our proposals on the grounds of them being too high. When we were given the basic figures of 59k owing and 45k contributions (15k written off) I thought this was ok and thought that we had a good chance of being accepted. With the fees taken out though it reads very differently. Its like you said though the creditors will decided re the fees so i will let it run..... I just didn't want to do wrong by the creditors, I think we are already expecting alot getting 15k written off!!
One more question though, if it is rejected, how soon after can we apply again? Can this be through another company, IP etc?

Thanks to everyone for their support and I'll let you know the outcome.....when we eventually get it ourselves. Going to stay with family this week though so we wont be thinking about it much hopefully.....well not out loud at least.

Why spend life worrying...when you can spend it smiling!!

[catullus]

hello jasperyogi

I have to say that the amount of fees that your supervisor has requested is breath taking, particularly at a time when the whole issue of IP fees is right in the middle of the radar.

I think that you are right to stick with the IP, its too late to change at this stage and in a curious way, I think that the issue of fees could work to your advantage. If in most other respects your proposal is acceptable to creditors I think that they might just accept with a modification to massively reduce the IP's fees, thereby forcing the IP to make a decision which they probably will accept.

If it did fail there is no real time limit before you can represent (unless you used an interim order which I don't think that you did) but, to be practical, the new proposal should be seen to address the reasons for the earlier rejection.

[jasperyogi]

hi there catullus,
You have just said what we have been thinking....I wonder if its a tactic, or are we just being kind hee hee!! anyway if nothing else its an interesting one for the forum hee hee!! I'll keep you posted and thanks for the advice....watch this space on the 24th (ONLY 8 days to go and I'm petrified!!!!)

Why spend life worrying...when you can spend it smiling!!