iva transfer to payplan

[eternaloptimist]

Hi, this is my first foray into the forum world so please be gentle![:)]

I have today received a letter from payplan who advise me they are taking over supervision of my iva from debtmatters. (SO FAR SO CLEAR)! They have also requested a creditors meeting "to consider further modification to the previously agreed, appoved by creditors".... (THIS IS WHERE IT GETS CONFUSING)! as far as i can gather, the meeting has been arranged to align the supervisors fees with the rest of their current iva book. additionally, they are looking to charge £500 for calling this variation meeting!

Can anyone shed light as to how they can try to renegotiate with the creditors and what would happen if the creditors would refuse! would my iva fail or would i have to renegotiate the monthly contributions as there is only one pot from which the funds are distributed.

just to make my stress levels jump, all contact numbers with payplan are coming up unrecognized! help!

[aguise]

Hi there and welcome to the forum eternaloptimist. I am not a technical expert so I would wait for answers. i dont think I have seen this before, but it sounds like they just want to charge more Ip fees and in effect it shouldnt affect you, more the creditors, as they would get less if the fees go up. I wouldnt think for a minute they could fail your iva as you are paying and keeping to the agreement that was originally proposed. There must be a number for payplan, hopefully someone has one that will work.Anyway that is all me summising so as said wait for other answers.
Welcome again and keep posting.

Ang

[joh71262]

There was another poster that received a letter the same as yours and he queried it.

I can't remember who or when the post was made, but take a whizz back at the other posts from this month and it's got a similar title. There was advice on there from Melanie and, I think, Andy Davie.

[joh71262]

Hi again

It's this one :-

Letter from Debtmatters saying IVA moved byt Baz36 and it's on page 2

[eternaloptimist]

Hi, thanks for ur responses so far... just to let u know stress levels returning to normal as my phone was the problem not payplans numbers!

[ianmillington]

As I've posted elsewhere, there is nothing to stop the Supervisor calling a meeting to increase fees. I note this is to "align" the fee structure. Presumably this means an increase (otherwise a meeting would not be required).

I'm afraid there is something I don't understand. The cases have been purchased from Debtmatters for a price. In determining that price, surely it's just sound business practice to take into account the fees that they anticipated they would receive through administering these cases to their conclusion? If so, how can they justify the increase in fees and on top of that the £500 to put the request forward? Very strange!

Ian

[eternaloptimist]

Thanks Ian, thats precisely my thought!,my concern is that if the creditors decline the new variations, will my agreement fail as the supervisors fees havent been met! and there is no one to supervise the iva. my ultimate concern is that he would seek to increase my payments through squeezing i&e to meet his objectives

[ianmillington]

To put your mind at rest here, the IVA will only fail if you fail to meet your obligations under it. The Supervisor can't terminate your VA simply because he's not making enough money out of it.

Assuming 6000 cases, if they call a variation meeting on each one on those terms then according to my maths the variation meeting fees will be £3m! In the interests of harmony with your new IP it will probably make sense for you not to raise any objections and leave it to the creditors to determine whether they have a view on it.

Ian

[MelanieGiles]

I have been speaking to Grant Thornton today, and will be placing a general accouncement on the forum later on which will serve to clarify some of the issues which Debtmatters clients may currently be experiencing following the transfer of cases.

[ianmillington]

That will be very helpful I think Melanie

[eternaloptimist]

thanks to u all... clarity at last i hope!

[emma_t]

Hi eternaloptimist and welcome to the forum

Your first foray onto the forum and all were gentle and friendly[:)]

The forum is a great place for support and advice from experts and people in the same situation as yourself, you will always get good sound advice on here.

Hope you get clarification very soon as all sounds very confusing to me
Emma x

[goulda]

Mel
I understand (thou stand corrected if wrong) from Grant Thornton that they are planning variation meetings with all IVA's bought from Debtmatters. They are sending me all the details thro the post

[MelanieGiles]

See my post - Debtmatters, Grant Thornton and Payplan posted a little while ago for further explanation.

http://www.iva.co.uk/forum/forum.asp?FORUM_ID=119