Total debts £96k. IVA approved in Nov 2005 at £440 per month, giving a return of 25p per £.
A kind person has offered to stump up the cash to clear my IVA and I need to know what kind of figure I need to offer.
Road2Recovery wrote:I live in rented accomodation, so there is no equity to release.
On my chairmans report it says:
i) The Debtors voluntary contributions are to commence at £442 Per month minimum
ii) Unsecured Creditors are expected to receive an estimated dividend of 20 pence in the pound
iii) The Supervisor's Fee's are to be 20% of all contribution based realisations into the arrangement plus VAT and disbursment. Should a lump sum payment, including any payment in respect of equity, be made into the Arrangement the Supervisors Fees are to be limited to 10% of that sum
I read this as that I will be paying a lump sum to end the IVA early, they can have to limit their Fee's to 10%, not the original 20%. Am I thinking right here or not?
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