Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By phil3822
#57618 Hi all, your help is needed once again.

A little while ago I offered a settlement on my IVA with Debt free Direct. This morning I have got a variation proposal draft through detailing the settlement.

The following paragraph concerns me.

"The costs of the supervisor associated with convening the meeting, in the sum of £400 plus VAT, and bringing the arrangement to an earlier conclusion in the sum of £2000 plus VAT be deducted from the funds help."

With them taking there fee's that then leaves only 35 pence in the pound. I am shocked at these charges, either that or i don't understand. Help!!!

Just wondering if these charges appear right/normal?
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By Shameless
#57627 look ok to me.

It will be upto your creditors to decide if to accept that or not anyway.
By phil3822
#57632 Thanks

When you say it will be up to the creditors to decide to accept it, are you meaning accept the charges made by Debt Free Direct?

If so, I doubt there is no chance of them changing there charges if a creditor disagrees. Or am i totally wrong here?
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By chillychicky
#57639 It will be up to your creditors to see whether they accept the proposal overall.

They are aware & used to IP fees and where a company does not charge the debtor, these will always come out of the creditor's pot. Unfortunately ending an arrangement early does not stop the charges. Afterall they were expecting to receive £XX over 5 years and will still be looking to recoup their costs.
By phil3822
#67345 Creditors variation meeting was yesterday for my F+F offer. None of my creditors bothered voting! Is this normal?

DFD said they will re circulate and re arrange meeting for in a few weeks. Not really chuffed none of them bothered.