I costs help needed
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Please can someone help explain why my IP costs are so high as I have just received my statement and I'm devastated. I had a 72 month IVA as large amount 41,691 pounds and dividends were 44.73 in the pound. My 72 month statement has come through I have paid off a total of 29,144 but the dividend to creditors is 13,080 and my dividends are only 31.24p in the pound. Surely this cannot be right all the rest has gone on nominees fees, supervisors fees and disbursements. Will this iva hell ever end? Please can someone help. Thanks in advance.
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Comments
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Without further details of anything that may or may not have changed within the 6 years it would be impossible to tell.
On the bright side though, you have completed your IVA assumedly and are now debt free. Your creditors are also legally bound by it and agreed to all the terms and conditions at the outset. It makes no difference going forward whether they got 5p in the £ or 95p in the £, certainly not to you anyway.
You can ask your I.P. for a breakdown of where everything went and compare that to any documentation you have from the beginning, but I doubt anything untoward has occured. I would be more inclined to celebrate that you have saved untold thousands on interest and charges that you would otherwise have been paying over the last 6 years, you have had £12,500 forgiven and you now, hopefully, have no more monthly payments and no debt to worry about. Bit pointless to speculate as to whether IVA was a better solution than BR, but if you had entered a DMP so beloved of a lot of people and organisations on here, even a free one, then you would still have a significant way to go, and longer still if interest wasn't frozen, which is a big risk on any DMP.
Enjoy your debt freedom and well done to you for getting through what is still quite a long journey.0 -
I wish I were free from it I still have to find out whether I have to pay another year or not or remortgage so may have a while before being debt free so cannot wait for that day. My only qualm is the 6k they have taken for disbursements when they have nominees fees and supervisors fees. That wasn't in my original paperwork.0
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That does seem a lot for disbursements. Did you pay in a lump sum, possibly from a PPI refund?0
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Yes in the last year I got £11k from 2 ppi's that I did myself not through their company.0
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Time to ask for a full breakdown of costs then, and you are more than entitled to seek justification from your I.P. for any area you would consider excessive.0
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