change iva company while in an iva

pammie39

hi all
could i have some advise please

i have been in an iva since sept 2007, my company is money, debt and credit. i think i pay them about £8000 to help me.
i have read lots of posts on this great foram and site.
when i took out my iva i didnt know about payplan and cccs (free of charge),
is it possible to change my company while still in the iva?
if possible, would it lower my payments?

thanks in advance!!!!

MIVAA

Hi pammie39

Payplan and CCCS do not do IVA's free of charge.

They charge your creditors in exactly the same way the MD&C do so, unfortunately, changing your IP wouldn't reduce your IVA payments.

If you are struggling to afford your IVA payments then you should contact MD&C and ask them to take a look at your income and expenditure. They may be able to help reduce your payments if things are too tight for you.

MIVAA

pammie39

thanks for the reply, payments ok at present,but oh is now redundant,so sorting out with m,d and c about how to sort out our payments.

thecableguy12

yes cccs and payplan give free adive and no charge to dmp plans but still charge supervisors fees and nominee fees so will be the same as mdc

Deep_In_Debt

They do charge for their IVA's but I think Payplan and CCCS charge less in fees. Also, they will only recommend an IVA if it is suitable for you. Unlike MD&C who just want the money. Anyway, it may be worth calling PP and CCCS and see what they say, they will know if you can change.

thecableguy12

Deep_In_Debt wrote: »

They do charge for their IVA's but I think Payplan and CCCS charge less in fees. Also, they will only recommend an IVA if it is suitable for you. Unlike MD&C who just want the money. Anyway, it may be worth calling PP and CCCS and see what they say, they will know if you can change.

The fees are calculated from the proxy voter, Example if the had debt was with halifax cap1 etc this will be voted by a company called the Insolvency exchange (tix), so wether its done through mdc cccs or payplan the fees will be exactaly the same, the company has no say to what supervisor fees and nom fees are. here is an example of the mods used for such a proxy voter,

The Insolvency Exchange Standard Modifications

202. Nominees Fees (5) and Distribution of Contribution to Creditors
The Nominee Fee including VAT will be the equivalent of the first 5 monthly payments and drawn as soon as funds permit. The first dividend shall be paid by month 8 of the arrangement and subsequently paid quarterly as a minimum thereafter

203. Supervisors Fee
The Supervisor Fee excluding VAT will be equivalent to 15% of all further realisations and drawn proportionally as funds are received.

206. Payments made to Nominee pre IVA
The balance of any payments made to the Nominee, or any third parties in relation to the original consultation or preparation of these proposals, less the fee agreed by the debtor, will immediately be paid into the arrangement for the benefit of unsecured creditors. Any such sums are to be paid in addition to the contributions offered in the original proposal.