IVA Payment charges...please help

confusediva

Hi All,

Some friendly advice needed. We started our IVA 4 years ago and since that time the company we were dealing with changed to another one. We received papers one day stating their new fees etc but honestly as we were in the middle of the IVA our hands were tied and we had to accept them as our new company.

Now 4 years in we have come into some money and want to pay off our IVA. I have absolutely no problem paying what we owed the creditors, interest and some fees but on top of this however the IVA company is asking for an additional 25% supplement fee plus vat on top of their fees, interest and credit card amounts. Now this was not in our original agreement but now looking through the paperwork it did form part of the paperwork the new company sent to us when they announced out of the blue they were our new IVA specialists and I presume bought out the other company....we had not been previously informed this was happening. We had no choice but to accept whatever paperwork they sent us as far as we were concerned...what else could we do at that point...it all came as a surprise. What can be done if anything about this as it adds another £16,000 to our payout....outrageous

debtinfo

Did the original agreement not have anything in it about what would happen if you came into money

confusediva

debtinfo wrote: »

Did the original agreement not have anything in it about what would happen if you came into money

Not per se...there is a windfall clause and that it must be declared etc, there would be interest charges but nothing about paying out the full amount and at no point does it say 25% supplement to be added to the final figures, this is only in the documents received by the second company.

debtinfo

nost of the time you would expect when you declare the windfall that it would all be taken, up to paying of the whole of the original debt plus interest plus charges, what sort of windfall is it