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Failed IVA
ITGEEKETTE
Posts: 2 Newbie
in IVA & DRO
Hi
This is my first post on here. I have just had an IVA fail after 2 years. To be honest I signed into it out fear and panic and a debt which had accumulated after redundancy and a poorer paid temmp job. I have just received a final report which states that out of the £3960 I paid, only £2041.52 went into the agreement. I realised there would be supervisors fees (£187.53)there is also Nominees fees(£470.22) and vat (£549.20) however £713.57 is listed as going to 'payments'. Can anyone shed light onto what this would be? I have written to Payplan as I want to keep everything in writing and am waiting for a response. I am generally a clued up person but not financially astute(not an excuse but its trus). I looked at the original agreement and I dont cant even remember signing it and can not work out what these 'payments' would be. Many Thanks Guys
This is my first post on here. I have just had an IVA fail after 2 years. To be honest I signed into it out fear and panic and a debt which had accumulated after redundancy and a poorer paid temmp job. I have just received a final report which states that out of the £3960 I paid, only £2041.52 went into the agreement. I realised there would be supervisors fees (£187.53)there is also Nominees fees(£470.22) and vat (£549.20) however £713.57 is listed as going to 'payments'. Can anyone shed light onto what this would be? I have written to Payplan as I want to keep everything in writing and am waiting for a response. I am generally a clued up person but not financially astute(not an excuse but its trus). I looked at the original agreement and I dont cant even remember signing it and can not work out what these 'payments' would be. Many Thanks Guys
0
Comments
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Hmmmm... it's not a technical term that I know of! There may be a legitimate explanation - feel free to feed back what they tell you - but between Nominees and Supervision (plus VAT) it's hard to imagine where £713.57 of other fees have come from!Would you ask the wolves to look after the sheep?
CCCS funded by banks0 -
Hi
It's likely this was what was left to pay to your creditors on your behalf during the time you were in your IVA.0 -
I didnt fail my IVA due to missing payments so not sure what you mean by what was left to pay my creditors on my behalf??? Also the money which was distributed to the creditors is shown seperately on the report from 'payment'. I'll wait to see what they come back with; I have a lot of other questions such as why did it take 14months before the creditors received a payment, why one month did they only receive £43.50 between them all?. Hopefully there will be some logical answers.thanks0
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