IVA full and final payment fee

John-c_7

I have an IVA that has been running a couple of years now with PayPlan.com .
Since I started it my wife and I got married, and I have found myself a fairly decent job. We want to pay off the IVA of 6500 now and get a mortgage.

We have looked at some adverse credit lenders but because the area we live and work is so expensive, they all want the IVA completed or give us unacceptably high interest rates.

We put this to the payplan the IVA company, and they drew up a proposal to put to my creditors.

left on the IVA = £6500
our offer = £6000

The IVA company however want £500 + vat for setting up the meeting with the creditors!

"The supervisor shall be entitled to an additional £500 + VAT in order that costs associated with the convening of this further meeting may be met".

Is this normal practice ? £585.00 seems like an awful lot of money to us, just for setting up a meeting.

Thanks
John

purpledelly

I'm sure others will be along with good advice too but my thoughts are these (we've just looked into a very similar option although with much larger sums owing!! but we're going to wait a bit).

The fee is pretty standard and actually a lot lower than some I think.

I wonder (and I don't know if it's allowed under the terms of your IVA you may need to look at the paperwork) if it's easier just to contact your creditors yourself and offer them their fair portion of the £6000 as full and final settlement. There's no reason I wouldn't think that it has to go through your IVA company - but I'm not certain.....