IVA Solicitors -help

ANDREW_FRANCIS

Hi - i have received a very recent inheritance £140K my IVA is £62K - ( been paying £200 pm for 3 years) I asked for a final settlement figure and the company has advised it wil be £83K + charges To be defined.

Are there any solicitors around I can discuss this with as it does seem very unfair??

Andy

milliemonster

Why does it seem unfair? When you took out your IVa it would have been detailed all the charges you would need to pay which form the basis of your iva payments, creditors get very little back in terms of p in the £ if your monthly paymenta are £200 a month, most of the payments you will have made up to now will have just been fees, you are now in a position to pay off all your debt in full, trying to get out of your obligations when you are in a position to clear it all is fraudulent.

ANDREW_FRANCIS

so thanks for your response, totally useless against the initial question regarding any solicitors I could use -- as far as your answer- creditors make money - they win some they lose some they chose that line of business - its their gamble i am willing to pay £62K but not with £21K interest + charges

[Deleted User]

ANDREW_FRANCIS wrote: »

totally useless against the initial question regarding any solicitors I could use

Advertising is not allowed on the forum.

You'll need to find your own solicitor...

mwarby

Worth remembering that your IP will also retain a solicitor, no doubt one very experienced in these matters. If your IVA says statutory interest and IVA fees needs to be paid it's unlikely these will be waived. I'd think very likley what would happen is 2 firms of solicitors get rich and you either get nowhere, or get more debt (potentially your legal bills, and the IVA companys)

It may be worth contacting a debt charity and or CAB to see what they advise

adyj73

I thought you only ever paid back the original debt figure plus fees? Where are they getting this extra 21 grand from?

DorisTrousers

Couple of things here.

You may not be using your real name, but if you are then you should change it immediately.

Any difference in what you owe at the outset and the amount you are expected to pay now may simply be down to your supervisor being entitled to retain 15% of any realisations from contributions, and given that you are in a position to pay the debt back in full now it is clear that creditors will not be footing that particular bill themselves. You can ask the IP firm for a full breakdown of costs involved though.

mwarby

adyj73 wrote: »

I thought you only ever paid back the original debt figure plus fees? Where are they getting this extra 21 grand from?

probably fees and statutory interest(8% plus bate rate, compounded over 3 years)

DorisTrousers

You can also request that statutory interest is waived, and creditors are usually amenable to that. That should save you a few bob as well, so thanks to mwarby for reminding me.