Just received my 2nd year annual report and all is well.
However, under the claims section it says that less than a third of the debt has been claimed and that 9 companies have yet to make a claim.
If (and i assume it's unlikely) i get to the end of my IVA and it is satisfied and they haven't made a claim what happens to the excess money? Would i receive the monies back?
Would the IP contact the creditors before satisfying the IVA in an attempt to get them to claim of is it the creditors responsibility to claim?
The short answer is that you won't see that money. What usually happens is that the Supervisor will serve notice on all creditors to submit their claims (we also tend to get on the phone and chase them down). If a creditor doesn't submit a claim they simply lose out on the money being distributed and the crediors who have claimed will receive more.
Good Luck with it
Sarah Nancollas - Licensed Insolvency Practitioner with over 20 years experience.
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SOrry i forgot one point! Assuming that the other creditors that had claimed had been paid 100% surely the supervisor cant just hold the money indefinitely in the hope that the creditors claim?
It seems like your IP is not being pro-active about gathering in and agreeing the creditor claims, which I find strange given that you are now in the third year of your IVA. Creditors like to see IPs making early and regular payments - in my practice we pay dividends quarterly in the majority of our newer cases, and that means that the hard work of agreeing claims has to take place very early on.
You may not get any money back, but if your IP has uncashed dividend cheques of less than £200 at the end of the IVA this money can be returned to you under current IVA protocol. In reality this is not likely to happen though.
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