Annual Payments to creditors

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bev.nn

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Post by bev.nn » Sat Mar 22, 2008 1:09 pm
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Just wondering how it all works! Does the monthly iva payment get saved up and shared out annually or at the end of the 5 year term?
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Adam Davies

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Post by Adam Davies » Sat Mar 22, 2008 1:25 pm
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Hi
Annually,although it's quite normal for no money to be distributed until the second year.
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Andam Davies
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aguise

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Post by aguise » Sat Mar 22, 2008 1:25 pm
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Hi there bev I think usually the Ip will take their fees first so quite often the creditors dont get anything the first year then I think it is divided amongst creditors on a yearly basis.

Ang
Last edited by aguise on Sat Mar 22, 2008 1:25 pm, edited 1 time in total.
Please visit my blog at http://aguise.blogs.iva.co.uk/
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goulda

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Post by goulda » Sat Mar 22, 2008 3:12 pm
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You might be interested to know that Grant thornton(formally with Debtmatters) are proposing a modification that allows payments to be distributed monthly by BACS
A. G. Gould
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MelanieGiles

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Post by MelanieGiles » Sat Mar 22, 2008 3:15 pm
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These days IPs are generally not allowed to take any fees until a distribution is available for creditors - and most dividends will be paid on a quarterly basis.
Regards, Melanie Giles, Insolvency Practitioner
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bev.nn

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Post by bev.nn » Sat Mar 22, 2008 4:13 pm
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Ok - thanks for all the replies. Just helps sometimes to know where its all going!
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acsn

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Post by acsn » Sat Mar 22, 2008 5:50 pm
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My creditors get 10p in the £ at the end of year 3. Now that seems a good deal for my IP who'll have collected £34K by then. Seems I've got a very different style of IVA. It seems to favour my IP , then me and finally grudgingly my creditors. No complaints from me.
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Adam Davies

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Post by Adam Davies » Sat Mar 22, 2008 6:05 pm
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Hi
Your creditors have agreed to these fees,as you say it does not affect you
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Andam Davies
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