Things have been ticking along well but today I received an arrears letter from Barclay which showed an increase due to interest, of almost £1000!! Nothing has been paid to them in 8 months but I have been paying £254 a month to MacCambridge Duffy! What is my money being used for then?
It's very disappointing to find that my overall debt has increased as I suspect it will be the same with my other creditors
Ruthie
The secret of change is to focus your energy,not on fighting the old but on building the new
Socrates
You will see from the proposal and Chairmans report what fees have been agreed and the dividend frequency.
Usually the nominees fees (circa £1800) are drawn first and Supervisors fees come out with the dividend payments as a percentage. Dividends are usually paid quarterly, but this will be in your paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Normally the first five payments go to the IP firm and there are also out of pocket expenses which need to be paid. Distributions to creditors are then made regularly depending on the terms of the IVA and the amount of money paid each month. If you are self employed there can be a delay until HMRC agree a final claim but creditors are aware of all these issues.
Send us a copy of the letter from Barclays and we can deal with it. Interest and charges must legally cease at the date of the meeting of creditors so this is probably just a computer generated letter and an error by Barclays.
Ruthlyn, I am sure if you read through uour documents and call Michael with any questions that he will explain things to you. Entering an iva is a dark time and I tooktime after to digest. It's in everyone's interests that you understand things.
