Hi there
The dividend is calculated after the fees have been drawn. And it is a mith that fees vary greatly - fees these days are pretty much now governed by creditors, so they are more consistent that they have every been.
An IVA will normally take a couple of months to put together, but this can be shorter or longer depending upon your circumstances and the quality of information you provide to the IP. Once the proposals have been agreed and signed by you, a creditors meeting is then summoned giving at least 16 days notice to the creditors.
You need to have at least two separate creditors with three lines of credit. So your example would not work.
If you lost your job whilst in an IVA, the IP would need to discuss the implications of this with you, and decide whether to allow the IVA to continue, to be varied or to be failed. if you become self-employed, so long as this does not affect your ability to fund contributions, this will be of no concern to your IP or creditors.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
