I've just received my Abstract of receipts and the Supervisors report on my 1st yr of my IVA.
All's ok but I noticed that no payments have been distributed to any of my creditors yet.
Out of interest I've been in touch with my I.P. and I was told that the anticipated distribution of funds was due to start in March 08 but they are still waiting for a 'bill' from one of my creditors.
Now considering that I have been in an IVA for 13 months, you would think that the creditor (Cahoot) concerned would have the bill in ASAP, after all they are quick enough to get in touch if you miss just the one monthly payment aren't they?
I've always said this endsmeet. You miss a payment and it's calls, morning, noon and night, plus letters.
Your iva is approved, it's weeks before they acknowledge it, and it would appear to be the same with your creditors and their claims!
Weird.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
hi endsmeet...when we had our first review spet. 2007 we too were amazed that no creditors had been paid.(altho IP had taken their payment)...and the small print said that they expected to distribute a dividend at the end of second year...ie now....but as we are still waiting our report from 2nd review it will be interesting to see how much has gone out to creditors...considering we have paid in almost 17,000 in 2 years....
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
It is not unusual to see older cases where monies have not been repatriated to creditors for two years, and this is the way things used to be accepted. Nowadays, with creditors demanding dividends every quarter, claims seem to come in quicker and IPs are able to pay them quicker. This is one thing that the IVA protocol actually did get right.
Yeh and the annoying/strange or whatever thing about this is that Cahoot were the only ones to phone me via my mobile at least 3 times so you would think that they would be on the ball wouldn't you?
