Just wondering

[BECKY]

Im not in this position but was wondering what would happen in this scenario.
3 yrs into iva , can no longer meet payments for whatever reason but over the yrs have put in extra payments of overtime and pay increase , and theres enough in funds paid over to meet the original dividend proposed but you 2 yrs shy of the finishing date.
Could the ip settle the iva as the dividend has been reached or is it still deemed as a fail as not run for 5 yrs so have to go bankrupt or in dmp

[mikebdomain]

Good question Becky

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[Cybus]

If I were your Supervisor, I would be asking to review your income and expenditure with a view to determining what amount you could afford to pay per month for the benefit of creditors.
I suspect, though I may be wrong, that in determining that you have paid in enough to give a return in line with the original proposals, you may not have deducted the costs of the Nominee and Supervisor?
In my opinion, I would expect creditors to expect you to maintain payments, albeit at at a reduced level that you can afford, for the remainder of the 5 years of the arrangement. I don't think they will agree to call it a day, because the minimum dividend has been achieved.
I don't know what others think ... Is a variation an option? I'm not convinced it is.



Tell it like it is.

[Adam Davies]

Hi
If you can,t pay in due to illness,redundancy etc and have no disposible income,or very low,then your IP can call a variation meeting and ask your creditors to accept payments to date to conclude the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

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http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
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[Cybus]

Yes, in the instance of incapacity and there being no prospects of any further return to creditors, then in that instance a variation to conclude early may well be the option.



Tell it like it is.

[BECKY]

I'm not in that position ,thankfully , was just wondering what would happen with someone who was

[MelanieGiles]

I have occasionally had to do this for real, Becky, and have never had a creditor turn one away.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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