Minimum Dividend

[OPTIMIST12]

Thanks Melanie -

The IVA journey is certainly a minefield!! I think if - or more hopefully WHEN - I receive my Certificate of Completion in 2012 I will have it framed and hang it on the wall - it will be a prized possession!

[Adam Davies]

Hi
I think that I am correct in saying that creditors can lodge a claim anytime within the five year IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Yes - but ideally claims should be agreed within the first six months, and then not altered. It is unusual for a creditor having submitted a final claim, to then amend it.

Interestingly the new BBA protocals and SIVA procedures state that creditors must submit their claims within 90 days! This will be interestind, although I have to report that of late the claims have been coming in at a much earlier stage, which is most helpful from an IP point of view.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
The problem with the new SIVA is that some claims,like income tax/vat may be excluded due to the 90 day timescale.All claims must be undisputed if they are to fall into the 90 day limit,however I note that IPs have the discretion to allow claims outside this time.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Andy

SIVAs are not going to be available for people with HMRC liabilities because of this very factor. Those people - usually the self-employed - will have to use the more traditional IVA route.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[OPTIMIST12]

Melanie -

In the case of claims lodged in respect of straightforward credit card debts have you encountered many instances where the creditor has submitted an increased claim some weeks or months after their original figure was admitted and agreed at the actual creditors meeting? I understand that things like tax claims can be complicated and may take months to agree but wonder what criteria a bank or credit card company might use to increase their original figure after claiming on a run-of-the-mill credit card debt. Do you have any advice on what reason might be given by the creditor to increase such a claim?. I am starting to worry about my Minimum Dividend modificataion now!!

Thank you very much.

[MelanieGiles]

No - although we occasionally get differing figures when debts are sold on to other companies, which we have to ask to be verified.

If the IP has done his/her work thoroughly at the proposal drafting stage, and you have been good and not used any of the cards! in the meantime there should be no reason why creditor claims should increase significantly, and in my experience this is very rare.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[OPTIMIST12]

Thats a relief!

I cut up all my cards on the day I first phoned my IVA company so I think I was as good as I could have been in that respect!! If only I had cut them all up a few years earlier I probably never would have ever heard of Minimum Dividends and Modifications!!! Oh well - such is life.

Thanks again.