Hi there we are currently in our 3rd year of our IVA and we have had our yearly review through which we have sent back (but they have lost it!!) and we read on the document they sent us that 5 creditors have still not submitted their claims! is there a time limit to this?
Also, what does this mean:-
Dividend:- there are currently insufficient funds to pay a dividend to creditors?
I don't know the answer to the question I'm afraid, but I'll bump this back up so that one of the technical experts will see it and advise you.
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
It is quite normal for creditors to not submit claims straight away,although by year three they should have done his.
Your IP fees will be deducted from your first couple of years payments so no funds will be available for your crediors.
There is nothing to worry about as long as you keep paying the required amount and if some of your creditors fail to submit a claim your other creditors will just receive a higher dividend
Regards
This is an odd one, firstly you are in year 3 and not all the claims are in. Hasn't your Supervisor chased them up ?
Secondly, I note that there are insufficient funds to pay a dividend. This suggests that most of what you have paid in so far has been taken up in fees. Whether that is right depends upon what the proposal says. A couple if years ago it was not uncommon for IVA fees to be much higher than they are today and, because of this, payments to creditors took an awful long time to surface.
So, to directly answer your question the supervisor is simply saying he's not sitting on enough money to pay the creditors a (decent) dividend. The acid test is to look at the receipts and payments account which will have accompanied the report.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
I have had this as well with the fees. I have recently had my 2nd year review and I have paid in around £7-8K and only £2K remains in the pot which is not available to creditors just yet. The rest has gone in fees to the IP
thanks for your replies, my supervisor has asked again for them to submit their claims as soon as possible.
the nominees fee is fixed at £3000 plus VAT, and superisors fees fixed at £800 per annum, there is a list of disbursements that have already been paid so im assuming that from now we will be paying off our debt.
I need to resend the I&E again as they have mislaid it along with my covering letter explaining im on maternity leave until Feb and if there is anything they can do for me.
But so far so good they seem to be happy. Thank you for your time
Roisin
Creditor claims should be chased and agreed during the first year, not left until the third. This has now been largely addressed under the IVA protocol or by creditor modifications, which state that the Supervisor may only be paid when creditors are. Nothing wrong with that in my book!
thanks melanie, should i be chasing my supervisor re the 5 creditors that have not submitted their claims or should i just leave well alone? looking at the reciepts it looks like the £3000 has been paid along with majority of the disbursments have been paid and i think what they are saying is there is £2801.81 in bank 1 if that makes sense im not too worried at the end of the day they are happy with us and have not defaulted at all.
Roisin
many thanks I shall just send them a copy of the documents they have mislaid and leave it in their capable hands. You can tell i have a job that involves chasing must remember im on leave and need to chill out a little!!
Many thanks
Roisin
