surplus cash

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david.s

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Post by david.s » Wed May 16, 2007 9:38 pm
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I seem to recall 5 years ago when I started my IVA that when it completes there maybe some surplus cash that I can either keep or divide out between my creditors? Did i hear correctly?
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MelanieGiles

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Post by MelanieGiles » Wed May 16, 2007 10:50 pm
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Hi david and welcome to the forum

I think you may be thinking about unclaimed dividends, but could you clarify please? This would arise if your IP had sent dividend cheques out to creditors which had not been cashed. The norm is that if this figure is more than £500 that the IP divides this up amongst the other creditors, but if less than £500 the monies are returned to you with a list of those creditors - effectively so that you can deal with their claims if anything ever pops up in the future.

In this day and age, this is actually quite rare, so I would not hold my breath if I were you!

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
Regards, Melanie Giles, Insolvency Practitioner
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