My husband and I entered into an IVA when our business ran into difficulties during the recession. Shortly after entering the IVA we received a substantial windfall which meant we could clear our our IVA in full.
We paid the required sum (a large amount) to our IP in March 2013 and looked forward to all our debts being cleared. Our process was held up by HMRC but even so we think things have dragged on unnecessarily. We received our certificate in July 2014 and presumed that the money would be distributed fairly quickly to our creditors. Many of our creditors are small companies who continued to supply us and help us rebuild our business after a very difficult time. We felt so pleased that we were able to pay them in full the money we owed them rather than just a premium. We were told the money would be distributed at the end of July. When that didn't happen we were told it would be the end of August but again that has not happened. Yesterday I was told by the IVA company to "just chill out and put my feet up" and leave it to them. Lots of other things were said which I won't go into to but I did not feel very comfortable at the end of the conversation. We can't chill out. We hated every moment of our IVA. We hated owing people money and could not believe our luck when we received this windfall . We just want to know that people who remained loyal to us have now received their money.
Is this situation normal or am I right in feeling that the IVA is sitting on the money unnecessarily.
Many thanks for your time.
I cannot see how you could have received the certificate if the money was not paid out to creditors. This seems very odd but the creditors should be putting the IP under pressure rather than you.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
I cannot see how you could have received the certificate if the money was not paid out to creditors. This seems very odd but the creditors should be putting the IP under pressure rather than you.
My thoughts exactly. No they are not waiting for any claims. All claims are in and confirmed and we received our certificate in July. I e-mailed IP and asked them to confirm when money had been distributed and I heard nothing back. One of the creditors (the one who was owed the most) e-mailed me and asked if I had any idea when money would be paid which took me by surprise because I thought they had all been paid. So that is when I started phoning them. I was told on the phone that cheques had been sent out on 27th August which again took me by surprise because I thought payments would have been made by BACS. They have since said that that information was incorrect that money was allocated on 27th August and was waiting to be distributed. I have phoned several times and during the last last conversation I was more or less told to mind my own business it was nothing to do with me. I told them I felt very uncomfortable with their comments but had to come off the phone at that stage and leave the conversation in mid air. However 10 minutes later the largest creditor phoned me to say she had received an e-mail from them asking for the company's bank details. This was a delaying tactic because they have the bank details already.
Can you understand why I am feeling anxious about this.
It may just be a processing delay in their finance department and hopefully the money will go out this week. If the IP firm is one that is represented on this forum please let us know and we can speed things along if need be.
The IP is there to take the worry out of the iva.As they say..just leave them to sort out loose ends now.
Getting that c.c is the goal.
You concerns for creditors and settlement of debt is commendable.Creditors will get their agreed share as legally binding. Leave it for them to distribute.I agree...just should just chill...and rebuild.
Ivas were designed for you guys more than us who flouted our personal spending senses.It allowing businesses to rebuild and start over....as you have.
My folks are self employed for 30 years and so I identify with your loyalty to creditores and despise debts.My folks use to go on at me for been loose with c card.How true....
