I'm reaching the end of my five year term. For various reasons (poor property valuations for one) I'm not going to meet the minimum dividend. I'm at a loss as to what to do.
Should I take independent advice on my position and if so who is best to approach ?
Speak to your IVA company first and get them to explain what the issues might be.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The best person to discuss this with is your IP -- if the dividend falls short through no fault of yours the might well ask the creditors to remove the minimum dividend requirement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I assume there are more than one property. If this is the case and the properties did not realise what was anticipated then creditors should waive the minimum dividend requirement. It is risky to agree to a minimum dividend at the best of times but especially when there are assets to be disposed of.