Hi , I've just received my 3rd chairmans report and it shows 3 of my creditors haven't registered a claim yet . What happens at the end if they still haven't registered one
I think they are allowed so long before they are left out but don't know what the time scale is.
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
If they do not register in time, the scale of which I do not know, they will forfeit the right to any repayment but the loan will still be written off. Some creditors, especially those with a low balance do not see it as economical to claim and administer a small return over the years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Sally. Just to put your mind at rest I'll tell you my situation. I had 18 debts, 4 of them were with Lloyds TSB. They claimed for 3 but failed to claim for the 4th which was a credit card for £15,000. Despite numerous letters and telephone calls from my IP during the course of the 60 months they still failed to claim.. At the end of the 60 months they were given 28 days to claim and they still didn't so now the debt is written off. My IVA is complete and they cannot come back and claim at a later date. Hope this helps..
Hopefully footiemad's post has given you reassurance that no claim no gain ! All your other creditors will simply benefit further in the share out of your contributions
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
