Could anybody help me, I am four years into my IVA I have noticed on my annual report that three of my creditors have not been paid any dividends, I understand that they never made any claim at the outset but I still receive annual statements from one of them telling me how much I owe. My concern is this, when my IVA comes to an end will this debt be wriiten off and will they therefore have no claim against me.
The annual statement is nothing to worry about, they have to send them out once a year.
If they don't claim before the IVA concludes then that is their bad luck and the other creditors will get more. The ones who don't claim cannot come back at you for their money - it will be written off.
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 Billy
Any debts included in the IVA will be written off, even if no claim was made. I suspect your IP will send chasers encouraging these creditors to submit claims before he issued completion certificate
Their has been a few posts on here about creditors not claiming, and IVA companys still trying to get them to put in a claim when you have nearly finished your IVA.
Have a look around at other posts. We are 7 months into ours and creditors totaling £36,000 have still not claimed. Ours come under the 2010 protocol which states all claims should be made within 4 months of IVA being approved!
Im not really going to say much more on this im afraid as i dont feel its looked upon favourably! Like it was pointed out to me "you know you borrowed it"
This annoys me too because I don't want any nasty surprises. I have asked my IP to issue final proving notices but they refused and after the second anniversary they stop chasing until the iva is ready to complete. So I've asked barclaycard on here to hurry up their claim and I'll be reclaiming PPI on my Egg card to try and offset their balance. So hopefully with a good wind I should have all claims sorted by my third anniversary. Ridiculous!
After the first couple of replies I was feeling quite relieved, but having received a few more I am now quite concerned. the creditors concerned are high profile who I would have thought would definately be trying to recoup some of their money, can I be certain that on conclusion of the IVA they will have no right to chase me for the money.I assume that at the outset they were informed as were the others.
Once your IVA is completed and you have that certificate then they cannot come after you at all.
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
"I have asked my IP to issue final proving notices but they refused and after the second anniversary they stop chasing until the iva is ready to complete"
That is incredibly poor practice indeed - I am sure they are paying themselves so why not be paying creditors at the same time. Which firm are you with BOL?
I think, and I could be wrong, that BOL is with Varden Nuttsll.
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
I am and they are normally quite good. THey've started using protocol IVAs now with the four month rule but for the older ones like mine they just told me that's not how they work and creditors have until the final distribution to claim.
I don't particularly want creditors left out; I just don't want to get to 60 months and have the IP tell me I can't complete because money is owed to the latecomers. I know from the dividend in my 1st annual report the IP isn't holding funds back for the latecomers...creditors should have got 6p/£ but got 10p/£ and this could only be because the full amount paid in was split between fewer creditors. I don't get overtime so I paid 12x monthly payments as scheduled.
I'm going to get something in writing next week that explains what happens if creditors don't claim until the end when there is only one distribution left and no monies accrued for them over the previous five years!
It ia poor practice not to agree creditor claims at the outset of an assignment. Insolvency practitioners are answerable to creditors, and ultimately paid by them. It is our duty to ensure that funds can be repatriated as soon as we are able, and your posting really suprises me BoL.
If they are not holding back funds to deal with the claims of creditors who have not proven, are they going to dip into their own pockets when they may bave to pay out on higher claims? This just does not make sense.
Am I correct in assuming this has opened up a whole can of worms, I really am now concerned. I am surprised that high profile creditors have not made claims and according to my annual report have not been paid any dividend when the others have. Why would any creditor not make a claim when the IVA started especially when they still send me annual statements.
