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Im not in this position but was wondering what would happen in this scenario.
3 yrs into iva , can no longer meet payments for whatever reason but over the yrs have put in extra payments of overtime and pay increase , and theres enough in funds paid over to meet the original dividend proposed but you 2 yrs shy of the finishing date.
Could the ip settle the iva as the dividend has been reached or is it still deemed as a fail as not run for 5 yrs so have to go bankrupt or in dmp

Good question Becky

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If I were your Supervisor, I would be asking to review your income and expenditure with a view to determining what amount you could afford to pay per month for the benefit of creditors.
I suspect, though I may be wrong, that in determining that you have paid in enough to give a return in line with the original proposals, you may not have deducted the costs of the Nominee and Supervisor?
In my opinion, I would expect creditors to expect you to maintain payments, albeit at at a reduced level that you can afford, for the remainder of the 5 years of the arrangement. I don't think they will agree to call it a day, because the minimum dividend has been achieved.
I don't know what others think ... Is a variation an option? I'm not convinced it is.



Tell it like it is.

Hi
If you can,t pay in due to illness,redundancy etc and have no disposible income,or very low,then your IP can call a variation meeting and ask your creditors to accept payments to date to conclude the IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

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Yes, in the instance of incapacity and there being no prospects of any further return to creditors, then in that instance a variation to conclude early may well be the option.



Tell it like it is.

I'm not in that position ,thankfully , was just wondering what would happen with someone who was

I have occasionally had to do this for real, Becky, and have never had a creditor turn one away.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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