We have just completed our first year in an IVA and i have just received the report from the yearly review. It turns out that, even after a year, not all our creditors have claimed their share of the monies owed and they have been given till the end of next month to claim.
As it is over half of the total money to be paid into the IVA, i was wondering what happens if they dont claim in time? Does our IVA go down or do we still have to pay the agreed total and if so, what happens to that money once the IVA is complete?
Hi
You will still pay the same I'm afraid and if your creditors do not claim then the ones that have will receive a higher dividend [share of the pot]
Regards
I thought that they had until the end of the IVA as well.
It is doubtful that any of them will receive anything in the first year anyway as most of the money paid over is the IP's fees.
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.
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