If there is a debt still due, which should have been included in an IVA which has been concluded, then you may find that you are still liable for the dividend value they would have received had they been properly included.
Especially if the IP sent you money back on the basis that creditors had not pursued their claims. The former Supervisor on the case will need to help you to establish the facts, but if you still have copies of the annual reports this may also be helpful.
They were definitely included in the original list of creditors. As the first course of action then (bearing in mind there is a deadline date of 6th August to respond to the letter) do I just send CapQuest a copy of the final letter from the IP together with the list of the original creditors list? Do they need to see the whole list?
I was getting to be slightly more relaxed with all of the responses until I read Melanie's as I can possibly see another can of worms being opened that I had thought had long been put to bed. I am not quite sure how the debt would have still stayed on the credit card's books after such a long time.
Anyhow I will be searching my archived files this evening to see what I can find and, as an earlier poster commented, I will be requesting my credit file.
This has all just started to wind me up again after I thought it was all behind me.
Send the final letter from the IP and Capquest can sort it out with the credit card company. Regardless, the debt is almost certainly statute barred whether it was listed on the IVA or not.
I don't think you have anything to worry about vinnie.
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 don't agree. If you were given money back from an unclaimed dividend, which this company were entitled to but for some reason was not received, then you may have to pay them a dividend. As ever - they key is in communication, so you do need to speak to the IP who acted for you and hopefully they will give you further details as to why they did not pay this creditor.
Sorry to ask, but my understanding is that if one creditor did not claim then thier share was divided between the other creditors. Would this only apply to protocol compliant IVA's or am I barking up the wrong tree.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
I thought they had a certain time to claim, and if they didn't claim within that time, they forfeited any rights to any money?
Would this not be statute barred then?
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
I am surprised that the dividend may have to be repaid.
I would guess that once the company has been informed and it is proved that the debt was included in an IVA then that will be the end of the matter.
It certainly should be.
Regards
It's the last thing you need when you think are debt free.
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
Needless to say I hope that this is not going to rear its ugly head again. As mentioned you pay into the IVA for 5 years (6 in my case) then a pay a lump sum at the end thinking that you are finally free of the nightmare then bang here we go again.
Another angle to consider will be the attitude of the collection company. If they are very aggressive in their approach then as soon as they begin to mention things like court etc; then I will feel I will be back to square one as I cannot afford to now pay this in full.
I really hope common sense comes through here for you. You have done absolutely everything you possible can, listed them as a creditor and paid all your iva payments to completion I just dont see any justice now in you having to start all over again and would undermine an IVA as a debt solution.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
You won't have to pay them - you have proof that it was included. If they threaten court then they are the ones who will look foolish.
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
Guys - it really does depend on the circumstances of this individual case, and none of us really know the facts of this - so it is dangerous to give out advice on that basis.
The poster needs to find out why they were not paid out of the IVA and then take the appropriate action once an explanation has been received from the IP who acted. There may be good reasons why the creditor was not paid, but at the end of the day the terms of that particular and individual contract will prevail.
It is possible that the IP has messed up as well, in which case they may be liable for any dividend which is rightly proven to be still due. This is why IPs should be meticulous in ensuring that creditors are all agreed before distributing and then closing the case.
