Hi, this is the first time I have posted on here, but have found this forum of great help over the last 4 years.(Now in final year of IVA). One question- modifications to my proposal say creditors are expected to receive 30p in the £. Correspondence from my last 3 reviews have reported the current dividend to be 26p. Does this mean that I will have to make up the difference after the 60 months. I have no assets or house. There is also a modification to say the IVA cannot be longer than 72 months, initially I thought this would be to account for any payment breaks etc (I have not needed any), but now think it may be so I can make up the dividend short fall. I really want to finish this in the next 12 months and would rather try and increase payments now if this is the case.
Hi and welcome
It is unusual these days to have a minimum dividend requirement but do check with your IP. If there is a minimum requirement then if you can increase your payments then do so
Good luck and well done for getting this far
Regards
You will need to check with your IP to see if the IVA was extended at the time to 72 months. This would be in the Chairman's Report but should have been discussed with you at the time. If there is no such extension your IP may be able to close the IVA down after 60 months if you achieve the 30p or if they feel they can issue a certificate of substantial compliance.
Your own IP will have beetr knowledge of your file but hopefully you will debt clear in a year.
Thanks for the reply
Michael- I don't think it was extended to 72 months I just don't think they will let it carry on after that period of time should I have needed to reduce payments. I also read that contributions will be made for period 60 months.
Andy - In all 3 statements following the review it says the decrease in the dividend is due to an increase in unsecured creditors claims.
I also noticed they have included an annual dividend of 10p in the £ for the second review and 3p in the £ for the 3rd,
I have never really spoken to my IP, I did get very anxious about my first review and spoke to someone at the office who reassured me and since then everything has run smoothly. This is the first time I have read all the paperwork in detail, had it all shut away in the cupboard!! Annual review due again soon so I think that's why I feel so anxious.
At the time you entered into your IVA proposal - minimum dividend requirements were far more common than they are now, and the 72 month provision was merely there to give the IP more time legitimately to finalise the case without having to go to the bother of extending the term - this did not mean that your payments woudl be extended.
If the historic report stated 26p in the £, it is likely that this was what had been paid to date, and the balance will be therefore paid either during or at the end of this final year.
