unclaimed debts

[andrea1968]

so,in theory -those of us who have the four month clause whereby creditors need to lodge their claims,if this rule was enforced those who do not claim wouldnt be eligible for a payment.
Couldnt this reduce the term of the iva as the outstanding balances would be lower and those creditors who have claimed may be paid in full.
Nice thought,because Northern Rock still havent claimed on our iva and they are owed 50% of our total debt.
We are playing by the rules,why shouldnt they????

[Broke of London]

@Mel: I don't know how they plan to give a dividend to the creditors who haven't proven yet and this is what I'm going to find out as I don't see it being my responsibility if I fulfil my part of the contract and someone hasn't been paid.

@SillyBilly: don't worry about it today but do as I am and get written confirmation about what provision is being made for creditors who are as yet unproven and what happens if a creditors claims at the end and there are no funds to fulfil their dividend.

@Andrea: I don't have the four month clause but I believe creditors can be excluded after four months but it isn't automatic. If you have the clause then speak to your IP.

[baldy]

We have the 4 month clause in our 2010 protocol IVA, and 7 months into ours £36'000 is unclaimed,(5xcreditors).

But as one of the IP's said on here" you know you still owe it" which is true.

It might say 4 months for creditors to claim but i dont think you will find one IP who will apply that rule!

Baldy

[kallis3]

I don't have the clause in mine either as it was the 2008 protocol.

Once I get near the end I might start querying things, until then I'll let it run.

[Judo]

Guys, Please forgive me if this is quite possibly the silliest question that has ever been asked!!!! But....

If all of your creditors vote at your meeting either yay or nay is that them making their claim? Or is this something completely seperate to the vote?

*ducks for cover* lol.

[Broke of London]

I'm not sure either. I'll check my paperwork when I get in to see whether the non-voters are also the non-claimers.

[MelanieGiles]

Their votes at the meeting are only valid if they are accompanied by a proof of the debt due to them. So if they are allowed to vote then they are effectively making their claim at the same time - but they can amend it at a later stage if new information comes to light.

[Judo]

Thank you Melanie for clarifying that one for me. I am just not quite sure how the claiming side of it works. All of my creditors voted with slightly higher debts than I anticipated so I just presumed that as they all voted they will all get a share. I certainly hope they don't come back with any increases