Hi, I have been in an iva since last September. I have no idea how much of my payment is being paid to my creditors. My IP have just said that my iva will be reviewed every 12 months.
Am I able to request a statement from them?
You can request a statement, but, at this stage, it will tell you little. Dividends are distributed quarterly / 6 monthly (whatever frequency was agreed) and, usually, the first 6 months payments, or more, go towards nominees fees ( for setting up the IVA ) so creditors would have got nothing so far.
It is usual for annual reviews, at which time you will get a report of the state of play.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You can expect to receive a annual report from your IP but unlikely to.show any dividends to creditors for the first year as the IVA fees are paid first normally....creditors will start to receive payments normally around year 2 onwards
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
