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Posted: Tue Nov 04, 2008 2:17 pm
by karenanne23
Hi
just wondering how creditors receive their paymentsin an IVA
Do they get monthly/ yearly or at the end of the 5 year term.
Thanks x
Posted: Tue Nov 04, 2008 2:20 pm
by caraf
Hi
We are 10 months into our IVA and everything is going well so far. It has gone so fast this year.
Our creditors will receive a payment once a year around review time.
Everyone is different I think it will say in your proposal.
Thanks and Good Luck
Carol
x
Posted: Tue Nov 04, 2008 2:25 pm
by karenanne23
Thanks Carole
Sorry yes it does. Misunderstood part of it.
Glad everything is going well, it is such a worry but hopefully one day will be a great relief.xx
Posted: Tue Nov 04, 2008 3:49 pm
by moretolife
our creditors got nothing in first year but did have a dividend paid to them this year after 2nd review ....so thats good to see that the money we are paying in actually goes to them!!!
Posted: Tue Nov 04, 2008 6:25 pm
by MelanieGiles
It does depend upon the terms of your proposal, but we are paying quarterly dividends now, as well as annual ones in order to return the monies to creditors on a more regular basis.
Posted: Wed Nov 05, 2008 1:06 am
by David Mond
Since the Protocol creditors would like dividends earlier and more are receiving them quarterly as well as possibly monthly.