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flumpy dog
- Posts: 2483
- Joined: Sun Oct 19, 2008 7:57 am
- Location:
good evening everyone hope you all enjoyed the lovely freezing weather [:p]
what i was interested to know was when an iva is approved how are the funds allocated ?
does every creditor get the same or does creditors you have your largest debts with get more ? forgive me if it sounds stupid i was just interested
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james.c
- Posts: 733
- Joined: Wed Jul 04, 2007 10:15 am
- Location: United Kingdom
its a propration, i think after ips fees, if you left with 40% of the original debt, then each creditor will get 40% of what they owed, i think that is basically it, ie this is why it might say in your chairmans report each creditor will get 40p to the £
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flumpy dog
- Posts: 2483
- Joined: Sun Oct 19, 2008 7:57 am
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thanx james
its not in place yet so this is all speculative on my part.
ps go watch x factor- i can sense youre a britney fan -maybe ? [;)]
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Adam Davies
- Posts: 14596
- Joined: Thu Mar 29, 2007 12:21 pm
- Location:
Hi
James is spot on.
The funds are distributed pro rata to the amounts owed.
Regards
Andam Davies
