I am currently in an IVA and have just received my first annual statement. I was wondering if someone could clear up the breakdown of my statement.
Under the Liabilities header it reads the following.
Creditors listed as per debtors statement of affairs totaled £27,200. Creditors claims logged to date are £7,430. There are 2 creditors on the statement of affairs who have not made a formal claim. At the date of the debtors proposal these claims were estimated to be £20,300.
A few questions.
1. Is this valid? I though a certain percentage of my creditors had to accept the IVA for it to be considered.
2. A long shot i know but what are the chances of me settling the £7,430 I owe to my creditors personally and leaving the IVA?
3. What has happened to the £20,300 debt. Has this been written off?
This does not relate to the voting percentage - it is merely a statement of your IP's progress with the agreement of creditor claims. Rest assured that the other creditors will prove their claims eventually, but your IP ought to be chasing this vigorously now so that they can pay a first dividend.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
