www.iva.co.uk

Hiya All,

I am after some advise about my IVA.

We have just completed our first year in an IVA and i have just received the report from the yearly review. It turns out that, even after a year, not all our creditors have claimed their share of the monies owed and they have been given till the end of next month to claim.

As it is over half of the total money to be paid into the IVA, i was wondering what happens if they dont claim in time? Does our IVA go down or do we still have to pay the agreed total and if so, what happens to that money once the IVA is complete?

Can anyone help on this??

Hi
You will still pay the same I'm afraid and if your creditors do not claim then the ones that have will receive a higher dividend [share of the pot]
Regards

Thanks for your response Andy, I thought that would be the case

Am I not correct in thinking that creditors dont have to claim until the end of the IVA. Who is saying they must claim by the end of next month??

I thought that they had until the end of the IVA as well.

It is doubtful that any of them will receive anything in the first year anyway as most of the money paid over is the IP's fees.

In our IVA failure notice it states 2 creditors have yet to claim....assume its hard cheese on them now and they won't get a slice of what we've paid?