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Posted: Thu Sep 10, 2009 7:40 pm
by madwithworry
What happens to our monthly contributions?
It appears that we will be paying over £500 each month into an IVA if accepted. What actually happens to this money? Is it kept somewhere until the 5 years is up and then distributed to our creditors or are they paid out monthly?

Posted: Thu Sep 10, 2009 7:48 pm
by Adam Davies
Hi
The money is kept in a client account by your IP and distributed to your creditors on a regular basis throughout your five year IVA
Regards

Posted: Thu Sep 10, 2009 9:30 pm
by MelanieGiles
Most firms these days will effect quarterly or monthly dividends to your creditors on an ongoing basis.

Posted: Fri Sep 11, 2009 7:59 pm
by Julie
Hubby's IP didn't pay anything over until 18 months in..it was only paid then because the IVA failed.

Hopefully thats not the norm.