www.iva.co.uk

Hi everybody!
Not been on for a while but I hope you are all doing well.
I have received my annual report and as it's way past closing time just thought some of you guys might be able to give me a bit of a heads up before I ring them tomorrow!
In my report it would appear that a couple of my creditors have changed the amount of their claims. (Are they even allowed to do this? I don't know!)
My report now states that because of the increase in claims I will now not reach my expected dividend![:(] Apparently this will be addressed at some stage. How, exactly will this be addressed?! Will I be asked to contribute for longer? I already have the 54 month clause which at the moment will get them nothing extra. Just having a little panick about what they may or may not do!
Am I yet again worrying over nothing [:p]

Hi Judo,

Don't worry about the report until you've spoken to them!!

THe change in claims may be due to claims being proven late. If you dispute them, you could ask to see evidence.

I'm not sure what they mean about addressing the change in dividend. It could be an extension or a variation to remove a guaranteed dividend. Do you have any mis-sold PPI you can throw into the pot to lift the dividend again?

Creditors are only allowed to change their claims if they can justify that the new figure is correct. Ask your IP to explain the nature of the differing figures to you tomorrow. Did you agree to pay a minimum dividend? If not then your IVA need not necessarily be extended if claims have come in higher, but this does depend upon the specific facts of your own particular case.