www.iva.co.uk

A joint loan was included in the IVA proposal which was accepted but my wife was not included in the IVA and the Bank then came after my wife. A payment for full and final settlement was subsequently made to the bank.
At what stage should this be removed from the IVA?
Should the IP then reduce his fees accrordingly?
Should all the creditors then receive a higher premium?

If the joint debt has been paid off in full, your Supervisor should remove the claim from the IVA as soon as that has occurred, in which case the other creditors will benefit from a higher dividend.

Your wife could technically then prove in the IVA on an equitable basis as a creditor for 50% of what she paid - but I accept that you may decide this is not worth pursuing.

I see no reason to reduce the IP's fees. What makes you think this should happen?

Thanks and with regards the IP fees they charge a percentage, so one less debt. less work and therefore less percentage

Hi

IP fees are a percentage of the amount paid into the IVA and not a percentage of the actual debt

Regards

Thanks good answer

If the loan was not repaid in full the residual balance will remain in the IVA. Any 'full and final' settlement will relate to your wife's liability and not yours unless she repaid the debt in full.

Most interesting as we had a letter from Blair, Oliver and Scott representing Sainsbury's thanking her for settling the account and stating that it would be closed.

It was not paid in full but had they explained that the remainder would remain in the IVA we probably would have paid it.

It sounds like they have accepted her offer for full and final settlement of the debt but as you are in an via they can stil claim for whatever is left through the I've if that makes sense so I should imagine will still be entitled to a dividend

Agree with Lem and Michael. You will still be liable for what ever is remaining.

I see the logic and only wish I had asked you guys the question before paying up.