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Posted: Sat Mar 22, 2008 1:09 pm
by bev.nn
Just wondering how it all works! Does the monthly iva payment get saved up and shared out annually or at the end of the 5 year term?
Posted: Sat Mar 22, 2008 1:25 pm
by Adam Davies
Hi
Annually,although it's quite normal for no money to be distributed until the second year.
Regards
Posted: Sat Mar 22, 2008 1:25 pm
by aguise
Hi there bev I think usually the Ip will take their fees first so quite often the creditors dont get anything the first year then I think it is divided amongst creditors on a yearly basis.
Ang
Posted: Sat Mar 22, 2008 3:12 pm
by goulda
You might be interested to know that Grant thornton(formally with Debtmatters) are proposing a modification that allows payments to be distributed monthly by BACS
Posted: Sat Mar 22, 2008 3:15 pm
by MelanieGiles
These days IPs are generally not allowed to take any fees until a distribution is available for creditors - and most dividends will be paid on a quarterly basis.
Posted: Sat Mar 22, 2008 4:13 pm
by bev.nn
Ok - thanks for all the replies. Just helps sometimes to know where its all going!
Posted: Sat Mar 22, 2008 5:50 pm
by acsn
My creditors get 10p in the £ at the end of year 3. Now that seems a good deal for my IP who'll have collected £34K by then. Seems I've got a very different style of IVA. It seems to favour my IP , then me and finally grudgingly my creditors. No complaints from me.
Posted: Sat Mar 22, 2008 6:05 pm
by Adam Davies
Hi
Your creditors have agreed to these fees,as you say it does not affect you
Regards