What happens to our monthly contributions?

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1
Post Reply
 
 

madwithworry

User avatar
Posts: 19
Joined: Sun Aug 23, 2009 12:33 pm
Location:
Post by madwithworry » Thu Sep 10, 2009 7:40 pm
Quote
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?
Top
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:
Post by Adam Davies » Thu Sep 10, 2009 7:48 pm
Quote
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
Andam Davies
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Thu Sep 10, 2009 9:30 pm
Quote
Most firms these days will effect quarterly or monthly dividends to your creditors on an ongoing basis.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

Julie

User avatar
Posts: 9503
Joined: Thu Feb 14, 2008 10:56 pm
Location: United Kingdom
Post by Julie » Fri Sep 11, 2009 7:59 pm
Quote
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.
Top
Post Reply
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”