Further creditors claims

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


User avatar
Posts: 2
Joined: Mon Jun 21, 2010 2:27 pm

Post by suzzie » Mon Jun 21, 2010 2:33 pm
I set up an IVA in May 2006. After approx 3 yrs my IP contacted me and stated due to overpayments the IVA would complete in May 2010 (after 4yrs instead of 5). I have now had a letter stating that the IVA is completed but on final review the creditors claims have come in approx £5k more than the original proposal. They have stated that I have paid 30p in every £1 owed but that the creditors may require 35p in every £1. they have stated that they will hold a meeting in a few weeks where the creditors will decide whether they are happy with the payments made of whether they want this extra money. I am gutted as I have paid all of the payments originally agreed and don't see why they should get a second chance to get more money from me. Surely the original proposal was agreed by the creditors and is binding? Please help.

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm

Post by Adam Davies » Mon Jun 21, 2010 2:47 pm
Very strange that an IVA is completed early with a 30p dividend. I can understand if you have paid 100p but not 30p ?
An IVA is not a fixed payment, they will change as your circumstances change and will usually only conclude earlier than the uisual five tears if the total original debt has been repaid
Andam Davies


User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am

Post by Shining » Mon Jun 21, 2010 3:20 pm
Hi Suzzie welcome to the forum, I was reading your post and thinking you'd paid your debt in full and the IVA concluded early. Which company are you using? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”