I've just been looking back at my 4th annual review report (IVA due to end 1st May 2011, would have been February 2011 but took a 3 month payment break so has been extended by 3 months) and have a few queries, hope some people here might be able to clarify what some things mean.
From the report:
The Debtors Statement of Affairs provided for total creditors claims of Â£27,350. Claims received to date amount to Â£29,593. No further claims are to be expected.
So does this mean that creditors have claimed more than what was included in the IVA? If so will this effect the IVA when it should come to an end? It does not say in my report where the extra claims have come from.
Also from the report:
20th March 2009
8.79p in the Â£
The dividend per the original proposal and modifications thereon is estimated to be 31.94p in the pound.
The report was issued on 30th January 2010.
I don't really understand the dividend part, have my creditors only received 8.79p in the Â£ so far? If so, it seem like a low amount.
At the end of my IVA I will have paid the amount agreed at the start of IVA which was Â£250 x 60 = Â£15,000.
I am worried as I keep reading about horror stories on here about people reaching the end and then been told oh no, you're not really at the end.
I am really looking forwards to my IVA ending next May but I'm constantly worrying that something is going to go wrong.
It sounds very standard as far as annual reports go, so I wouldn't be worried.
I'll explain the two points mentioned:
1) Claims often go up a little, because charges and interest are added between you sending the statements in and the IVA being accepted. Unless you have to achieve a "minimum dividend", this will not affect the amount you have to pay or the length of your IVA.
2) It's not unusual for the first dividends to be low, mainly because the Nominee's fee is paid before any dividend is issued. Did your IP supply a breakdown of costs with the annual report? Do his calculations make sense to you?
Seems like everything is going ok Whitegold. I hope your last year runs smoothly.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk