Lump sum IVA creditors claims

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Leo
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by Leo » Mon Apr 09, 2018 9:18 am
My lump sum IVA was acepted and firm is still waiting for claims from few creditors to complete IVA. These creditors didnt vote either in the meeting i believe. What happens to the sum of payment which was made? Because if they do not submit claim within 4months i have been told iva will be completed.

What happens to the credit i owe to those creditors who havent voted neither submitted claim? Is the lump sum payment distributed to remaining creditors who submitted their claim?
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Foggy
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by Foggy » Mon Apr 09, 2018 9:28 am
The lump sum, less fees, will be distributed to those who make a verified claim. When the IVA completes all the debt included in the arrangement will be written off, even that belonging to those who didn't vote or claim.
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Lisa Thomas
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by Lisa Thomas » Mon Apr 09, 2018 9:41 am
Voting and submitting claims are two different things as Foggy has pointed out.

As regards unclaimed dividends it depends on your terms - some unclaimed dividends are handed back to the debtor but in most cases the monies are divided between the other creditors that haven't claimed.
Leo
Posts: 9
by Leo » Mon Apr 09, 2018 10:05 am
Thank you so much for clarifying. Its just i was curious what will happen.

Many thanks
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Lisa Thomas
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by Lisa Thomas » Mon Apr 09, 2018 10:08 am
You're welcome - best of luck with closure and the next chapter of your debt free life!
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