Lump sum IVA creditors claims

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Leo

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Post 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?

Foggy

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Post 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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

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Post 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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Leo

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Joined: Sat Jan 20, 2018 12:12 pm

Post 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

Lisa Thomas

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Post 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!
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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