No debt paid off in a year?

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toni511

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Post by toni511 » Wed Mar 06, 2019 6:40 am
Wow been waiting over 2 months now for my iva annual review and whats happening with it but now the companies i owe money to are getting intouch and letting me see what i owe and its not changed at all! The balance is the same! Ive paid in 2000 in a year and nothing has changed , is that right?

Foggy

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Post by Foggy » Wed Mar 06, 2019 7:38 am
Quite probably ! Standard IVA agreements give priority to Nominees fees and this will be outlined in your chairman's report of the initial creditors meeting. That apart statements from creditors cannot be relied upon as they often freeze accounts and allocate IVA repayments to a dummy account.

With regards to the review -- they are supposed to complete it within 2 months of the anniversary date of the IVA, but a few are norotious for going over ! Chase them if you are unduly worried -- it is YOUR IVA, so you can drive it !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Thu Mar 07, 2019 5:53 am
Agree with foggy, the first year tends to show little to the creditors, but picks up from year 2 onwards.
Chase your IP up for the annual review if you don't hear from them as it is your responsibility to ensure the conditions of your iva are met.
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There is a solution for everyone .... Just need to stay positive !

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Seventh

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Post by Seventh » Fri Mar 08, 2019 1:14 pm
Thought I would jump on here instead of starting another.

I have been in an IVA since 2015 and it's ticking along nicely. I was moved over to Creditfix from Knightsbridge in 2017 and I have now had a statement of account from one of my creditors which shows no change in 12 months. I have queried this with them and they have confirmed that they have received no payment from my IVA in 12 months. I have paid over £4000 into the IVA since Creditfix took over including a bonus and I'm slightly miffed that my creditors haven't got any. I went into this with the intention of paying back everything I could not just to line the pockets of an IVA company ( I do realise there are some fees for the IP!)

As my IVA was already established when Creditfix took over should they not have been paying my creditors as usual or is this like the op and they are taking their 12 months?

kallis3

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Post by kallis3 » Fri Mar 08, 2019 1:36 pm
I personally wouldn't worry - it will all even out in the end.
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.
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Foggy

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Post by Foggy » Fri Mar 08, 2019 3:10 pm
Fri Mar 08, 2019 1:14 pmSeventh wrote:
Thought I would jump on here instead of starting another.

I have been in an IVA since 2015 and it's ticking along nicely. I was moved over to Creditfix from Knightsbridge in 2017 and I have now had a statement of account from one of my creditors which shows no change in 12 months. I have queried this with them and they have confirmed that they have received no payment from my IVA in 12 months. I have paid over £4000 into the IVA since Creditfix took over including a bonus and I'm slightly miffed that my creditors haven't got any. I went into this with the intention of paying back everything I could not just to line the pockets of an IVA company ( I do realise there are some fees for the IP!)

As my IVA was already established when Creditfix took over should they not have been paying my creditors as usual or is this like the op and they are taking their 12 months?
This is where you have to do a little detective work. Dig out your original Chairman's Report, which should have details of the agreed fee structure. This is usually a sum for Nominees fees (often in the region of 1500 - 1750 per IVA) which is garnered from your first payments ( sometimes set at 6 months or a year ). After this they are entitled to a percentage or time based fee for supervision --- this should come out as a proportion of the dividend which is distributed according to the Report (often quarterly or 6 monthly).
When CF took over did you sign up to any new terms and conditions ? If so, look at whatever you agreed to then. If you did sign anything ask to see the Chairman's Report of the variation meeting held with creditors at that time and see what was agreed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Seventh

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Post by Seventh » Fri Apr 05, 2019 1:42 pm
Hi Foggy

Thank you for your reply - I will dig out the original report.

This creditor is saying that have received no payments at all since my IVA started which is a worry. I can see from my credit report that the balance on the other debts is going down so not sure why this one isn't.

I didn't sign the new terms when CF took over despite being asked repeatedly to do so. I've asked CF to sent me a statement of all payments made to creditors since my IVA started but I'm not certain they will provide this.

Lisa Thomas

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Post by Lisa Thomas » Fri Apr 05, 2019 1:54 pm
The costs come out first, which creditors will have agreed to so they effectively come out of the creditors pockets as it reduces the dividend available.

Dividends are not always paid annually.
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

Seventh

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Post by Seventh » Mon Apr 08, 2019 11:04 am
I found my original report along with the annual statements and CF have provided me with one on request today.

The reason this creditor isn't being paid is because they haven't sent in proof of debt - no proof, no money to be paid.

I have made my creditor aware of this and left it in their hands.

Thank you for your help and advice - it has put my mind at ease regarding payments being made to creditors.

Lisa Thomas

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Post by Lisa Thomas » Mon Apr 08, 2019 12:48 pm
The Supervisor will send them a formal notice to submit a claim before sending a final dividend. You don't need to worry about it.
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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