not all creditors have claimed there money

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anthony.ln

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Post by anthony.ln » Thu May 06, 2010 11:14 am
I recieved my first annual statement from my iva provider and it shows not all creditors have claimed there money, and if they do not claim it be a set date they will lose the right to this money. Is this correct ? if so will get a reduction on my monthly premium. I am not happy with my iva company as I feel they are doing me a dis-service. please advise me.
 
 

kallis3

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Post by kallis3 » Thu May 06, 2010 12:25 pm
Hi, and welcome to the forum.

Don't worry, it sometimes takes creditors a while to put a claim in.

However, if they don't claim then they do forfeit the money and it means that the other creditors will get a higher dividend. Your payments won't be reduced.

What company are you with and why are you not happy with them?
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
 
 

animaleyes76

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Post by animaleyes76 » Thu May 06, 2010 2:43 pm
I'm 3.5 years into mine and something like 9 of my creditors due claims of about £22k still haven't claimed.

I'm sure they will in the next year.
 
 

MelanieGiles

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Post by MelanieGiles » Fri May 07, 2010 12:26 am
IPs should chase creditor claims at an early stage to ensure that dividends can be paid on a timely basis.

Under the terms of the IVA protocol, claims have to be submitted within the first four months or else they waive their right to dividend.
Regards, Melanie Giles, Insolvency Practitioner
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