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When does un-cashed dividend money become my own ?

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david941
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by david941 » Mon Apr 10, 2017 3:31 pm
I completed my IVA with Debt Free Direct in February 2014. Today I have received a cheque from them for £12,657.73 which they say are funds remaining representing un-cashed/unclaimed dividends that have been returned to them by one of my creditors. They go on to say that these funds should be held in trust by myself and that the creditor should now claim these funds directly from myself. I can "blackhole" the funds which isn't a problem but I was wondering when the money becomes my own?
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Foggy
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by Foggy » Mon Apr 10, 2017 3:44 pm
I would suggest you contact Laura Harrop from DFD -- she is their representative on this forum -- to get a definitive answer.
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luluj
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by luluj » Mon Apr 10, 2017 5:46 pm
Interested to know the outcome on this
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Lisa Thomas
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by Lisa Thomas » Tue Apr 11, 2017 8:11 am
The creditor should have been given a final notice to submit their claim before the dividend was paid to all creditors, in which case I would think that the funds were due to you back in 2013 when the IVA was closed.

I'm surprised they waited so long to send you the funds. Ask your ex Supervisor to clarify when they believe you are entitled to them if you get no reply from Laura..
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Laura Harrop
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by Laura Harrop » Tue Apr 11, 2017 4:00 pm
Hi,

Please email me with your full name and address, including postcode, and also your IVA reference number if you have it, to customersupport@debtfreedirect.co.uk and I will look into this for you.

Thanks
Laura
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In_deep
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by In_deep » Wed Apr 12, 2017 6:11 pm
So what's the story with these unclaimed funds. I thought they would get distributed to the other creditors.

One of my creditors didn't make a claim, didn't provide amount when iva started and nothing has been paid out to them. I have just received completion certificate. So what happens with that money that was going to be paid to them?
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Lisa Thomas
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by Lisa Thomas » Thu Apr 13, 2017 10:44 am
It depends on the sums involved and the specific terms of the IVA - usually redistributed amongst other creditors, unless they are paid in full.
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Foggy
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by Foggy » Thu Apr 13, 2017 10:54 am
I cannot recall the specific clauses or wording now, but my arrangement went along the lines of unclaimed dividends would be redistributed among the other creditors, unless under £500, in which case they would be returned to me.
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d
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by d » Mon Apr 17, 2017 9:36 am
My iva ended 2013recieved completion certificate today I received money from dfd as unclaimed dividends how long before this is legitimacy mine I phoned dfd they said there was a remote chance a creditor could ask for it but it's highly unlikely where do I stand on this
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Foggy
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by Foggy » Mon Apr 17, 2017 10:33 am
Topic merged to avoid duplication.
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Michael Peoples
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by Michael Peoples » Tue Apr 18, 2017 9:28 am
I can understand the money having been returned to you if the other creditors have been paid in full. If a creditor did not claim then they would be out of the loop and in my opinion the money would be yours. It is possible the creditor who did not claim has gone bust, died or moved and their claim would likely be statute barred now anyway even if it had not been included within your IVA.

Were all other creditors repaid in full?
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