When should my IVA company send me a statement

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
lynn383
Posts: 2
by lynn383 » Tue Aug 14, 2018 6:27 am
Should my IVA company be sending me a statement of what they have paid to my creditors when they review? I would like to know how the debt is reducing
User avatar
Lisa Thomas
Industry Expert
Posts: 7036
Contact
by Lisa Thomas » Tue Aug 14, 2018 8:16 am
Their annual report should include details of any dividends paid and a receipts and Payments Schedule listing all the R&P in the IVA.

Many IVAs do not pay out a dividend until the end as the costs come out first and are often front loaded.
User avatar
Foggy
Forum Expert
Posts: 27289
Contact
by Foggy » Tue Aug 14, 2018 8:38 am
As Lisa says -- they should give you a report after each review (a copy of which is sent to creditors).
User avatar
luluj
Forum Expert
Posts: 10271
Contact
by luluj » Tue Aug 14, 2018 6:20 pm
We used to get an annual report as suggested with all the payments received and payments made to creditors - took me a while to realise the first part of your iva sees payments to your IVA company and only a little to creditors ..it's the latter years creditors receive more.
User avatar
Foggy
Forum Expert
Posts: 27289
Contact
by Foggy » Tue Aug 14, 2018 6:27 pm
As Luluj says (and with the agreement of your creditors) the nominees fees are generally settled first, so, in the early stages, the creditors get very little.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 32 guests