When should my IVA company send me a statement

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lynn383

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Post 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

Lisa Thomas

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Post 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.
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

Foggy

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Post 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).
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

luluj

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Post 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.
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Foggy

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Post 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.
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
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