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
How do you know if your iva is protocol compliant? We reached our first annivasrary in April and on my paperwork no funds had been distributed as one of the creditors had not confirmed their claim so the IVA company advised me that they would withold any payouts until all claims were in - does this mean my IVA is not protocol compliant? Below is exaclty what I was advised when I queried this :-
'Thank you for your email regarding your annual report.
I have looked into your file and the only reason that I can find as to why your creditors have not yet had a distribution yet is the fact that ******** have still yet to prove the balance of the debt to us. We are constantly chasing them and there are available funds on your account in order to make distributions, but we are unable to make any distributions to your creditors until we have proved debts from all of them. As if we distribute to some and not all it would be making those we distribute to, preferential creditors'.
I assume that they can pay dividends to those who have claimed and the share for the creditors who have not claimed is kept in the account. I say this, as when I queried Nat West not making a claim, I was told that as yet they have received no dividends unlike my other creditors. In my opinion, if they can't be bothered to claim, they shouldn't get any, give more to the creditors who want their money back.
I think yours probably is Alfie but you can always ask your IP.
The way I look at is that my creditors have agreed to my IVA, I know that the first payments will go to the IP company for their fees. I have no idea whether or not my creditors have received any money but I'm happy to let my IP sort things out.
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
Ok - Thanks Kallis - I was just shocked so see that nothing had been paid out and then reading Mel's note that they had four months to claim I had a little panic!!! (Over thinking things as usual accordingly to my husband).
I just let mine run - I'm paying my IP to supervise it for me and as long as the creditors are happy, so am I.
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
Wow I feel for you KayKay I am in the same situation, in my final year decide to make sure its all going to plan and if not have the last 12 months to sort it out - it took 6 months so now im 4.5yrs into IVA to discover that HSBC and one other creditor haven't claimed either and that if they do claim I have to find £6k (which is the total amount unclaimed). So now I have to wait till my last payment goes through and than my IP is sending a letter out to them giving them 30 days to claim if they don't my IVA won't be extended to pay the amount outstanding. I finish in mid Dec so I am praying that as the letter will be sent close to xmas that by the time they see the letter the 20 days will be over.
I think its cheeky to be honest they have had numerous letters asking them to claim over 5 year period and if they don't that should be the end of it.
Ours did not pay any dividends during the first year they all went in fees for the IP. However we now have about £4500 in an account of unclaimed money. Halifax, who incidently made us go into this due to a sneeky CCJ for 64k yes 64 real thouaand akers, sent to wrong postcode and misspelt address,so we knew nothing about it until I did a credit check. but managed to get the freedom of information info I requested to us at the 11th hour deliverd by hand to the correct address. They have not claimed. So if they think they may have a claim now they still have me to contend with. Was for a house hubby bought before he met me, however the ccj is now on my house, which for obvious reasons is still only in my name. So this could be an intersting one. Watch this space. By the way we owed them £6547 and they inflated it with all sorts of sh...t and daily charges and unpaid charges and thought of a figure and came up with that preposterous amount.. Will see what happens now and I really hope they get nothing as their solicitor a woman was such abitch you would be appalled to be a woman if that is what is happening. sneaky bitch.
ITS OVER WE ARE FINALLY DEBT FREE, CERTIFICATE ARRIVED
Good news - shouldn't be long until you are totally finished now.
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
hi KAYKAY, we're in the same position as you,our final claims are now all in .F&F IVA was accepted in Feb this year,HMR&C have only just submitted their claim(they have a reputation for being slow). we are soooo excited,Mels team have been in touch to tell us we'll have our completion certificate next week!!!
good luck x
Nothing stays the same...everything changes..hang on in there!
Nat West finally submitted their claim on 10th August. Received our Certificates of completion this weekend. So pleased. Still can't believe that it is all over.
