Just signed up today. Can anyone explain to me why the dividend on my IVA has changed since I took out my arrangement. Initially it was 56p/£ now it is 62p/£.
it could that you have paid extra money over (ie overtime etc ) or that the IVA company have reduced their fees at creditors insistance.
Dont get hung up on the amount - you will owe all of the debt till the end of the IVA - so if you come into some money - that will be treated by the IVA under the term of your proposals - even if this increases the divident percentage (as stated on your proposals)
It could also be that some of your creditors have claimed less than expected. This would increase the return to your other creditors.
If the expected dividend to creditors has increased this can be a good thing for you. If you at any time in the future need help, e.g. to reduce your payments due to changes in circumstances then your creditors are more likley to accept a reduction when the divdend hasnt dropped as much from the original offer.
If you want to know why the dividend has increased ask your IVA company who should be able to explain the reason.
Don't worry about the fact that your dividend has increased - this is good as others have said.
How long have you been in your IVA?
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
Thanks for all the replies. My IVA started in December 2006. I thought I was coming to the end however found out today that there is a 6 month extention due to extra creditor and an additional amount of £900 which I couldn't pay a couple of years ago. I must admit I am a bit gutted because I have a re-mortgage arrangement which will probably mean a further 12 months is added as well
Not good cookies - hope you can sort this out without having to go on for too much longer.
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
Ah that is a slightly different issue to what I thought. I would clarify with your IP the reason for the extension. It could be that a creditor modified your IVA so that you have to pay a certain dividend % but I'm just speculating.
Are you managing to afford your payments at present? If you are having difficulties it may be worth speaking to your IP and seeing if they can help. Also ask about the remortgage as not many companies will provide a remortgage for IVA clients at present and try may be able to exclude (this is very dependant on your individual circumstances). In any case have a conversation with your IP and see what they suggest.
Repayments are ok at present but I must admit the next few months worry me. When I started my IVA it was with Acuma but Grant Thornton took over last year. I have spoken to my IP but my situation is made more complex by the fact that I am in a shared ownership propety so only own a 45% share. Apparently if equity is more than £5000 I have to pay into the arrangement and if i cannot get re-mortgage which is unlikely term is extended for further 12 months ending june 2013
She is pretty good at sorting things out for posters.
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
Thanks will do. One other question. How do you know how much you are supposed to pay back. Where do i find that figure in my arrangement? is it the total opwing to the creditors i.e agreed claim
Your IP can only at present estimate how much you are currently expected to pay. This is because they will not know if you need to pay in extra due to house equity (which it sounds like you do), income reviews due to an increase in income or many other factors.
Your last annual report should have a receipts and payments account which shows the estimated amount you should have paid come the end of the IVA but this is subject to change as per the above factors.
Keep in touch cookies so we know how you are getting on.
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
