www.iva.co.uk

...so I'm in a really messed up situation with my IVA I do not understand what the heck the company I am with are doing so here it is... and let me know what you would do...

In Jan this year I thought I would check that I am ok to finish my IVA on time as its my final year didn't want any nasty surprises apart from £1500 of arrears I need to clear which I am ok with.

So I was told that no I am not on track to meet my 50p in the £ dividend...reason being...I still needed to find £6k before the end of IVA - I said how could this happen? Their answer was 2 of my creditors have not claimed a total sum of £6k despite the company regularly sending them letters over the past 4.5yrs and that they assumed I would make a lump sum payment of £6k at the end to meet my dividend - this is not what was agreed when I took out my IVA. So they gave me the following solution....I would make my regular payments as usual til the end and clear my arrears .. then they will send out letters to all creditors.. if the two creditors who have yet not claim do not claim than my IVA is finished but if they do claim then they will extend the IVA.

Now I get a letter saying that they want to call a creditors meeting to remove the 50p in the £ dividend as it won't be achieved.

I don't get it why - what would be the point - I have the student loan company as one of my creditors before the law changed and they are the ones who initially requested my minimum dividend be raised to 50p. They aren't known to be favorable even my supervisor has said so.

So what would you do cos I just don't know anymore I am so hacked off that over 4.5 yrs the company have failed to tell me 2 creditors have not claimed their amounts and now this!!

Hi. Some older proposals guaranteed a minimum return and, according to the letter of the agreement, you have to pay it. I imagine the variation your IP is now proposing is to remove the guaranteed dividend and replace it with an estimated dividend.

That has to be good then if they are doing that doesn't it?

I would have thought so, Jan, but I might have got hold of the wrong end of the stick !

Hmm it is but its just that when I asked this before they told me there was no point as the student loan company won't agree to it but now all of a sudden they want to try again. Maybe its the way they need to present it as in that two creditors haven't claimed etc therefore I would meet the dividend if those monies weren't included in the first place etc.

I think the main problem is is that there's these two creditors who haven't claimed which is £6k and my IVA company assumed I would make a lump sum of £6k in my final month when really they never should of assumed this as it was never agreed and thus meet the 50p in the £.

So now I'm in this situation where I am not going to meet my mim dividend and the solution presented to me was clear the remaining payments plus arrears and after they will give the two oustanding creditors 30 days to claim if they don't i've completed but if they do then its extended.

This meeting with the creditors I don't see it having a positive outcome as along I have been told the STudent Loan Company have the majority say or something like that and they won't budge especially since they ask for my dividend to be changes from 40p to 50p in my first year

Why did your IP factor in a 6000 final payment to your IVA. Where you expecting a windfall? How can you be expected to find this money?

The student loan company were also insistent upon a minimum dividend in my IVA and I had to make increased payments into the plan to cover it.

My IVA company was then taken over by DFD who said this clause was not enforceable and they could not ask for increased payments. They then reduced the payments to the existing level and backdated this to the beginning.

I think the student loan company try to have it on with ome of the IP's. I personally would write to your IP outlining your concerns, the efforts you have made to make the IVA work etc, and why you feel the SLC are being unreasonable to you and the other creditors. The IP then can fight your case in the meeting.

We all know what happens to people who assume! Sounds like the people looking after your iva have made a boo boo and this is their last ditch attempt to rectify it. I would have serious words with the IP about mismanagement of your case. They should have been monitoring and making sure you assumptions which don't form part finalised. I would have a few strong words for my IP about mismanaging my case!!

That doesn't make sense! I meant to say...they should be monitoring and making sure you were in a position to complete as planned, not making assumptions that don't form part of your written agreement.

Well my supervisor has said its a letter automatically sent through the post when your 6 months away from completing. So we are back to the solution being pay my regular payments and clear the arrears than a letter will be sent out and the creditors who have not claimed have 30 days to put in their claim. They are apparently 'hoping' that given I complete in Dec that by the time the letter gets to them and is processed due to holiday period and they realise they can claim it will be too late and they said given that they haven't claimed in 4.5 yr its unlikely it they will. Uff just too much uncertainty!

I hate uncertainty too. Still, I guess hoping is the best thing you can do now. Otherwise, you force the creditors to claim and then you defo have to extend

So close yet feels so far I guess I will take my chance and see what happens. Wow funny how the first year and the last year seem to drag so much.