www.iva.co.uk

Finally had my letter come through regarding my first annual review. Everything is fine and staying the same.

One weird thing on there though, it says there is currently 1 creditor who has been excluded from dividends as they have failed to submit their proof of debt.

Does anyone know what that means, does it mean that once the IVA is done these people will be able to harass me for the outstanding debt?

Will phone my IP and enquire about this but thought I'd ask and see if anyone has heard about this.

Thanks [:)]

That's great news that there is no change, I would think if that creditor is included within your IVA they cannot hassle you for any payment.

Thanks Lesley, I don't think they'll be able to either but will still phone my IP and make sure anyway!

It's nothing to worry about. Creditors have to prove their debts to receive a dividend, if they don't prove, they don't get paid. However, they're still bound by the IVA terms.

Interesting that an IP has decided to exclude a Creditor within your first year for failing to prove the debt. I wonder if the creditor has just been excluded from dividends from your first years payments and if they submit a claim will then only a get a smaller return than expected pro-rata from when agreed. Sounds like a good IP to me working for you and the rules and of course congrats on reaching your first milestone.

Thanks guys! I do feel much better about getting the first year done. It has actually flown by!