Breakdown of IVA payments

spenderblender

I have just received my breakdown of payments for the first year of the IVA. This has made me all the more determined to file for BR. Out of £3279.10 only £32.69 will actually go towards my creditors payments.

Also out of the full amount actually owed to my creditors it states on another page, that only half of this amount has actually been claimed as so many other creditors who were on the SOA, have not made a formal claim. Where does this extra money go to then had I gone the full term of five years?

Receipts ..........................................................£

Voluntary Contributions ...................................3279.00
Bank Interest ........................................................10

Total Receipts ................................................3279.10

Payments .........................................................£

Nominee's Fee .................................................1500.00
Supervisors Fee .................................................900.00
Official Holders Expenses .....................................372.92
Distributions .........................................................0.00
VAT .................................................................473.49

Total Payments ................................................3246.00

Refund ................................................................0.00

Balance At Bank ..................................................32.69

This I imagine is to pay the creditors.

Not_so_wise_one

The first couple of years of any IVA usually cover the IP Fees. As far as I know, none of your creditors get money until the end of the IVA anyway, this gives those who haven't yet put a claim in time to do so.
I think this is right, happy to be corrected though.

doelani

deleted


not relevent as have read your other posts from this morning