What happens in an IVA with creditors who have still not agreed to their figures?

SG_28

Hello everyone.

I am about to call my IP this afternoon to speak to them about a full and final settlement on my IVA as my parents have offered to pay the remaining balance off (which I am over the moon about). I am really nervous though... just don't know what to say to them.

One thing which I am confused about is, I still have a few creditors who have never agreed to their amount owed in my IVA. I think there is 3 creditors who haven't. Does anyone know what happens to these creditors in a full and final settlement
scenario?

Anondebtadvisor

It will be up to your IVA company to chase any outstanding proof of debts but if they did not vote they are still bound by the terms of the IVA - so dont worry about that

Just phone your IVA company and tell them you have £x to offer in full and settlement of your IVA and see what they say - they should be helpful

SG_28

Thank you. I have just worked out that I have paid 29 payments at £160. I owe a further £4960 so so you think an offer of £4500 is reasonable?
Do you know if they agree how long it would take for it to go through? I am just thinking if it takes a few months they will still be getting my direct debit amount too...

Anondebtadvisor

It sounds reasonable to me but ultimatley Considering there will be 30ish months less supervisor fees but it will depend on your supervisor.

The creditors settle early, less work for the IP and less stress for you everybody wins.

Your supervisor will need to convene a creditors meeting this could be done in 6-8weeks

SG_28

Thanks again. You've been very helpful. I hope they are willing to put this forward, it will be so much better for me.

I thought the supervisor fees were settled in the first two years? I has always assumed that the first two years of my IVA were taken by the company and the final 3 years would go towards my debt. I shall call them as I can't see anything which indiacates what my fees are.

Anondebtadvisor

IP fees are made up of 2 parts - Nominee fee for work done upto acceptance and then a supervisor fee for every year the IVA runs.

The 1st 2 years contributions are usually taken as fees - Nominee fee and 1st year supervisor fees

Anondebtadvisor

Absolutley agree with everything Craig2909 has said

All the best SG

SG_28

Thank you very much. Really appreciate how helpful you have both been. I will be calling my IP tomorrow morning. Will post to let you know how it went. Fingers crossed!!