Review

Jomomo

Hi
Had e mail today with my annual report. End of 1st year. I note that some creditors have not submitted a claim or proof of debt yet. If they don’t at all in the 5 years is that debt still cleared.
Also have not been asked for income or expenditure update.
As one of creditors who have not submitted a claim was the main one and why I thought Iva my option the amount owed is a lot less than it would have been it’s them am I still stuck with the Iva for another 4 years
Thanks in anticipation

sourcrates

A creditor has until the end of your arrangement to put in there claim, your IP will determine exactly how long they have, you have chosen IVA now, so don`t go looking at what might of been with another option.

Should they not file a claim in the time alloted, any payment that would of gone to that creditor, will be shared with your other creditors instead, if, for whatever reason, that is not possible, then the money comes back to you, and the debt is still written off, yes.

Should your current arrangement fail, the creditors can still use other enforcement methods to get there money back, i would urge you to stick with it, and take advantage of the full legal protection your IVA affords you at present.

Jomomo

Thanks for that also my report in part that says income and expenditure review it states no. Why is this . Not that anything has changed . I am going for promotion at work if I get it and a salary increase do I then let them know that
Thanks

Craig1981

Jomomo wrote: »

Thanks for that also my report in part that says income and expenditure review it states no. Why is this . Not that anything has changed . I am going for promotion at work if I get it and a salary increase do I then let them know that
Thanks

yes, any changes in income or expenditure, you need to let your IP know

PrettyKittyKat

I presume it states no as you have not provided an income and expenditure update. If even there are no changes (which is extremely rare as amounts for bills often change each year even if only by a few pennies) then you should respond to confirm this. I would recommend you provide them one asap. Not providing them if unlikely to fail your IVA but it is one of the terms of your IVA and can cause issues in the long run (especially with additional monies) if you don't keep them updated as a minimum every 12 months but more frequently if you have a big change (such as a promotion).