who do i actually pay?

queeny · Joined: 18 Jun 2007 Posts: 2

Hi, i am new to this site and am looking into the IVA procedure.

please can someone tell me when payments are made in an IVA - where do the payments go to? who do you pay?

Cheryl · Posted: Tue Jun 19, 2007 5:39 pm Post subject: who do i actually pay?

Hi Queeny,

Thank you for posting your query on our forum.

Some companies do charge an upfront fee to propose an IVA on your behalf – please be assured that ClearDebt do not!

You first IVA payment is to be made within 31 days of your IVA being accepted – most of our clients set this date as their next pay date. All other payments are to be made on the same date each month for the duration of your IVA – unless you are paid weekly/fortnightly, then we would arrange your standing order payment to fit in with your salary arrangements.

All payments that you make into your IVA are paid into a bank account that ClearDebt opens which are the name of “ClearDebt – clients name”

ClearDebt has a duty to open an individual account for each and every client. All payments you make will be paid into your “ClearDebt” account and all payments ClearDebt make in relation to your IVA will be debited from this account or re-charged at a later date if paid from ClearDebts bank account.

Monies paid into your account will be debited as stated in your IVA Proposal and once fees and disbursements have been taken (again these will be stated in your proposal) the remainder of funds will be distributed to your creditors (this is called a dividend payment) when it is cost effective to do so – most commonly on the anniversary of your IVA when your Supervisor again has a duty to provide yourself and your creditors with an update on how your IVA is progressing and to also advise what monies have been credited to your “ClearDebt” bank account and what funds have been debited.

I hope the information I have supplied is of help to you.

In the meantime, if I can be of any further assistance, please feel free to contact either myself or a member of the ClearDebt Team on freephone 08000-192-095 or reply via the Forum.

Kind regards,

Cheryl