What if any additional claims have been received during the closure process?
Occasionally during the closure of an IVA additional claims are received on a case. Additional claims are outstanding balances that we have not been informed about when you first entered into the IVA and, as such, have not been accounted for in the original dividend calculation.
Every case is reviewed on its own merits as different cases will have different modifications or terms and conditions relating to additional claims. However, the general rule is that if the additional claim is more than 5% of the total debt it is a breach in the terms of the arrangement and as such could potentially result in its failure. Therefore it is vitally important that when setting up an IVA you make us aware of ALL debts you have.
