Hi. We got a gift payment and made an offer to Dfd to put to our creditors and see if they would accept the gift and end the Iva early.
The creditors have accepted I sent the final offer and signed an acceptance.
Now the Iva has been passed on for closure this was 3 weeks ago so I rang them today and I was told it will take 6 Months to close. That's the law and that's the procedure.
Is that correct or am I led down that garden path could anybody tell me only we want to change a few things regarding our mortgage as it's an interest only we want to change it to a repayment..
They should change their name to We Won't Let You Go.
That may be their procedure but that is not the law.
Such a delay should have been disclosed at the point you made the full and final as it is material to whether the offer would have been made as the expectation was to close the IVA early.
Complain stating that you will also complain via the insolvency service as well.
Your agreement should state how long they can extend the process for linked to admin purposes but 6 months is a maximum deadline - not a minimum.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Until the certificate is issued the ip is still your supervisor and windfalls etc. still come under iva.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It is not the law. They have to close it 'as soon as reasonably practicable', however I believe it is difficult to make a complaint unless closure takes longer than 6 months. It shouldn't take this long at all. In your position I think you are justified in making a complaint given you made an F&F offer to close the IVA early. Put your complaint in writing and mention if you are not given justified reasons for the closure taking 6 months then you will look to escalate this to a formal complaint here:https://www.gov.uk/complain-about-insol ... actitioner
I've been given the same timescales from DFD too. Although they claim to aim for a closure sooner rather than later. Once you're not paying in, you cost them money to administer so the incentive should be to get you off the books!
A slight sweetener is that, as long as it doesn't go past 6 months it won't cause any harm, as nothing comes away from the credit file etc until 6 years has past. Just keep pestering them...
What do you mean. I am under the impression that now we have made a final accepted payment to end the Iva early. Then that is that and any PPi or house valuation etc is not part of the closure therefore although I ain't got the certificate I do not have to disclose anything anymore to DFD.
I will put the pressure on these people I like a rumble in the jungle of I'm right. That's why I came here first to get the advice. I'm going armed. Thanks Lisa for your help and thanks everyone else for your guidance. I will report back as soon as I have been in touch. I have to say though. The last time I rang Dfd I was on hold for 50 mins. I was losing the plot. It was only the fact that " My call was important to them why I held" #128512;
Until certificate of completion received all terms are still applicable inc. Inheritance and PPI etc.
In fact there maybe a clause in the closure to say PPI for instance is still payable to your creditors post completion actin as well.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
@luluj
If we made a full and final payment and it was accepted on whatever date. Then surely I'm released from my Iva on the day they receive the full & final. I do not see how I can be chased for anything from Dfd.
It seems as though your telling me I am liable for example if I got a job and I'm bringing more money home. They can take it. Not strictly true.
Lulu was just focussing on the windfall aspect e.g. if you won £100k on the lottery you would have to tell them etc.
Really the issue is your life is not your own until that certificate has been issued and you are still subject to the ip being able to decide certain things about how you live your life e.g. you may still have to get permission for any finance over £500 etc.
That's why I think 6 months is unreasonable - you made the full and final to get this sorted asap.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Ok thanks lifenoteasy I understand what she meant now. So all the more pressure I need to get put on. Because theoretically they can move the goalposts
In your original post you said you wanted to switch your mortgage to repayment from interest only. I see no reason why the delay in closure would stop you doing this but I would suggest you give it some thought first.
If you switch to a repayment then it would be vbery difficult if not impossible to ever switch back should the need arise. You could instead consider making overpayments each month equivalent to the repayment amount which at least means you are not committed to finding the money every month. Make sure there are no penalties for doing so and maybe speak to a financial advisor.
Hopefully Laura can sort out your closure issues as this is a separate matter.
I'm 54 Michael and 13 yrs mortgage term left with no means to pay it off so it's in my best interest or I'm on the street @ 65 I'll be at retirement age with a mortgage company demanding £60.000 which I won't have so we are in a dilemma at the moment. And need to switch soon but have to end the Iva get the certificate of completion.
