Hi i finished my IVA payments to Grant Thornton on march 30th and have had an email to confirm that all my payments are up to date and that its been sent for closure. i am abit annoyed that i have been told that it may take upto six months! i have already been in my IVA for six years which i started in december 2005. i have asked guidance from the insolvency service and they stated via letter the following:
Rule: 5.34 of the insolvency rules 1986 says that not more than 28days after the completion of the arrangement the superviser has to send to all creditors and debtor a notice that the arrangement has been fully implemented. along with notice the superviser also has to send a copy of their report.
also within the same period the superviser has to send a copy of notice, and report, to the secretary of state.
Rule: 6A.3 of the insolvency rules 1986 says that the secretary of state shall delete from the individual insolvency register all information concerning an individual voluntary arrangement where he receives notice under rule 5.34 of the full implementation of the arrangement and a period of 3 months has elapsed from receipt of the notice.
can any one help me with this? i dont understand why they is a six month delay in issuing my completion certificate.
Cases are taking up to 6 months due to the change in rules regarding vat deductions from IP fees. IP's must now request a refund from HMRC and then this is distributed to creditors.
It is upsetting and I understand that after 6 years you just want everything finished but it is happening with everyone so there's not much that can be done at present.
thanks for the reply. well i did read something about this but to my understanding this was now sorted out. so i gather this is still the case, that they are delaying it due to the VAT issue. very annoying and why are we, the debtor being made to wait even tho we have complied with all that was asked of us. plus why havnt Grant Thornton indicated this to me. it seems the only time i get any feed back is when i actually email or ask them! should i take this up with any one? im really not happy with the length of time i have been told. really should be around three months.
I guess they quote 6 months to give themselves breathing space. I know some people on here have waited longer than this but things are moving now with vat refunds.
I don't think you will be able to change their 'estimate' to be honest with you. If I were you I would give it a few weeks then email to ask how far down the closure chain you are.
I was extremely lucky as our IVA only lasted 9 months so our IP decided not to go for a vat refund as it wasn't cost effective but I do understand how frustrating it must be.
Unfortunately 6 months seems to be the minimum time GT take to close cases. I, along with many others including IPs that post on this forum, feel this is excessive and the process should take no longer than two months.
However, I don't think the rule above is going to help you as I tried quoting that to GT once and was told that the 28 days is the time they have after signing the completion certificate to notify the creditors.
What is more relevant is Statement of Insolvency Practice 3 issued by the Institute of Chartered Accountants in England and Wales (this must be followed by all members of the IPA) which states that "where the arrangement has been fully implemented the supervisor should conclude his administration as expeditiously as possible". I fail to see how 6 months can be viewed as expeditious.
Also relevant is the IPA Ethics Code for Members which requires that "An Insolvency Practitioner should always report on his acts and dealings as fully as possible given the circumstances of the case, in a way that is transparent and understandable".
So if you really want to find out why it takes 6 months to close a case you could try writing directly to your IP asking for a full explanation as to why he does not appear to be adhering to the guidance on closure times as required by SIP3.
thanks for the advise guys. really is annoying that my IP or Grant thornton cannot update me on the hold up and like you say six months is a very long time. my case has been sent for closure and now im told this. i think i will try and get hold of my IP but the only response i get from GT is via email to be honest. i was told it might be to do with this VAT problem but now some people are saying its also to do with ppi. really need to no whats going on as they has not been a clear cut answer on why the delay is so so long. im working away in france for six month or more and have told GT that i will be doing this as i have now finished my IVA.
i have emailed GT direct on they email address. they have already stated that it typically could take up to six months. that they words in the email. but will try and get hold of my IP who is running my IVA but dealt i will get threw to them i have never been able to in five years!. will qaote what you have said as above and see what happens. i have also emailed the insolvency service to get more clarity on this length of time GT have mentioned in the email. i really dont understand why it will take this long when my IVA has been concluded and finished.
thanks for your help and by the way who was you with Kazza? did you have to wait long for your completion to come threw. noticed you completed on the 21/03/2012.
My IP went back to court to ask for an extension, not sure if they did a blanket extension for all the cases or just mine, another cost eh!!
I got a letter with court reference, my arrangement has been extended until july so a 3 month paper extension only. I don't have to make any more payments and any windfalls are mine to keep according to the letter, but will see what happens when i win millions eh!
TBH im not too fussed, just asked to be kept in the loop and that once its done its done.
I haven't been able to find a report or post on this forum from anyone who has had a GT administered IVA closed in less than 6 months.
There are a large number of posts from people who have been waiting well in excess of 6 months. There are posts from people who have been waiting so long that GT have automatically sent them the paperwork for an annual review.
I would make sure you stay in regular contact with GT to try and ensure that they fulfil their "up to 6 months" timescale.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by matty182
i really dont understand why it will take this long when my IVA has been concluded and finished.
thanks for your help and by the way who was you with Kazza? did you have to wait long for your completion to come threw. noticed you completed on the 21/03/2012.
By the way, you need to be clear that unfortunately your IVA isn't concluded or finished until you have been issued with a certificate of closure. So far you have merely met your original obligation in respect of the number of monthly payments that were agreed.
In other respects you are still bound by the terms of the IVA and must ensure that you do not breach your obligations, such as applying for a credit card.
There is a post on here from a client of GT who thought he was ok to apply for a credit card in order to help with the repair of his credit history, and in his own words was warned by GT that such an action could cause his IVA to fail.
Can anyone help?? not sure where to put this as put in three different places and no reply. I have settled my IVA early but am awaiting my completion certificate, I am also awaiting a PPI payment which will go towards increasing my dividend. Can anyone tell me regarding windfalls how the Statutory interest calculated?
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
Thankyou Alderson that is a very important point to make as it is an easy mistake to make thinking the iva is over, when in fact it is still active untill a completion certificate has been issued.
