I have just read an interesting article on this situation where some IP's are closing IVA agreements as usual and some are not and the possible reasoning behind this. I found an article where they state the following:
"There are also unsolved legal questions. For instance, who gets the refund if a debtor has completed the terms of their IVA, and so no longer owes money to their creditors? Remember, it was the debtor that paid the VAT in the first place, so if all their debts are paid, they might get the refund..."
So, as I had already finished making my payments back in August before being advised by my IP of this VAT refund issue and delays, as such I have abided by the terms imposed on me by this agreement, so would my IVA be classed as 'complete'???(minus the completion notice of course!). Or is it possible that this is why my IP is delaying my completion certificate to ensure that any possible VAT refunds go into the dividend pot and not to me?
This seems to be opening up a whole can of worms, yet my IP is remaining silent on the matter. If I am entitled to this money and am being prevented to doing so by their delays, I wonder where I stand?
By the way, I did contact the IP Association regarding this issue, but to date have had no response. I am unsure where to go to get further advice on this matter? Any advice is gratefully appreciated.
I only found out about this today and am infuriated my ip hasn't had the decency to notify us of the change for a kick off!! but i digress basically i have spoken to ip today they told me that their gb the ipa have told them they can't close until vat return from hmrc this is actually not the case the ipa cannot make them do anything and have only issued GUIDANCE which is open to individual ip interpretation my particular ip have taken legal and advice and are choosing not to close until hmrc payback the vat i asked the ipa what would happen if my iva had already closed down by this point which it would have done had it not taken up to 6 mths to close which is an absolute joke in itself!! they advised that my ip could still claim back the vat as a trustee rather then a supervisor but its more complicated for them,I don't care about that I just want my closure certificate!! I have formally complained and asked them to close and pursue hmrc as a trustee,Im awaiting a reply. My only other choice is to fight them through the courts which I am strongly considering as I feel that they are breaching the terms that they set by dragging this on, i know its not their fault but again from my point of view i don't care i just want what i am entitled to which is the freedom to be removed from the iva register and my docs, I ve done my time this just feels like extra punishment!!!!! I will let you know what happens[:(!]
I don't think you will get anywhere through the courts as the IP's hands are tied at the moment. This is nothing to do with them and everything to do with Paymex and HMRC.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I thought it might be. At the moment there are problems closing down cases so this is something you need to take up with GT.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The matter regarding case closures remains fluid - and affects IP firms in different ways depending upon their terms and conditions and their structure. The regulators have sought legal advice and have issued guidance to their members, and some of us have actually gone and taken our own legal advice at our own personal expense by way of further clarity.
I am pleased to say that from Monday my firm will resume closing the vast majority of our cases which have been put on hold over the last month whilst I have sought advice and analysed the situation as it affects my firm. There is no real right or wrong answer to this complex issue, and those of you with firms who have chosen to wait until they get their VAT refunds, I sincerely hope that this will not take too much longer and please understand that these decisions will have been made for very good reasons.
That's great news for your clients Mel. Hope the others can do the same.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
No - I tend to just concentrate on what I need to do in my firm, and let other firms make their own decisions. Have to stress that this issue is hugely complex, and one firm's accounting policies will not be the same as the next.
Hi All I apologize in advance for this totally selfish question but I make my last payment next month (yay ) but obviousley after reading this thread I am a tad concerned, I am with payplan and was wondering If anybody who has had an IVA finish with them If there was any delay in their completion papers arriving, I did speak to them earlier this month and they made no mention of this tax rebate problem, They only told me to close down my standing order once they had recieved the last payment, mind you that was a case officer not an IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am thankyou I have had my head down for the last 5 years, its been touch and go on a few occasions but the light at the end of the tunnel is nearly here, For anybody in 2 minds about going into a IVA I not going to kid you it's a hard slog but the benefits are well worth it, It not only gets you out of debt but educates you how to budget properly, It will be nice to get my completion ceticate on time but I for one will never take credit again, If you cant afford it you dont have it is my motto.
Hi Mel Fancy taking over mine and closing it down for me?? LOL I wish!!! If they can do it as a trustee rather then a supervisor as the ipa have advised then as far as i can see there is no reason why they shouldnt. surely there must be some legal stance regarding keeping it open and keeping you on the insolvency register longer then you should be regardless of the reason??[:(]
