Hi Everyone, I can't I've only just stumbled across this site when I'm approaching completion – there is obviously some invaluable advice and support on these forums…[:)]
Anyways, a quick question… I entered an IVA in April 2006. I’ve made each payment as agreed, along with the yearly reviews which included increased payments due to promotions at work etc. I spoke with my IP in May and they confirmed that I had made my final contribution, and that I could cancel the standing order I used for payments. They also said at the time that there were 2 creditors yet to submit a formal claim, but providing the amounts were as expected, everything was fine.
At the time (probably high on the fact that the IVA seemed to be completed) I didn’t really take any of that in…
That was a good few weeks ago now, and I’ve still not heard anything about official completion?
I’ve contacted them again today, but I was wondering if anyone lse has been in this situation, and what does it actually mean that 2 creditors have not made a claim?
It does seem to be taking a while for some companies to finalise IVA's at the moment so I wouldn't worry unduly.
With the creditors, it means exactly that. They haven't bothered to claim so I am presuming that the funds that were due to them will be distributed to your other creditors.
Do keep chasing the company though.
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 creditors all have to put in a claim before the funds are released. You would think they'd reply to get their share of the cash however some companies seem so badly run that they never claim. From what I've read they have 3 letters sent regarding the final claim giving 28 days to reply. If they not they loose any right to the money and it gets divided up between the other creditors. I think these procedures vary between companies. All my claims are in but I just got told it will take another 3 months to issue the certificate because of all the admin and checks they have to make. I guess it's just a waiting game. Try not to worry and just keep regularly calling and emailing for a progress report.
"Just when you think that you can make ends meet, somebody moves the ends."
The only good thing is that even if they don't claim, they cannot pursue you afterwards as they were covered by the IVA and it's their own fault if they didn't vote.
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 not sure why some companies take so long to claim, especially when you consider the degree to which they pursue you for payment prior to an IVA. We are in the same position as you and are awaiting claims to be made by Lloyds TSB and Creation Finance. Our last payment was made on 5 April having been advised that we could cancel the standing order after that date.
Our company, DFD, have a rep (Declan Murray)who posts on here and he has kept us updated so far. There is a large amount of money sitting in the 'pot' so I can't imagine that they won't claim eventually. However, it is a waiting game and that can be very frustrating. As Mattyboy has said, call regularly to get a progress report. Your IVA will complete eventually as they won't be able to sit on it and hold it up for ever.
I am in the waiting game too. Although, only paid my last payment earlier this month. I e-mailed to see if all my creditors had made a claim and this was the reply
"The closures process of an IVA can take up to 4 months to complete dependent on how soon the creditors that have not yet made a final claim, put in that final claim. There are currently 3 creditors that have yet to put in a claim on your IVA"
Im emailing weekly until I get the closure certificate. I'm hoping they'll get bored of me and process it quicker! I hate the not knowing what is going on and waiting around. Not having control of anything is the worst feeling! Hopefully all our certificates will be here soon!
"Just when you think that you can make ends meet, somebody moves the ends."
I cannot understand why some firms seem to take so long to get creditor claims agreed - if there are two claims still outstanding then presumably no-one has received any money so far yet your IVA has concluded!
Me - I cannot wait to get my clients cases closed, because as much as we cherish all of them, it is in everyone's interest to get matters finalised at the earliest possible moment.
Thanks for all the replies everyone - I'm just relieved that there are others who are in the same boat [:)]
I'm also with DFD and to be fair, they are always good in getting back to you, just started to panic a little when I get I realised how many weeks were starting to pass.
It does beggar belief that there are companies who just appear to be uninterested - especially when you think back to what it was like before the IVA was agreed?!?!
Anyways, I'm gutted I've only just found this forum. Having spent the last 5 years with my "dirty little secret" having somewhere to speak to other folk in the same situation would have been invaluable. It’s been a hard and humbling experience, but looking back, I’ve definitely learned a VERY tough and important lesson throughout. Whilst I wish I’d never got into the situation in the first place, I’m certainly a different and better person because of it.
There are no guidelines. Some companies, such as Mel's, complete quite quickly. Others will take a time. There's no hard or fast rules.
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 wish I had gone with Mel's firm. Ended up with DFD after they took over clearstart. Their customer service has always been excellent right up until now, however I am beginning to lose confidence in them. I don't think I'd have even got as far as I have now without constantly calling and emailing them. They told me three more months for a certificate and that is after the equity work and creditors claims are all in. This is definitely the low point of my IVA. It was easier at the start.
I think I would have to agree with Tomoose on that claim. When I asked DFD about why it was taking so long they told me the closures and customer solutions teams are very small and have a backlog so they won't take customers phone calls.
"Just when you think that you can make ends meet, somebody moves the ends."
I think as everyone's IVA is individual they check all the terms of it have been met, all the payments are cleared, the creditors have made their claims and been sent their money and the IP is happy that everything is compliant with the regulations.
"Just when you think that you can make ends meet, somebody moves the ends."
