MrsKnight wrote:
Im with GT too Animaleyes though no where near near finishing as you are, but I do understand how you feel.
Im sure Karol will pick this up & get it sorted & explain x
I'm sure she'll pick it up and fingers crossed things will sort themselves out okay. I'm not quite sure where all those months went to be honest, but I'm not very patient and these last 2 months are dragging enough without more waiting at the end.
You'll be in the same place as me in no time, I remember when Jan was about 2 years in and i had about 20 payments to go.. and now look where we both are lol.
If the IVA is for a set period and this is dictated within the proposals, then it cannot extend beyond that point without the agreement of creditors. There is a legal case which forms the authority for this. So if the IVA is set to end at the 60 month point, then it ends - and any assets acquired after that date cannot be made available to the creditors in the IVA.
Some proposals seek to give the IP discretion to extend the arrangement for good reason, and so in these cases I think it would be an interesting case for someone to run if an IP did try and claim a windfall after the time for which the IVA had expired. The extension cannot be a general one - and if it is to cover missed payments then that can be the only reason and I am not convinced that the windfall option would wash to be frank.
Animaleyes, I'm in the same position as you and with GT.
These last few months are certainly dragging and the thoughts of waiting even longer are a bit worrying.
Mel: I hope that is correct. To have completed the 60 months on time only to have money taken off you as a windfall after the final payment seems very unfair.
I hope GT can speed things up when I have finished.
Nearly there!
Final payment made Dec 2011.
Certificate of Completion arrived 26th Sept 2012
Apologies that I am only seeing your post today - I check the forum everyday and so am unsure how I missed your post.
I would be most grateful if you could get in touch with me by email to ivacustomerservices@uk.gt.com in order that I can look into the specifics of your case and endeavour to get this matter resolved for you as soon as possible.
without trying to sound... errr. how do i put this, like I'm having a go at GT i would be interested to know how anything like 6 months can be justified for a completion certificate.
I appreciate it's a busy world we live in but it just seems really wrong to leave customers hanging on that long after they've spent 5 years meeting all their obligations. I appreciate that they have to sort stuff out for the dividends etc to the creditors but even so, six months?
Like i say, i'm not trying to have a go, just genuinely interested.
Just received a reply from Grant Thornton. Their closures are indeed taking 6 months. And due to an error, my case, despite my final payment getting made in March, wasn't passed to their closure department until June, which therefore means that my documentation will not be here until December... Ho hum...
taliesin wrote:
Just received a reply from Grant Thornton. Their closures are indeed taking 6 months. And due to an error, my case, despite my final payment getting made in March, wasn't passed to their closure department until June, which therefore means that my documentation will not be here until December... Ho hum...
That completely takes the piss in my opinion. If it was me I'd be complaining, especially given that they have already admitted they are partly to blame.
Interesting .... have a read of your proposal. Mine states that the MAXIMUM period for closure (Administration) is 6 months. One could argue that, if this stipulated time period is exceeded, the IVA could fail due to the tardiness of the IP in closure.
I would welcome an experts thoughts on this.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy, are you saying that despite my full and final payment being made, that my IVA could still fail. What the heck??? What happens to the vast some of money I've pumped into it - would i start again from scratch? Bleeding ££££.
However, even though you are not making payments anymore, until you get a completion certificate issued, the IVA is still in full force. For instance, if you made a modest lottery win this weekend, it would have to be paid into your IVA (up to the amouint of your total original debt, plus fees and possible interest). This is why it's of vital importance to get everything tied up as quickly as possible.
That said, the acceptance of a full and final, as opposed to completing the original term, might put this all in a different light, which is why I would wait until an expert comes along with a more reliable opinion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
