taliesin. I apologise. This was the subject of discussion a little while ago, where the technical possibilities were mooted.
I have never heard of an IVA actually being failed during the administration period. It is one of those scenarios as likely as being hit by a falling meteorite whilst sitting on the loo reading the Telegraph.
Last edited by Foggy on Fri Sep 23, 2011 3:46 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Taliesin - your IVA will not fail. You have made the agreed payment and met the terms of your proposal. It is unfortunate that the administration is taking so long and I am sure GT are doing all they can to sort this out - hopefully one of their experts on here will reply to your post to put your mind at rest or take it off line to sort out.
Keep us posted - I hope you get your certificate soon.
Regards,
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I finished mine in may and it took until september to close it off.
May meant it would have finished early which means they have to give back to the creditors 1/60th of the fee for every month in short 4/60th in my case
And no more money is going into the pot so of course they'll be in no hurrey to pay it out
That said they do have to bind it closed for good and to be fair that alone will take 8 weeks.
What all firms are guilty of is not telling you upfront some IVA cases depending on the complexity could take a year to close off
I think they could close them off quicker but when you've finished it seems to get shunted around from dept to dept I dated stamped the sequence and for example it took over a month just to get the first letter out the door. I suppose at the business end of things we (those that have finished) are not a priorty any more. A bit of regualtion is required here don't you think?
To be fair, these days fees are generally a percentage of the payments into the IVA, so a case that has no more money coming in isn't earning the firm anymoney, yet still costing money to close up -- so it IS in the firm's interests to close as early as possible. I wouldn't imagine they would hold onto "dead" cases more than they need to.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I totally agree that 6 months is a joke. Let's face it, creditors have time limits within which to make their claim and it isn't as though the end of an IVA comes as a surprise.
There is no reason why the IP cannot be proactive, like Mel and others on this forum, and start the closure ball rolling towards the end of the term, rather than waiting for it to surprise you by ending and then taking a couple of months before even realising !!!!
However, it appears the long run out times are enjoyed by larger comanies who seem to have rather unweildy and over complicated ways of operating (possibly imposed upon them by virtue of size).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy wrote:
I totally agree that 6 months is a joke. Let's face it, creditors have time limits within which to make their claim and it isn't as though the end of an IVA comes as a surprise.
There is no reason why the IP cannot be proactive, like Mel and others on this forum, and start the closure ball rolling towards the end of the term, rather than waiting for it to surprise you by ending and then taking a couple of months before even realising !!!!
However, it appears the long run out times are enjoyed by larger comanies who seem to have rather unweildy and over complicated ways of operating (possibly imposed upon them by virtue of size).
You're prob right re the size thing, big companies are usually as bad as government departments
Last edited by animaleyes76 on Fri Sep 23, 2011 6:40 pm, edited 1 time in total.
Thank you for getting in touch with us today and for your patience in dealing with your closure.
At present we are chasing 3 creditors who have not yet claimed in your arrangement. Your case was approved prior to the introduction of the IVA Protocol (under which creditors are typically required to submit their claim within 4 months) and so we are obliged to follow a formal process in respect of the submission of claims. If the claims are not forthcoming, we can take action to exclude the debts but we are hopeful that exclusion will not be necessary, as it is clearly not ideal.
If you require any further information please do not hesitate to contact us in the normal manner or contact the Debtor Services' Manager directly.
No, you've cleared it all up for me and I'm a happy man. You guys have been great and thanks for your help with everything.
I'll sit tight and hang on. It's just bizarre how creditors are so slow at submitting claims during an IVA, but pre-IVA, as soon as I missed one payment,I was bombared by letters informing me that I had to pay now or face action..
Hiya Taliesin, I'm pleased your happier now you know where you stand with your completion certificate.
Hiya Karol, I want to say Thankyou to you for letting me know what is involved behind the scenes in producing a completion letter/certificate, I feel reassured knowing that things don't always run like clockwork,just knowing that things can go wrong sometimes is a big help, I can see now why there are delays, why sometimes it takes longer than expected by things outside your control to produce the all important document to formally end the completion of the IVA, thankyou Karol for all that you do on the forum.
I finished my IVA with another IP and it took for months to get my com cert. Whilst it's flippin annoying there's a proccess to close off and better clean and closed for good! and in my case on of the creditors stop claiming half way though..(they swithced to a handling company who refused to acknowledge the debt even existed) I think my IP had to force the issue. So whilst it did take a while it was for my protection. That said the proccess from one dept to another did take 4 weeks a pop. I think that a clause could be put in a proposal that covers this "twilight zone"
