Hi , I have an IVA of which I have made my last payment on 1/4/16. I contacted Kingsgate my IVA company and they informed me that my anniversary date is 30/4/16 and they will be looking at settling and closing my IVA after this date. I was then informed that this my take up to 6 months. I was shocked as I have been in an IVA for 6 yrs and understood that they should be constantly working on my IVA and not need to wait this long to close it.
They carried out all the PPI a few years ago and gave received all the monies from these claims direct from the companies. So PPI should not hold things up. Is this normal or is there anything else I can do to speed this up?
Unfortunately a lot of companies are taking this long - they have to distribute monies to the creditors and tidy up the admin. There is nothing you can do to speed it up other than hound them every so often.
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.
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my IVA company Kingsgate, do they not pay the creditors yearly or do they keep all monies from both my monthly payments and PPI claims for the whole term of my IVA (6yrs) and then distribute all payments at the end?
I had to pay over £1,000 to them at the start and looking at how much I pay in to how much they give back to the creditors there seems to be a big difference. I thought with the costs being quite high I would get a very good service. They were quick to get me on board and got all the creditors onboard in about 2 weeks at the start. Not sure what the timescales are not the same the other end
Dividends are usually distributed quarterly, but will be specified in the Chairman's Report. Sometimes the first 6 months payments all go to the IP to cover the Nominees ( set up) fees, but this is all agreed by the creditors.
Costs are pretty much the same across all firms -- you don't "get what you pay for" --- They, again, are agreed by the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you both for your replies. I have been in this for 6 years, I am sure another 6 months won't hurt. I would like to make it clear, that Kingsgate have been very good during my IVA. It was just a shock to hear that the closing period could take upto 6 months, it was not what I expected. I stupidly thought, made my last payment, sent all the requested information and documents as requested. All boxes ticked, job done. But sadly not how the process works. Once again thank you for your replies.
The 6 month "admin period" is standard to all arrangements (and can be extended), however, most firms take a lot less if there are no hiccups along the way.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My IVA was with kingsgate and it was written in to my documentation that there would be a 3 month administration period to close the IVA. I had paid 100p, had no PPi etc. When they told me it could take up to 6 months, i brought up the fact that i had written into my proposal 3 months and that if needed an extension would be requested in writing - i got my completion certificate around the 3 month mark so worth looking at your paperwork
IVA started Jan 2012
Last payment made June 2014 @100p
Completion certificate received Sept 2014
Hi, hoping you receive that all important completion certificate as soon as. As I always say, I do believe that this should be more regulated and issued more timely.
Anyhow, sincerely hoping after you bring to their attention their clause in the proposal you'll get yours that bit sooner
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
