How long does it take to 'finalise' an IVA and to receive the completion certificate ?

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sazzysue

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Post by sazzysue » Mon Feb 08, 2016 2:59 pm
How to long to 'finalise' an IVA and to receive the completion certificate? It is seven years since we started our seven year IVA and it was agreed, by way of creditors meeting, last April that no more payments are to be made due to loss of work hours. There is still a hold up on one company who have reduced the money they are claiming by the PPI payment they owe and the debt people have said they cannot do this and keep chasing them. This has been going on for months and they say that there isn't a legal time frame for sorting this out. I feel like in limbo for so long and just want it ending. Is there any advice on rushing things up or do I have to wait?
 
 

kallis3

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Post by kallis3 » Mon Feb 08, 2016 6:35 pm
Hi,

Which company are you with? Some are well known for holding up completion but you can sign something called a Deed of Assignment so that any PPI coming to light after the completion will go to the creditors.
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
 
 

lifenoteasy

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Post by lifenoteasy » Mon Feb 08, 2016 6:51 pm
Its as Kallis3 says...
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

sazzysue

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Post by sazzysue » Mon Feb 08, 2016 9:30 pm
We are with money plus (was the debt people). Thanks for the advice.
 
 

Lisa Thomas

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Post by Lisa Thomas » Tue Feb 09, 2016 1:32 pm
I think there is a question as to whether creditors are able to offset their liability against any PPI refund so your IP might be wrong in this regard but right to challenge.

I would think your IP should be able to progress this outside of issuing your CC to you as long as you have assigned the PPI over to them.

If such a key/significant sums are involved that would have such a detriment to the other creditors then your IP could instruct lawyers to deal with it.

Best way to apply pressure is to send them a written request for an explanation, to include reasons why they cannot issue your CC and deal with the other issues separately and state if their response is not satisfactory then you might start to follow their complaints procedure.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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