We are currently in an IVA which we are about to propose a full and final settlement consisting of all the remainder payments.
My question is if successful how long should it take to have an answer from the creditors? (Assuming there is a meeting arranged).
Also how long will it take to receive a certificate and of course deeds to house?
It can take several months to draft the variation ( depending upon which firm you are with) then the creditors have to be given 21 or 28 days notice of the meeting date. You should hear the outcome that day.
Your completion certificate can then take up to 6 months to be issued ( again, depending upon who you are with ).
Your IP and IVA have nothing to do with the deeds to your house. They will have entered a restriction on the title, but the deeds as such will still be with your mortgage company, who will retain them until you have paid off the mortgage.
The restriction will be removed at the same time as the completion certificate is issued.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Wow! I must admit I have read of people having their certificate wishing a few weeks but the majority are talking months!!! I was hoping to be pleasantly surprised but I guess I got myself into this mess, I did the crime I now have to do the time....
We are with Payplan so probably looking more at months than weeks
I'm with payplan also and submitted a F&F offer a little over 4 weeks ago. They have not yet prepared the proposal documents so no sign of a meeting date and as the creditors get at least 21 days notice of a meeting, this process will indeed be months.
Iva completed with a F&F. Completion certificate received Jan 2017
I agree - keep pestering them. That's what I did and they got fed up in the end and prepared everything.
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
My offer in writing and third party letters were submitted over a month ago but it took another couple of weeks to get a property valuation to Payplan which they said they needed. Should I wait 21 days from this or should it be 21 days from my original offer?
Iva completed with a F&F. Completion certificate received Jan 2017
Have you had your proposal to sign? If not then it will be 21 days from when it is returned.
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
No I haven't had the proposal to sign. Payplan said that the paperwork is with the variation team for preparation and they can't give me a date when it'll be ready to send out to me.
Iva completed with a F&F. Completion certificate received Jan 2017
Just keep pestering them until they send the proposal out. Watch out for the clause that says they may petition for bankruptcy if it's not successful - that is total nonsense and they will remove it.
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
