What exactly does 'bound by the terms' until we receive the closure certificate mean for us ?

[Gemma.cw]

I am due to make my last IVA payment on September 30th. I have spoken to a relationship manager today who told me the closure period is currently about 4 months so our IVA will probably not close before Christmas. They said that although after the last payment they won't be taking any further payments or checking our income we are still bound by the terms of the IVA until we receive the closure certificate. What exactly does 'bound by the terms' mean for us?

[Foggy]

Generally, any windfall (inheritance, lottery win etc) you get before the completion certificate is issued goes into the IVA. You are also still unable to apply for credit or sell the house ( if you own it) without the agreement of your IP, and, possibly, sacrificing any equity realised.

[Adam Davies]

Hi

As Foggy states apart from making your usual monthly payments you are still under the terms of your IVA regarding windfalls etc

Let's hope that it only takes 4 months

Regards

[Gemma.cw]

Thanks for replies. What happens after final payment that takes so long for completion certificate? I know their is no equity in the property and all PPI claims are done and closed!

[Foggy]

They will review the case to make sure nothing has been missed, finalise claims with creditors, then issue the certificate.

Some firms manage to do this within weeks, others take months (and to some the end date arrives as a complete surprise !! ) .

[mole]

After my last payment that is it. I will not be declaring anything

[ashb]

and some firms ( most ) want to drag this out, funny isnt it how fast they wanted to sign you up-can you remeber that. When it comes to completing they drag it out, Vultures and a terrible business to be in.

[Foggy]

There are many firms we never hear ( good or bad ) about and, by the very nature of forums (fora?) we generally hear mostly from the disgruntled.

Many firms are still closing in a timely manner it is just unfortunate that the main culprits for the delayed procedures seem to be some of the larger players ( with a relatively large share of the market). Their impact is obviously felt more keenly but they are also bouyed up, being "big boys" with, it appears, almost automatic client referrals, with their own sense of not requiring any customer service skills.

[Gemma.cw]

I am with Freeman Jones - has anybody had any experience of how long they usually take to complete?

[Foggy]

We have seen a couple of blips with FJ recently, but, going by what I have seen on the forum they do seem to be pretty much on the ball with completions.

[Shining]

I would add remember to cancel the DD/SO too after the last payment has gone. If any other monies are due then you can do a bank transfer. Hopefully the certificate will be received in a timely fashion.

[Sarah Jolly]

Hi Gemma.cw

Congratulations on almost having finished your IVA.

Completion certificates are usually issued within 4 months of you making your final IVA payment.

If you'd like me to check your case with the team and confirm when we expect to issue your Completion Certificate please don't hesitate to drop me an email with your reference.

Thank you
Sarah