I completed my IVA in August and have been told that it will take 12 months to pay all my creditors. Why is this ? I have had several other issues with the company and have made a complaint against the company.
This does not make sense unless this is a short term IVA with debts to HMRC. If you have been making payments for five years creditors will have been already so no reason why the IVA cannot close as normal.
Can you supply us with some more details so we can advise.
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
i have spoken to my creditors and have not received final payment from my IVA. their last payment was in march 2015.
NFT reckon they have overpaid and awaiting return, but this infact is untrue!
I have been in an IVA since march 2010.
It should not take 12 months but will take a while for the final dividends to be distributed.
Whoever you spoke to regarding creditors may not have up to date information as to the payments made.
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
If creditors have received paymenst there should be no reason for a delay in normal circumstances. The money is distributed and the IVA closed down.
However it sounds like there has been some sort of error with payments which will need to be addressed and perhaps that is what is causing the delay. Your own IP should be able to explain this clearly to you.
i have spoken to them but all they do is lie they reckon they made a payment in June but never(this is not the first time I've caught them out). I have spoken directly to the creditors and the accounts are up to date.
There is no error in payments they just wont pay.they seem to think that i have until march 2016 before my IVA is clear.But i don't and i did get them to acknowledge this eventually.Complaining simply don't get any where and they are only covered by ICAEW but they don't want to know either.
They can allow up to 9 months for admin purposes (6 months then 3 months) BUT they need to state that they are taking the time in line with the protocol conditions and put it in writing.
Irrespective the really good companies will take no more than 8 weeks (and we have seen examples of 2 days).
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.
It is not our policy to directly respond on a public forum but in light of the potentially defamatory comments being made we feel we must. The debtor has complained to our regulator via the Gateway and our actions were held to be wholly correct. There is an issue with payments via regular dividends due to particular issues with this case (outside of our control). We are waiting for funds to be returned by the creditor (which the debtor is fully aware of) until we get these funds there are debts outstanding and so we can not finalise the IVA. There are no other issues re closing this case and prompt action will be taken once the issue (which is again outside of our control) has been addressed by the overpaid creditor.
We are addressing the issues directly with the debtor.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.
NTF, (Or any other IP firm e.g. michael. Lisa, Andy)
Not in particular to this case, but in general...
I don't k now the answer to this one, iIf the client/debtor has made their final payment and completed all their obligation can you not issue completion Certifucate to the debtor with the final dividend distribution report to come ?
I accept that housekeeping and certain issues can take some time, and the complaints gateway may have rules the delay is allowable, however in the interest of the debtor can you not do this to allow them to get on with their life and demonstrate a willingness to set the debtor free (assuming they have done everything asked of them) ?
A similar concept to firms that issue deeds of assignment re PPI in order to issue completion certificate before PPI investigations are complete.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
If you receive the final payment there is still a final review to be done to ensure overtime etc has been properly dealt with. To be honest the actual timeframe for closure is not that long in a standard IVA as creditor claims have been agreed and it is just a question of paying out the final dividend and issuing the closure certificate.
I take your point and in some firms it may be something to look at but we close the files down as quickly as possible anyway. We do not want files open that should be shut so I think in our case at least it would not be necessary.
I hadn't realised which company was involved so in terms of the post itself - from what I have seen in the past this company tends to be hard but fair with defined quality standards.
If the issue has gone to the regulator already then the issue has been ongoing for a while and the final answer probably is outside of their control with 12 months possibly being the worst case scenario and they have stated they want to get this sorted.
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.
received a letter from them again they haven't got it right, they want me to retract my saying lied!as they have obviously been reading this.
They have not given me the correct information and still not resolved the correct balance according to their letter. They had a correct balance to pay but still insist they have overpaid as confirmed directly from the bank.
Payments this Tuesday as confirmed going through, as yesterday by one creditor. Also they agreed no payments were made even though they did state in a telephone conversation they had, as they gave me figures! but now states that it was a payment for August.
The problem with them they think the debt has been reduced, where it is the outstanding balance left to pay. So they want a refund of all the money paid into my debt. I never asked for a new proof of debt just the correct balance as they had it incorrect.
