Hi, I have just made my last payment. What is the lead time for final closure ?

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Paul.88

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Post by Paul.88 » Thu Sep 18, 2014 5:10 pm
Hi,
I have just made my last payment. What is the normal lead time for final closure and how long does it take for my credit file to be cleared.
 
 

Foggy

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Post by Foggy » Thu Sep 18, 2014 5:30 pm
Completion times vary enormously according to the firm you are using. Some close withing a few weeks, others take over a year, depending upon how they are treating PPI.

Your name will be removed from the Insolvency Register within 3 months of them getting your completion certificate. The IVA will drop off of your credit files 6 years after the start date ( assuming you have the completion certificate by then). More info on clearing those files here:

http://pjgrecovery.com/clean-up-credit-rating.asp
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

sponge

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Post by sponge » Thu Sep 18, 2014 5:36 pm
Normal was circa three months in a standard IVA of 5 years and the on the 6th anniversary you credit record is cleared.

With the advent of PPI claims, takeovers and others such things, normal is becoming increasingly scarce. Keep pressing your IP company for your CC but you may have to wait longer than normal, but well done to getting the last payment in.
 
 

sponge

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Post by sponge » Thu Sep 18, 2014 5:43 pm
I was trying not to use the words over a year foggy, as truthful as it is. I think the FOS have recruitment drive for 30 new ombudsmen just for PPI backlog & new, so maybe things will improve soonish
 
 

Foggy

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Post by Foggy » Thu Sep 18, 2014 5:59 pm
Hopefully you are correct Sponge. It still baffles me as to why some firms manage the few weeks whilst being faced with the same problems as those which take "considerably longer".

Of course GT have always ( even pre-PPI) regaded the admin period as 6 months minimum.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 19, 2014 9:41 am
It used to be standard that the IVAs had to be closed within three months of the final payment. This would have been on most proposals and we try to keep to that schedule.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

relieved33

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Post by relieved33 » Fri Sep 19, 2014 4:53 pm
I hope 3 months Michael as this would mean we have ours before Christmas! I would like to start a debt free year officially debt free!
 
 

mole

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Post by mole » Fri Sep 19, 2014 8:50 pm
Michael, are you able to tell us what actually happens in this 3 months. Why so long?
 
 

Michael Peoples

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Post by Michael Peoples » Fri Sep 19, 2014 11:09 pm
Three months is the maximum. We need to do a final report, check wage slips etc for the previous year, remove the restriction on the property, check if all HMRC returns have been submitted post IVA, pay the final dividend to creditors and have the client sign and return correspondence to that effect.

It can be done quicker than three months if everything is in place.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

luluj

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Post by luluj » Fri Sep 19, 2014 11:18 pm
Well done for paying your last payment ...great feeling isn't it !! Try and not get hung up on the time it takes to get your certificate ... use this time to set yourself new goals and treat yourself !
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

mole

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Post by mole » Sat Sep 20, 2014 7:36 am
Thank you Michael. When my time comes, I am hoping that ringing them everyday will push it through quickly :)
 
 

relieved33

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Post by relieved33 » Sat Sep 20, 2014 8:12 am
Mole, I actually believe you will! When do you finish?
 
 

Darkdog

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Post by Darkdog » Sat Sep 27, 2014 8:24 pm
once the final payment is made what is the situation if a pay rise or bonus payment occurs before the completion cert is obtained.
many a mickle makes a muckle ...... if only I hadn't spent all the mickles
 
 

Foggy

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Post by Foggy » Sat Sep 27, 2014 8:29 pm
Generally, once final payment is made, the IP has no interest in pay related income and will only perk up at windfalls ( inheritances, lottery wins etc.). However, some IP's will even take no notice of these during a protracted delay caused by PPI investigations. Be aware, though, that some IP's WILL.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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