My final payment into my IVA was made in early December 2015. I have asked when my closure certificate will be issued, so that I can start rebuilding my credit rating. The company has told me that all matters are fully up to date, no PPI claims are outstanding and they have all the required details. They now tell me it could take 6 months to close the IVA. Surely this must be wrong. I would welcome any advice to speed them up.
Hi Davedn9 which company are you with, it can 6 months or less or in my case it took a year and nearly 3 months to get my certificate some are even waiting longer than this I had to complain to get my certificate and within a month I received it. I hope you get your certificate soon.
Last payment made August 2012 Certificate of Completion recieved 15th of Novenber 2013.
I fail to see the circumstances that can cause such long delays, especially since I have been advised in two different e-mails that there are no outstanding matters. Is there anything I can do to force their hand?
Have a look on the ask the experts section on here theres a list of experts on there the very last name on there is laura.harrop shes from debt free direct email her and find out when you will get your certificate and let me know how you get on she might even see this post and she will ask you email her.
Last payment made August 2012 Certificate of Completion recieved 15th of Novenber 2013.
Maybe I'm getting really cynical but I'm forming the view that some companies make people wait this long just in case there is a windfall that they benefit from (I also think that some companies have little regard for creditors as well).
A lot of this comes down to what suits them - not the people they are supposed to provide a service to.
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.
I don't think it is to do with windfalls as the number of these are very small even during the five years of the IVA. However once the final payment has been made there are no more fees to be taken so I suspect some firms do not spend resources on closure teams because they generate no revenue at all.
Perhaps a way around this would be if a certain amount of the supervisor's fees only becomes payable payable when the completion certificate is issued. The standard supervisory fee is 15% of contributions so if for example the IP was only allowed to draw 13% and the balance on completion then there would be an incentive to spend money on closures.
Just a thought and probably one that would not be too popular in the industry!
Then surely the best idea is issue the certificate quickly as that frees up resources plus reduces any issues linked to complaints.
Otherwise the companies are just burying their heads in the sand.
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.
I agree and we like to close files as soon as we can. We do not want files lying around that could be closed and where the clients are unhappy. It makes no sense.
I suspect some firms are just dilatory in their closure procedures rather than purposefully holding out for a windfall.
if no dividend has ever been paid ans the statutory notice has to be sent to creditors then I think 2-3 months to close is reasonable failing which 2-4 weeks should be the norm.
Whoo Hoo!!!! I now have my closure certificate and can start rebuilding my credit. I followed the advice given by Sharon.10 and sent a direct message to Laura Harrop but was forced to chase again and again to get things moving. The stock answer that I received was that the certificate would be issued "in due course", which clearly gives no opportunity to plan and no hope. My experience therefore is to pester them, then pester again, then hopefully the third pester will be the lucky one. Now only three months to wait for the IVA register to be updated!
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.
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