Hi,I made last payment on my iva in January this year. Yesterday we received a letter from the iva company stating that they have applied an extension of six months so that they can get all the necessary documents back from my creditors. In total we had about 23 creditors they say but do not owe any money. Do you think this is reasonable. Thanks
I rather think that this is just admin work to do with PPI etc and nothing to worry about but would suggest you get in touch with the company to make sure.
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
They shouldn't need an extension - most IVAs have a standard clause in them leaving an administration period of 6 months to close a case at the end so this is unusual.
Personally I believe that 6 months is longer than necessary to close a case. Even if they have to send a notice of intended dividend to creditors who haven't claimed they only have to give 3 weeks notice. After that it should only take a couple of weeks to pay and dividend and close the case.
So...6 months form January is July. I would complain to them in the first instance now but if they haven't closed in July then take up a formal complaint through the gateway and tell them this is your intention.
I, too, think the originally catered for 6 months is more than adequate if the IP is doing his or her job. So often it is a case of the tail wagging the dog come the end and every end of term seems to be a complete surprise (as Christmas is to me every year! ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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 agree with the others, wait for the certificate and also agree, not that I'm a professional, so therefore don't know what work is involved but a closure certificate should be issued within the 6 months.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
1. Send 3 week notice to any outstanding creditors.
2. Calculate and pay any outstanding costs
3. Pay the dividend and send together with a final report/CC to creditors and debtor
4. Send notice to Insolvency Register
If 1) is not necessary and no other outstanding issues causing a hold up then case should be able to be closed within say 2 weeks.
