So now my iva company are saying that they are still waiting for proof of debt from creditors before they can finalise my iva. I paid full and final in December and they only started chasing the creditors in May!! They say they cannot give me a time scale they just have to give the creditors enough time to reply so if they come back at a later date they can say they gave them enough chances to reply.
This is ridiculous now. It's going to go well over six months. They say that six months is just a rough guess not an obligation. Argh!
Check your paperwork. The length of the arrangement is usually set therein, most commonly at 66 months. This is 60 payments and the 6 months admin period to tie up loose ends. There is also usually a clause detailing that they can extend up to two times, on giving prior notice.
If they do not comply with these terms you can make a formal complaint, which you can escalate to the regulators if need be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I feel that 6 months is plenty and I would be complaining right now - as Foggy says, check your wording in your proposal and act as per this. All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I would complain now stating that the purpose of the f&f was to draw the IVA to a speedy conclusion.
If they had made you aware of the completion timescales before the f&f that would have allowed you to make an informed choice.
The only companies that I know of have significant reasons at this point for these types of delays are Varden Nuttall (in administration) and Kingsgate (their IP has left).
Others such as DFD, FJ etc. have internal processes that bear no relation to protocol.
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.
The big problem with the f&f offer procedure and for me the elephant in the room. Is you still have to make the monthly IVA payments to your provider even when your f&f offer has been agreed by the IVA provider to be put forward to your creditors for approval.
So here is the problem. Basically your f&f offer payment is worked out by how much time you have left on your IVA but it does not take into account the 6-12 months worth of payments you still have to make to your IVA provider whilst they process your f&f offer with your creditors which seems ludicrous to me.
Basically its not in your IVA providers interest to process your f&f offer in a reasonable time frame. In fact its in the providers interest for it to take as long as possible because when it eventually goes through they will not only get your f&f payment but they also get the extra 6-12 months worth of monthly IVA payments whilst they are still processing your f&f with the creditors.
I know people who are still waiting for their f&f offer to be processed even after 6+ months and unless they are constantly badgering the IVA provider, there are literally no correspondences from the provider on the progress of your f&f or even a date on when it will likely be approved. No time schedule, no milestone dates, nothing.
I do think the regulations need to be tightened up with all the IVA providers on when an f&f offer has been accepted by your IVA provider and put forward to your creditors for approval. At that point I think no further monthly payments should take place.
This should then help focus their attention on getting the f&f processed in a reasonable time frame.
It took approx 12 weeks to start and process my IVA. I'm now in my 29th week waiting for my f&f still to be processed and put towards my creditors. This seems unfair to me and wrong on so many counts.
I have looked at my IVA t&cs and its so vague and woolly on time frames that the provider can almost do what they like as long as they don't go beyond your usual 5 year term but even then they have discretionary powers to go beyond that.
Hopefully this is not the norm but I do think it all needs a thorough looking into.
Failure to communicate with creditors in an appropriate timescale has led to firms being fined.
By now you should have formally complained and then gone to the insolvency service.
In terms of wording of your f&f it's as foggy says.
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.
most F&F offers are on the basis that contributions paid in the meantime are deducted from the lump sum.
Creditors are to be giving 3 weeks notice to submit any outstanding claims so using this as an excuse for the delay is not acceptable however some firms can take up to 6 months to close a case.
I would write to the and stress that if no closed by xx June 2016 you will be making a formal complaint.
