Hi All, i have made my final payment into my iva on 1st february 2012 after 5 long years, i received a letter from my IP saying that my final payment has been made and the total amount paid is satisfactory for my creditors and terms of my iva and that completion documents will be issued in due course so i have canceled my standing order for the monthly payments. Well today i receive a letter from my IP saying they are extending my iva for another 6 months to finalise administrasion and sort the divedends between my creditors. My question is this, after saying i have made my final payment are they likely to want another 6 months of payments even though they say the amount i have paid is ok??? There is no clause in the terms of the iva to release assets at the end of the iva as i have none and i feel let down by my IP company as i was paying back 45p in the pound but total paid so far is nearly as much as my original debts. Please Help.
Could it be that their communication isn't very clear and the letter is just to explain that the closure process can take six months (or significantly more in some cases)??
It sounds to me that it will take them 6 months to finalise closure not that they want another 6 months of payments. Just give them a call on Monday to clarify, sure it will be ok x
Carper - sounds like the normal closing process - would NOT worry about it over this weekend (easy for me to say !!!- i know ) email your IP directly/ or your case manager to confirm this or speak to them directly on Monday to set your mind at rest
I agree with everyone above. My IVA Company has a std 6 month period to make payments to creditors and issue the completion certificate etc. It sounds like yours may just be confirming the same. Whether it all gets done in 6 months is a different question. I'm expecting my certificate in May, 10 months after my final IVA payment was made last summer.
Hi carper and welcome to the forum,agree with all above it sounds like your IP firm need a 6 month window to distribute final dividends and then your IVA will be closed,give them a ring on monday.well done ,your debt free now good luck to your future.
Last edited by MRBLUESKY on Sat Mar 31, 2012 11:31 pm, edited 1 time in total.
Yes, I too agree with all of the above.... just the administration that will take approx 6 months. I don't think you have any further payments to be made. Enjoy your extra surplus income. You've earned it.
As everyone has mentioned I would not worry about the six month finalisation period. You will not have to pay anymore towards your IVA. I am with GT and I had the same information letter and once I cancelled my standing order that was it. I am now waiting for my completion certificate, which should be with me shortly.... as stated in email from GT. I have finished my IVA 6 months ago and I can tell you the feeling of having money in the bank and not scrimping and scraping every month whilst in IVA is the greatest feeling in the world. I am just waiting for my CC and my name taken off the insolvency register then I will be the happiest chappy ever lol.
Welcome from me as well - totally agree with the others, this is just going to be admin etc.
Your letter will come soon!!
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 dont appear to be asking for any more cash so rest assured they are just informing you(badly)that they are allowing themselves a little longer to finalise things and chase ppi,pay creditors etc.
Well done for getting to the end.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I think they have to make sure that all of the dividends have been paid and just tie up the loose ends.
I shall just be happy to make the final payment and know that I have finished. I can wait a little while for the letter.
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 other posters it sound like they are just trying to tie up the loose ends. Hopefully you will hear again soon regarding completetion R
"Always remember that the future comes one day at a time."
IVA completed . Just started a blog, if you get chance please take a look. http://rich.blogs.iva.co.uk/
