IVA & Credit Card Charges

[allenhero]

Well I hope so, after tomorrow I'll have 11 payments left, I can't wait till it finishes, but their is always a part of me that wonders if some loophole will be mentioned. But having spoken to Kingsgate they assured me that as long as I don't lose my job and things remain the same, then it'll finish next August.

Personally I would ring them and ask them what is going to happen next year when it finishes. After all, they are the experts and we're not.

[josu]

Im the same, always waiting for that loophole and of course i have to get my house valued at month 54. Fingers crossed im still in negative equity, bet there are not alot of people that can say that!

[allenhero]

Am I'm assuming if you are in negative equity, then you don't have to use it for your IVA?

I live at home with my Mother, so don't own a property.
Counting down the months now and then I can purchase a newer car, as mine will cost a fair bit to put through it's MOT today.

[josu]

Yes if we have no equity we finish at month 60, if we have equity we either release it or extend 12 months. Since we have been in negative equity throughout the whole of the IVA so far i am praying there isnt a sudden rise in prices, that would be just our luck!

[Chezza100]

Hi allenhero

Sorry for the delay in responding.

Yes I made my last payment in August and have been advised that because my 5th year anniversary wasn't until 13th September Kingsgate couldn't begin processing my completion until then.

That of course was only 5 days ago - they haven't been in touch so far and I haven't chased them yet.

There may however be a holdup on completion as HSBC have refused to pay PPI refunds to anybody in IVA and I understand this is being challenged legally.

I'm not expecting to receive my compleion certificate until next year.

[12 months to go]

i do believe its correct that closures can not begin before the anniversary date unless a variation meeting is arranged, as crazy as it may sound.

I would perhaps suggest contacting your IVA co to check that all is in hand and theres nothing outstanding that requires attention. The reason for me saying this is that on occasion, it would appear some ( not all ) iva companies have missed things that suddenly delay closure.

Good luck and keep us all posted. I made my last payment 5 months ago and still no sign of a certificate; it very much depends who your IVA provider is as to how efficient ( or not ) they are !!

The good nes however is that now you are debt free, albeit awaiting the completion certificate

[allenhero]

Hi Chezza,

My turn to apologise for not responding. Just checking my posts and saw your comments.

I've been told by Kingsgate that my last payment is on 02 July, but I am guessing that as my anniversary isn't till Sept, that I won't get a completion certificate until at least then. However, Kingsgate have said they have happy for me to obtain a small loan to buy a car after my last payment, as long as I let them know.

They have also told me to continue sending in payslips up to July and my P60. I am guessing that was the same for you.

Fingers crossed you have now got your certificate and you are enjoying being debt-free.

[Jeano99]

That's great news allenhero
Good luck with everything. Hope it goes smoothly
Could I just ask how have things been with kingsgate. ??
We got passed to them in December but not heard much from them. Just initial letter & I sent off wage slips & bank statements.
Any input would be appreciated.

[allenhero]

Hi Jeano99,

It'll be best if I give you a approx timeline.
I applied at the start of June 2008, and gave them the relevant bank statements, wageslips.

It took about a month to get going after my initial paperwork got sent and I did find myself chasing them up. After that I can't fault what they did and a couple of their caseworkers were very good in sorting out my IVA. By the time, I got approved it was the end of August.

Then on each annual review, I send them the Income and Expenditure Form, my 12 payslips and my P60. Apart from the review(s), I haven't heard much from them, apart from the odd courtesy call and when they wanted me to authorise their sister company to do PPI. But I found them quite good over the period, but the real test will be finalising the IVA and how quick I'll get the completion certificate.

Have you been approved yet?