How long should it take for an IVA company to prepare the report to go to all the creditors because I am offering a lump sum as full and final payment.
I guess it depends on the company you are with and their workload to be honest - but I would have thought no more than one month providing that you have provided them with all of the paperwork.
Hello, thanks, I have had to register with a different email address because I forgot my details and it wouldn't let me use the same email. The IVA company have had cleared funds from me since August 2nd. I have been told they have a heavy workload. I am about to do a formal complaint.
We entered our 4th year of our IVA in May of this year. We have had a sum from a PPI claim and offered this as a full and final payment. As I said the IVA company have had CLEARED funds since August 2nd. The IVA company claim they are "preparing the report for us to approve" before it goes to the creditors to offer them the full and final figure. In the meantime I am still paying my monthly figure. Feel frustrated and not sure what to do now.
After my complaint sent by email a few days ago have had a partial reply. The IP wants to see a copy of my mortgage statement? Don't know why they haven't said. Does anyone know why they would need this?
It will all form part of the submission as if there is a lot of equity in your property creditors may not accept the offer. Remember that PPI refunds are assets and as such are payable to the IVA pot. We had a full and final accepted with part PPI and part pension lump sum but be prepared that they may reject and want you to continue.
Thank you Kazzafunk. We have already been told under new rules that unless the PPI is from one of my creditors (which this is not) then the monies are ours and do not have to go into pay the IVA creditors. If they reject then we can withdraw the PPI funds and continue with IVA but they will all get less. By the way we have no equity. With these PPI monies we would only have £4,000 left to pay, bearing in mind this would still be over the amount they would have been getting if we had continued with the IVA to the end of the 5 years.
