My IVA will potentially last nearly 7 years. Can this be right ?

[Rockhound]

After nearly six yrs i have two payments left, i have mailed DFD to find out what the process is for closing the account and clearing my credit file and they inform me that the certificate will take between 6-8 months to issue.
This will then mean to me that the IVA will potentially last nearly 7 yrs ..can this be right

[nffcwatto]

i dont get this, i am hearing people are taking months to close the account and send out a certificate, surely the iva should be done when the last payment is made ? Mine should finish in Feb 2014 but then i have no equity so guess it will run another year.....so then will have to wait for certificate and for me it be like August 2015 instead. I am fuming

[Foggy]

Hi Rockhound -- the closure period is a pain at the moment due to problems caused first by changes in VAT and now by the need to sort out PPI claims. However, some firms are still a lot slower than others ! Fortunately you don't have to keep up repayments during this time !

nffcwatto. Check your paperwork regarding equity. In newer proposals it is generally included that if less then £5k equity there doesn't need to be an extension.

[nffcwatto]

thanks for reply sorry to gatecrash your post too!!
I have checked it doesnt say much about extensions though at all so i am not sure i have read and re-read but it just speal to me.

[Rockhound]

Hi Foggy,
The money will be nice but to be honest its being in control again that im looking forward to ie moving house

[Foggy]

I know what you mean, Rockhound. I am a little way off from being where you are and, selfishly, hope this is all ironed out by then ... although I am sure there will be new flies in the ointment!

[nffcwatto]

i wont have any equity when my 5 year terms end does that mean no further year ?

[Foggy]

As long as that is what your proposal says, but always best to check with your IP.