www.iva.co.uk

I completed the final payment of my IVA in August 2011, and to date my IVA has not been completed. The reason why, is because my IVA company (RMS Tenon) are currently haggling about VAT (I know this is an issue for many other people) I was originally told that once my IVA was completed (approx 3 months after my final payment) I would be able to start to build up my credit rating again, so that by the time a year had passed from the completion date, and the day that the IVA gets removed from your credit record (I think?), I would be in a position to obtain a mortgage (without selling my soul...well hopefully not all of it at least!). I have a 7-week old son and rent a very small flat with my wife. I also have a car that is so old that the rust has petrified (the original car I had when I entered the IVA and it was old then!)

I feel as though I have lost vital time to start rebuilding my credit life again, so my question is this, when will the VAT dispute end, and who will benefit from my anguish of not being able to compete my IVA?

Many thanks for your help

Hi and welcome.

So sorry that you are still suffering with the completion - unfortunately I've no idea when the VAT issue is going to be sorted. Some companies are completing, others aren't.

I don't think there is anything you can do at the moment.

Hi Chris. The galling thing is that I believe no-one. least of all you, will benefit from this anguish. It was dropped on the insolvency industry from a great height following a court case brought by Paymex against HMRC and has caused all IP's a great deal of extra work, which will continue for some time.

Behind the scenes they have all been working at finding a way forward, but have been hampered by conflicting legal opinion and slow response times by HMRC (who probably aren't too chuffed either!).

However, this hard work has begun to pay off and things have just started moving again. However, there will now be a back log to overcome.

Tenon are themselves in big financial difficulties and are currently making 10% of their workforce redundant - Google RSM Tenon and look for recent news articles

nobody is immune these days !