www.iva.co.uk

I have paid my last Iva payment to grant Thornton in may I have not heard anything how long does it take also what happens if I come into inheritance while waiting for closing certificate will I have to pay the total debt back

Hi and welcome.

Unfortunately, until you get that completion letter, any inheritance will have to be paid across. If you can pay back 100p in the pound plus fees then any residue would be yours,

Take legal advice now!
While technically you are still bound by the terms of the IVA, it is not your fault that it has not been closed yet!

Many IPs are taking the view that, once you have fullfilled your obligations and the only reason the case is still open, then windfalls and the like will be disregarded.This is currently an informal arrangerment and I don't know if this is GT's stance though.

Some of the industry are fighting to have this covered more formally by the issue of a Certificate of Due Completion, prior to the actual end of administration.

This is also the stance of DFD Foggy as i have had that in writing that as all my obligations are fulfilled then any windfalls etc are mine to keep, i think it would be best that Sally ask for clarification from her IP on this matter as with everything at the moment, there are many differing terms and conditions.

Foggy - that was my understanding. If a debtor has fulfilled their obligation and through no fault of their own no completion letter has been issued, any windfall would be disregarded.

Be interesting to see the result of the mass variation of Payplan (which took place on Friday) on this issue.

I can honestly say that I believe GT would not make claim to any windfall after your last payment has been made and while you are waiting for your CC. They are painfully slow at closing IVA's but I have had nothing but support and solid advice from them since they took over my IVA from BE.
Hopefully the mass variation that PayPlan have instigated will bring some relief and light at the end of the tunnel for so many at the end of their IVA>

I believe that GT also support the view that one all debtor obligations have been complied with then the windfall or after-acquired asset provisions cease - but as with all things specific to an individual case, it is always best to check these out directly with the IP acting - and try to get the decision confirmed in writing.

Unless their stance has changed since October, it would appear that G/T expect all windfalls to be paid into the IVA until the Certificate of Completion is issued.

that is my understanding too sterling....... a full and final accepted but it does not mean that it is FINAL, anything until completion cert is received is payable,yet GT state that this can take 6 months or more to finalize, bit of a grey area it would be good of GT could clarify all these questions once and for all by posting a reply to this

I too would appreciate some clarification and also the reasoning behind some of these decisions. As I've asked in another post, why doesn't Full and Final mean exctly that? It seems most unfair that if closure is delayed through no fault of your own, you are still subject to the companies interpretation of 'rules' governing your IVA.

i totally agree, if full and final is accepted it should mean exactly that, ours was full and final payments to date which to my mind meands no more payments regardless but the interpretation is different with different IP,s, if its accepted with payments to date why are more payments requested through ppi etc the creditors arent expecting anthing else

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by 4kidsnocash

i totally agree, if full and final is accepted it should mean exactly that, ours was full and final payments to date which to my mind meands no more payments regardless but the interpretation is different with different IP,s, if its accepted with payments to date why are more payments requested through ppi etc the creditors arent expecting anthing else

<<cough>> 15% of realisations ( or am I just an old cynic?)

hmm Foggy something to ponder on its just a bit of a bug bear at the moment