www.iva.co.uk

Just received a letter from GT advising that after my final review no further payments are required. My arrangement ended in March this year does any know what happens next and what are the likely timescales?

If I remember correctly, the next step is your IVA will go into a closure review, which once completed will then result in your IVA going to the closure team. Once with the closure team, they'll quote 6 months to close the case down. However, it might take several months for your case to goto closures, so a good case scenario is probably 9-10 months. Some have waited a lot longer. I'm nearly at 10 months since final payment and still dont have closure, so looks like they will fail to keep even to this long drawn out deadline. A lot of the delay seems to be down to PPI issues and how GT are handling them.

Also, you'll still be held to the terms of the IVA until the completion documents are received, and they'll not cut you any slack because you've completed your payments. This means no credit rebuilding or taking credit out, being stuck with the IVA on your credit report and insolvency register, and paying over any windfalls that might come your way.

On the plus side, you dont have any more monthly payments to make so for now, just enjoy that. And well done for getting this far.

Thank you for your response, still a long road ahead then. Very well done for getting as far as you have I hope your completion comes soon. Thanks again

Is this the same for all the big firms like GT and Payplan? It seems to be a hell of a long wait for a piece of paper.

It is especially true of GT and DFD. The smaller companies fair better at closure than the bigger ones do.

Unless you have already sorted your PPI then you will pestered by EIC / GT to allow them to chase your PPI reclaim whilst waiting for your CC. Even if you have already done your reclaim they will still call you..

I cannot see anything in my IVA to say I am bound by the agreement after 72 months. So are you sure them can claim windfalls in this period? (other than an asset you had during the IVA e.g. PPI)

Until you have received your CC you are still bound by the terms and they will claim any money received..

Final payments in March = Closure of Case in May - or that is what ought to happen, unless there are any issues of which your IP is aware which might delay this process - in which case you ought to have been made aware of them by this stage.

Not from me Nick they won't.