www.iva.co.uk

Help please! I have now been in an IVA for 81 months. I was originally with Money Debt and Credit and made my final payment in Feb 2013. All was going well for the IVA to complete when MDC sold their IVA arm to Grant Thornton in June/July of this year. Since this time I have been trying to find out what they are doing regarding the completion. The IP has now replied saying that they were tax issues with the purchase of MDC's operation and he further stated that because of this it would probably be another 8-10 months before he could even start completion. That means this would have dragged on for almost 8 years and I am being penalised because of Grant Thornton's purchase and subsequent tax issues. I find this unacceptable as MDC were almost at the point of ending the IVA when Grant Thornton bought it, the IP is also now going over old ground regarding release of equity, which MDC were not pursuing due to the relatively small amount of equity available, and are even saying that they want to put a new variation in place. I am almost at the end of my tether with this whole thing and cannot stomach another year with this arrangement. Is there anything I can do?

Lazarou I take it that you paid your last payment at month 72 so your arrangement was extended by one year because you couldn't remortgage..is that correct?
If this is the case your arrangement has concluded. No more payments are required. Check your contract with MD@C and if like mine it states 60 monthly payments with 12 month extension if unable to remortgage then you have done what your contract has asked of you.
Grant Thornton can only ask for a variation now to claim PPI. They will do this and be able to issue you with your Closing Certificate whilst claims are being sorted, if you agree. Otherwise your arrangement will end on its original terms anyway.
Unfortunately Grant Thornton are a nightmare where closures are concerned. There are many waiting far to long.
Email them constantly (I sent 2 daily until I received my certificate).
Someone on here should give you a reply soon that may make you feel a lot better..I am not an expert but understand fully how you are feeling but it will get sorted.