www.iva.co.uk

As I am aproaching the end of my IVA, a few questions have been sloshing around in my brain I can not work through

I understand things like PPI claims will be included in the IVA after it's conclusion, and the monies will need to be paid over (Thankfully this will not be an issue for me, I never took out PPI on anything)

But what of things like windfalls, inheritance. Is there a time limit on these things and having to declare them to my IP? Or is it a case, as long as they were not known about or instigated whilst in the IVA, then there is no requirement to disclose?

I do not have anything like this on the horizon, I am just a bit of a worry wart and like to know the rules so I do not break them

You are right about the timing. Once the IVA is over any assets are yours and do not need to be disclosed. However, if for example you received an inheritance post IVA due to a death that happened during the IVA this could be an asset of the IVA even though you knew nothing about it until the IVA was over.

I hope this makes sense.

Hi. Basically, any windfall, inheritance, lottery win, or the like you become entitled to ( even if not paid out at the time) before the issue of your certificate of completion is issued are liable to be paid into the IVA (even it they pay out after this time).

Now, due to the length of time between your final payment and that certificate being issued being somewhat longer than liked due to PPI complications, many, but not all, IP's will overlook such things provided you have fulfilled your obligations under the terms of the IVA.

A few IP's will still grab every penny they are able to, especially those, it seems, who have a really long delay ( for whatever reason) in issuing that certificate.

Thanks, that was the kind of thing I was thinking

Another thing ticked off the list to do before it's over. Kind of an IVA Bucket List *smiles*

Foggy ..what is the expected time frame for the issue of a Completion Certificate after the final payment is made ?

Hi Seagulls. Most proposals cater to an "up to" 6 month period (with options to extend if required). As we have seen, a few firms manage this process within weeks, whereas a couple take years!

Even those firms that are on the ball can experience delays beyond their control when dealing with creditors and a lot will depend upon how they are dealing with the PPI investigations.

Thanks for that Foggy