www.iva.co.uk

Hello All

A quick question for one of the experts. My partner had his full & final settlement accepted in July 2007 and the amount was paid into his IVA account on 3 August 2007. I was just wondering whether someone would be able to tell me how long it normally takes for the creditors to receive their payments and the Certificate of Completion to be sent to us?

We have contacted our supervisor quite a few times but don't really get a straight answer - the last time we contacted them (22 Oct) were told that there was a system error and that once it had been sorted and he was ready to send out the docs he would let us know. We still haven't heard anything. It is nearly 3 1/2 months now and I just wondered whether this timescale was normal or not?

Many thanks in advance.[:)]

Hi
Well mine took about 3/4 months and constant phone calls.
I suggest that you do the same and ask when you can expect your certificate of completion
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi Andy

Many thanks for your reply - we'll keep on at them!

IPs are pretty busy people at the moment! I am sure that they will do it as soon as they can, but it might be better to ask them for a date by which time it will definately be closed, so you have something to work towards.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Mine was accepted on the 31st August. All the funds have been transfered a couple of months ago and when I called my IP I was told that mine should be closed my Christmass. Just hope that the date does not drop any further back.
This should be the best Chirstmass preasant ever.

Yes - what a great Christmas present that would be!! It must be a fantastic feeling when that Certificate drops through the door. If all goes to plan and I get mine in 2012 I am going to frame it and hang it somewhere as a constant reminder never to even THINK of applying for credit again!!!!

I want to pose a question on this particular point.
If for instance a debtor has made all 60 payments required, the maximum duration of an arrangement is usually restricted to 63 months, to give the IP 3 months to tie up loose ends etc.
I am aware that if an IP adopts the R3 Standard Terms & Conditions, you can apply, providing there is good reason, to extend the term by a further 6 months by giving notice of that fact to the creditors and then again (By which time I'm sure it would have to a very good reason [:)]) by a further 3 months.
My question is this. If the IP fails to distribute funds within the prescribed duration of the arrangement, whether it be subject to extension or not, what then is his standing? Is the IVA still to be classed as extant? If so what is to prevent the IP from continually putting off the distribution of funds, say in favour of getting new work in? I am not saying that is the case in the instances quoted above, that is just a 'for instance'.
If you pay the funds in in July 2007 and the Supervisor's fees are subject to a monthly billing are your creditors going to lose out to the extent of fees billed between settlement being made and a distribution being made? (I have seen proposals that suggest that fees are billed on a monthly basis at a certain amount per month (Fixed fee) as opposed to being charged on a time costs basis)
I find both the Act & Rules and the R3 Standard Terms & Conditions to be a little lacking in guidance and direction in that respect. That said, there should not really be any reason for IVA's to expire beyond their time.
I wonder if any IP's here have come across or had to deal with a time expired IVA. I would be interested to here how it was dealt with.

Tell it like it is.

I just had a document from my IP which he has filed with the County Court to say that we have completed successfully our IVA but I understand that I will also need a R form.

Is this Court document sufficient or do I need something else.

I will try and check our names on the insolvency register as well!

ray_a wrote:

I just had a document from my IP which he has filed with the County Court to say that we have completed successfully our IVA but I understand that I will also need a R form.

Is this Court document sufficient or do I need something else.

I will try and check our names on the insolvency register as well!

Just have a look to see if the correspondence you have received refers specifically to Rule 5.34 of the Insolvency Rules. I think you are looking for something along the lines of Notice of Full Implementation and this Rule should be quoted in it.
If you received that today, it's unlikely your name will have dropped off the IVA Register just yet, give that two or three days.

Tell it like it is.

Basically the wording states the following:-

Notice to all Creditors
Pursuant to Rule 5.34(1) Insolvency Rules 1986,
of completion of the Individual Voluntary Arrangement


TAKE NOTICE that I, IP of his address consider that the Individual Voluntary Arrangement of Ray_A of my address, has been fully implemented

Dated day of October 2007

IP's signature
IP,s name

Thought that might help the discussion!

Thanks

ray_a

Hi Ray
That IS your notice of completion.
Well done..........you can move on with your life now.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Our variation meeting was held on 17 September and we received our completion certificate on 10 November. We weren't expecting it until mid December at the earliest so we were lucky in that we didn't have to chase our IP.

HTH
Kerri x

IPs should close contributions based cases within two months of the final anniverary in line with their usual reporting schedules.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

hi
My F+F creditors meeting was in July 2007 and distribution on 4th aug. Still waiting completion statement. My IP says there is one cheque that has noy been presented and if necessary will have to wait until it expires on feb 8th,if it still has not been presented. He will then redistribute funds to the rest of creditors, and who knows maybe I will have to wait another six months if one fails to present again,particularly as they will be such small amounts. It seems a rather silly system

andydavie wrote:

Hi Ray
That IS your notice of completion.
Well done..........you can move on with your life now.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Many thanks Andy!