Absolute disgrace. 6 more months to sort out Administration after 6yrs of IVA

4 posts Page 1 of 1
User avatar
Posts: 1
by nigel343 » Sat Jun 17, 2017 9:48 am
Hello my IVA finished last year and as the company could not release equity there was an extension of 12 months so 6 years in total. I was disgusted to receive a letter say in a further 6 months is required while they sort out the Administration. Absolute disgrace and surely taking advantage. Can you please advice what steps i can take?
User avatar
Forum Expert
Posts: 24888
by Foggy » Sat Jun 17, 2017 9:56 am
A 6 month administration period is the usual term built into an IVA under usual Ts&Cs, however, it usually happens a lot faster. Some can manage it in weeks, most a couple of months. Unfortunately the delays are not always under the control of the IP and, often, non-response from creditors holds things up. Admittedly, I think, IP's are often too gentle with their dealings with creditors and give them more time to respond than they are officially entitled to. As you can guess, a lot also depends upon how pro-active the IP is approaching the final payment time (not as though it comes as a surprise ! ).

There is, in all honesty, little you can do other than pester (gently) -- squeaky wheel and oil and all that.
User avatar
Lisa Thomas
Industry Expert
Posts: 6238
by Lisa Thomas » Mon Jun 19, 2017 8:48 am
Unfortunately a lot of IVAs have the standard 6 month closure allowance built in as Foggy has stated.

Keep the pressure on them to close quickly but be prepared to have to wait 6 months.

...and yes it is a farce.
User avatar
Posts: 3
by JazzyKo » Tue Jun 20, 2017 4:10 pm
huh good to know though. was hoping I've got only half a year left and I'm gonna be a free man again, but not so soon as I see now. almost a year to go :(
4 posts Page 1 of 1
Return to “IVA completed !!”

Who is online

Users browsing this forum: No registered users and 1 guest