Completion of IVA

Get expert opinion. This is the place for new questions to be posted.
10 posts Page 1 of 1
Lumart78
Posts: 2
by Lumart78 » Sun Oct 15, 2017 4:38 pm
Hi
We offered our creditors a full and final complete payment to end our Iva early (2 yrs earlier) which wa accepted.
Now my Iva company is saying that to get our completion certificate, we could wait up to 6 months. Is this correct?? :shock:
Twiglet
Posts: 21
by Twiglet » Sun Oct 15, 2017 5:05 pm
Mine was finished at the beginning of October - slightly different circumstances as my creditors accepted funds already paid to date to end the IVA. My IP has quoted 3-6 months as the timescales for a completion certificate to me and said they have ‘up to’ 6 months. Who was your IVA with?
User avatar
kallis3
Forum Expert
Posts: 72034
Contact
by kallis3 » Sun Oct 15, 2017 5:14 pm
It can take up to six months - funds have to be distributed to creditors and admin sorted. You can take heart from the fact you are now debt free.
User avatar
Foggy
Forum Expert
Posts: 24120
Contact
by Foggy » Sun Oct 15, 2017 5:28 pm
The standard line is 6 months. Some do it in weeks, most do it in a couple of months. Some are habitually slower than others. We, as a group, are trying to get this looked at and have started a petition:

viewtopic.php?f=145&t=83518
viewtopic.php?f=145&t=83509
Operaghost
Posts: 7
by Operaghost » Sun Oct 15, 2017 5:33 pm
Lumart78 wrote:
Hi
We offered our creditors a full and final complete payment to end our Iva early (2 yrs earlier) which wa accepted.
Now my Iva company is saying that to get our completion certificate, we could wait up to 6 months. Is this correct?? :shock:

HI yes thats what I been told about mine at Harrington Brooks. Also seen others say they had to wait for the certificate too.
Lumart78
Posts: 2
by Lumart78 » Sun Oct 15, 2017 5:37 pm
It’s with aperture
Ok here’s another question - I know you’re not legally allowed to sell your home before the Iva is complete but is putting up on the market and “selling” it the same thing?
User avatar
Foggy
Forum Expert
Posts: 24120
Contact
by Foggy » Sun Oct 15, 2017 5:52 pm
Lumart78 wrote:
It’s with aperture
Ok here’s another question - I know you’re not legally allowed to sell your home before the Iva is complete but is putting up on the market and “selling” it the same thing?



Aperture are one of the slower ones I am afraid. They used to regard the 6 months longstop timescale as the minimum but have improved a lot recently.

You can market the house now, but any searches, if legal work is started, will reveal the restriction on the title which could be embarrassing to have to explain away.
User avatar
kravarran
Posts: 119
by kravarran » Sat Oct 21, 2017 9:31 am
I received mine within 2 weeks from Stepchange. It all depends on the IVA company.
User avatar
luluj
Forum Expert
Posts: 9870
Contact
by luluj » Mon Oct 23, 2017 2:54 am
Well done on having your F&F accepted. Now waiting 6 months for the closure certificate is going to seem an age especially as you want to sell your property - it might be worth asking for the restriction to be lifted now even if the closure continues to take longer so the sale can progress - but bear in mind the iva will remain on your file until the 6th anniversary of your start date of the iva, therefore moving will still show the iva has being there and may impact of future mortgages/property purchases.
User avatar
linrog
Posts: 305
by linrog » Mon Oct 23, 2017 6:01 am
We did a full and final to end our IVA early. We were with Harrington Brooks. We received our Completion Certs within 6 weeks.
10 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: Google [Bot] and 25 guests