F&F agreed, paid, but delayed

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Post by Deltamonkey » Thu Nov 25, 2021 12:16 pm

I had a variation meeting at the end of May and a full and final was agreed, and the funds were paid a few days later.

A few months ago I asked Debt Movement why it was taking so long and they told me that they don't subscribe to the government IVA protocol, but their own protocol means a completion certificate should be done within 6 months.

We're now a week or so away from the 6 month mark, so I contacted them to check we were on track, and then I contacted them again, because they are terrible at replying to communications, and I've just had a response saying that:

Your closure has been placed on hold as we are still awaiting a claim from three of your creditors who are HMRC, HSBC and Co-Operative Energy. Although these creditors do not hold a high percentage of debt, we are still required to distribute their share of dividends before we can finalize your closure. We have already sent them chaser emails, which we are awaiting correspondence from.

To my knowledge, the Co-Op have never even acknowledged the debt being in the IVA, the HMRC debt was added by Aperture and I'm not convinced it's even a legitimate debt, and the HSBC one is something that appeared after I set up the IVA, and I'm not even sure what that one is (even though it's listed as £0.00).

Ignoring the HMRC and HSBC ones for now, if the Co-Op never reply to Debt Movement, does this mean that the Completion Certificate will never be issued? How can one small creditor effectively hold up this whole process? Is there a formal, recognised timescale? (I'd ask this to Debt Movement, but I've learned from bitter experience to never trust their answers, as I have been given seriously false information from them in the past).


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Post by Foggy » Thu Nov 25, 2021 12:21 pm
They can issue the completion certificate and hold the funds in trust ...YOU have fullfilled your responsibilities under the agreed terms.

I would read the proposal thoroughly and see if they have complied with their own terms, especially regarding completion, with a view to a formal complaint which can be escalated to their regulators if needs be.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


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Post by Deltamonkey » Thu Nov 25, 2021 12:22 pm
Thank you! I'll drop them a line.
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