I recently paid my F & F settlement figure to CF after a month of awaiting a decision on my offer, and I have been advised that it will take 4 -6 months(which is truly outrageous given its effect - please read below) until I receive my certificate of completion(COC)
On one hand I am absolutely delighted to get to this point, as its a milestone in my life, progressing from real financial difficulties, to exiting the IVA half way through the term with a F&F settlement payment.
Whats incredibly frustrating though is the snail like pace the "closure" phase is taking/going to take, especially as ex IVA people like myself are held in a finance limbo until we get this blasted piece of headed paper, the COC. (Yes more debt, but its essential and without it your credit rating will flat line and drop, as my long term loan accounts are slowly being removed and will cause my score to drop - the system is such a racket, but thats the game!
Right now I need to buy a new car (as my old one just blew up)as essential travel and the finance company will not do it unless they have a COC. I cannot afford to buy outright for obvious reasons so need financing. I have been rebuilding my finance report for a while now(and playing the game), using what methods were available to me and so i was accepted on principle, until I spoke to the account manager who could not progress the application any further because I don't have a COC.
Even with a letter to confirm receipt of payment of the F&F and all supporting documentation and "good" credit score, I need this piece of paper COC - what the legal standing on this? So technically I will have to wait potentially another 4-6 months until i can get into a car, which i find total nonsense.
I rang CF and asked them about the situation and they said that I must get their permission and share in detail the figures involved. Surely I do not need permission to do so, because my IVA is over? Remember the offer was accepted and it has been paid in full.
Do they still have the power to dictate my financial life even thought the deal has been done and the creditors have agreed on the offer and the F & F has been paid? .
So a couple of questions for the audience:
I paid the F & F settlement figure that was agreed at the meeting of the creditors and my offer and their acceptance - is this legally binding?
When it's paid is that it, or can they go back on the deal?
Do they have power to still control my financial exploits, such a car finance? and if so why do i need them to sign off, based on the above example.
Thank you for your time, and I appreciate your feedback on the above.
Basically, until that COC is issued you are still in the IVA and bound by it's conditions. The issue / closure is anticipated to last up to 6 months as detailed in the proposal and Standard terms, although it can take a few weeks, it could also be extended ! You have no comeback on this.
Until recently CF was actually one of the faster closers, often taking a couple of weeks. Evidently something has changed with their processes (which they are famous for doing -- not always to the benefit of the consumer).
The acceptance of your offer, sealed by the payment of the agreed sum is a binding variation to your contract and they cannot renege on that part of things. However, these completion procedures would apply whether they were triggered, as in this case, by a lump sum offer, or, as in most cases, by the final contractual payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So, in a nutshell I must sit tight (for potentially 4-6 months)and wait for the COC document to materialise. I read a number of other post you commented on where you mentioned a formal complaint, to the regulator to move things along - "the squeaky wheel gets the grease"
Would you still advise this?
Is there any other formal procedures/surprises to expect from CF during the closure phase or is that it?
The reason I asked about a change of mind on their behalf is based on me asking for a letter for the car finance company.
If my finance was say £250 - 300 per month(plus the duration of the term) or more given the terrible rates IVAer's like me will get, would this cause CF to raise an eyebrow or cause me issues retrospectively?
On the complaint front, at the moment, there are no grounds for complaint, as the up to 6 month delay is the norm and catered for in the usual process. If anything a complaint now might well hold things up as they may deal with that before processing your completion.
CF are, I am afraid, full of surprises and tend to deviate from the way things have always been done and from the agreed 'standardised' processes. This, in the past, has caused all sorts of hold ups and problems and makes anything involving them a bit unpredictable !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would look to remain in contact with your IP checking in every few weeks asking on progress and emphasising the urgency of the COC ... you may just get that one person on the end of the phone or in an email that actually listens and understands your predicament... it worked for me 12 years ago so might be worth a try
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If it provides any hope to you at all, I paid over a full & final settlement offer on 11th May and received my certificate of completion and final report yesterday, although it was actually closed and dated on the 9th June.
My IVA was with Creditfix as well, so fingers crossed yours comes through soon, as I was advised up to 6 months and that 3 months is more the average time, however, mine was closed and sent in under a month!
