My full and final was accepted last week. I’ve received a letter confirming this . It says the trust created on approval of the arrangement will end 12 months following the issuance of final report to creditors ? I don’t get it? Does it mean that I’m bound by the terms of my IVA for 12 months ? Do creditors have to wait 12 months for money ?
No -- the trust is the relationship created by the IVA. It means that your IP can deal with anything like PPI refunds or the like that crops up in the next 12 months under the terms of the now closed arrangement. Some IP's will sever the trust right away and others will allow it to run indefinitely, but, once you have that final report and completion certificate you are no longer bound for anything that occurs after the completion date.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Mon Apr 29, 2019 7:14 pmFoggy wrote:
No -- the trust is the relationship created by the IVA. It means that your IP can deal with anything like PPI refunds or the like that crops up in the next 12 months under the terms of the now closed arrangement. Some IP's will sever the trust right away and others will allow it to run indefinitely, but, once you have that final report and completion certificate you are no longer bound for anything that occurs after the completion date.
Ok that’s reassuring! I was told 3-6 months for completion certificate so just a waiting game now I suppose
