Process if final offer is accepted

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Michelle0311

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Post by Michelle0311 » Sun Mar 28, 2021 6:20 am
Hi, I have put forward a full and final settlement amount forward to be considered yesterday, it is the full amount that I would have left to pay if I had completed my Iva. This was a gift from my parents and it stated only available on the understanding my Iva would end.
If accepted please could anyone explain to me the timelines and exactly what they will require to get released from the Iva register please?
I am so anxious about it all, it’s effecting my day to day life, sleep, appetite. I’m a bit of a mess.
Thank you in advance

kallis3

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Post by kallis3 » Sun Mar 28, 2021 9:18 am
You won't be off the Insolvency Register until at least 3 months after your IVA is completed. Credit records remain for six years from the start regardless of the fact that you finished early.

If accepted it can take up to six months for your completion letter to come from your IP company.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Sun Mar 28, 2021 9:33 am
The timelines are similar whether you finish early or as originally planned. Have a look here : https://www.iva.co.uk/what-does-an-iva- ... dit-record

It can take a couple of months to get the creditors meeting to agree to end early, so not much will happen immediately. You will be advised of the meeting date and payment of the lump sum will be due after the proposal to end early is accepted.

Best of luck with the offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Michelle0311

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Post by Michelle0311 » Sun Mar 28, 2021 10:20 am
Hi thank you so much for your reply,
That has put my mind so much at rest I don’t feel like I’m getting much information from my IP
I have with my offer, provided my bank statements p60 and payslips, will this all need to be provided again at the 6 month mark or will what I have provided be my final review? I am thinking when this all is finalised, leaving my job as it is one of the reasons I am so stressed so will that effect it?

kallis3

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Post by kallis3 » Sun Mar 28, 2021 10:55 am
Six months is only what it takes to tie things up admin. once your completion is sorted it does not matter what you do.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Michelle0311

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Post by Michelle0311 » Sun Mar 28, 2021 3:26 pm
Hi sorry to keep asking questions.
So they don’t need to see any further documents once I have made the settlement payment? It’s just a case of them closing down the case?

Foggy

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Post by Foggy » Sun Mar 28, 2021 3:52 pm
They usually do a final review of the whole arrangement, but, as they have everything for a review now, they might just leave it at that.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Michelle0311

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Post by Michelle0311 » Thu May 20, 2021 12:41 pm
So, timescales are so frustrating!!!
It will be 8weeks tomorrow since I put forward my full and final offer and all the relevant paperwork. I have had no updates from debt movement at all and whenever I ring all they tell is that I am in the queue and will be dealt with as soon as possible 😩
My anxiety is through the roof, surely it shouldn’t take this long?? 😔

Foggy

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Post by Foggy » Thu May 20, 2021 12:50 pm
These things normally take 2 - 3 months and, I guess, covid issues are further delaying things. Frustrating, I know, but it will happen !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Michelle0311

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Post by Michelle0311 » Thu May 20, 2021 1:00 pm
Yes I suppose, it’s just so frustrating to not even know when the variation meeting will be.
When you know that the iva’s can be set up so quickly seems so silly the length of time to end one.
They originally told me 6-8 weeks and that that would include the meeting.
Plenty more sleepless nights it would seem 😔

Foggy

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Post by Foggy » Thu May 20, 2021 1:25 pm
Thu May 20, 2021 1:00 pmMichelle0311 wrote:
Yes I suppose, it’s just so frustrating to not even know when the variation meeting will be.
When you know that the iva’s can be set up so quickly seems so silly the length of time to end one.
They originally told me 6-8 weeks and that that would include the meeting.
Plenty more sleepless nights it would seem 😔
I am a bit of cynic -- but it strikes me that getting an IVA going is an 'earner', whereas closing one down isn't !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Michelle0311

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Joined: Sun Mar 28, 2021 3:34 am

Post by Michelle0311 » Wed Jun 02, 2021 9:23 am
Hi, just a quick update.
I have spoken to 3 people over the last three weeks, the first told me that my creditors had been contacted and that they were awaiting a reply and that I would be contacted as soon as they have.
The second told me that he didn’t know why the last person told me that and that I was still in the queue to be reviewed but I was at the top so would be reviewed within a week and then yesterday I spoke to someone new that told me that he shouldn’t of told me that as I would still have to wait another 2-3 weeks before my case would be reviewed.
My anxiety is getting worse and the fact that every time I ring through I’m given different and conflicting information I have now put in a complaint.
And I still don’t know how long everything will take and the process once they have reviewed it. No one has given me a straight answer.
Seeing on this forum other people through other IP companies are being dealt with so quickly just doesn’t seem to justify the pandemic excuse of 10-15 weeks sitting in a queue to have my case reviewed 😣 by debt movement.

kallis3

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Post by kallis3 » Wed Jun 02, 2021 9:58 am
I'm not surprised your anxiety is going through the roof! Have you tried emailing your IP directly rather than going through the call handlers?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Michelle0311

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Joined: Sun Mar 28, 2021 3:34 am

Post by Michelle0311 » Wed Jun 02, 2021 10:07 am
Most of the times that I have called I have spoken to the variation team directly there has only been twice that I have spoken to call handlers and they have given me information apparently directly from the variation team I received an email from a call handler on the 6th May advising me it would be reviewed within 2 weeks as well from then.
I was calling instead of messaging as I have heard through here how unresponsive they are via messaging :(

Foggy

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Post by Foggy » Wed Jun 02, 2021 10:14 am
Make a formal complaint - details on this page: https://debtmovement.co.uk/complaints . If no joy you can, as also detailed on their complaints page, escalate the issue to their regulatory body. Apart from the unacceptable delays, I would mention that everyone there seems to be making things up as they go along !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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