What is normally classed as the IVA discharge date?

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neil369

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Post by neil369 » Mon Mar 18, 2019 5:39 pm
I started my IVA on 17/04/12. I finishing paying my creditors in 2018 but for the past year I have been paying off additional earnings and my final payment to the IVA was on Friday 15th March.

Myself and my partner are looking around at mortgage options but the brokers want to know my discharge date. My Insolvency Practitioner tells me they have to give 28 days notice to a creditor who is non-responsive then its 4-10 weeks for the IVA to fully complete and this will then be the discharge date? My broker seems to think this is unusual and the discharge date should be during the term on the IVA?

Foggy

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Post by Foggy » Mon Mar 18, 2019 5:45 pm
Your broker is wrong and I would be worried that your broker isn't clear in his knowledge of IVA's --- the discharge date is a BR term. What they are all talking about is the completion date (you complete an IVA, not get discharged). This will be when the IP issues a Notice of full implimentation --- commonly called the completion certificate --- and will be anything up to 6 months after the last payment date -- usually sooner, sometimes later.
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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kallis3

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Post by kallis3 » Mon Mar 18, 2019 6:11 pm
Have a word with either Shaun or Ryan who are our resident mortgage to see if they can help you.
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Shaun Vickery

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Post by Shaun Vickery » Tue Mar 19, 2019 8:57 am
Many mortgage brokers have little or no experience in this area of the market and, although it may just be that he is using the wrong terminology, I'd be inclined to ask how much experience they have in dealing with people who have been party to an IVA.
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Lisa Thomas

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Post by Lisa Thomas » Tue Mar 19, 2019 3:52 pm
The broker is not using quite the right terminology but your release/discharge/completion date with be the date on your completion certificate, once received.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Ryan

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Post by Ryan » Thu Mar 21, 2019 8:54 am
I have to agree with Shaun.

If the IVA began in 2012 we have access to High Street Lenders who would look to lend normally to you now.

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Ryan Radford
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Zebra Money Centre

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