Why does it take 3 months for a completion certificate?

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J5453
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by J5453 » Sun Feb 04, 2018 9:41 am
Hi,

I’ve been told that my last payment is next month. I’ve had an email asking me to send in February’s payslip to start the process and that’s it. I’ve been told it can take up to 3 months to get my certificate. I’ve never missed a payment, been upfront on any changes to wages, bonuses and sent in documents when required. Not had any payment holidays etc. A perfect smooth running account.

What I want to know is what do they actually do in the closure process to take up to 3 months? What checks, what paperwork needs to be moved around a desk etc etc because I think I shouldn’t have to wait that long! I know some people have to wait longer and that 3 months is a luxury but still!
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Foggy
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by Foggy » Sun Feb 04, 2018 9:51 am
They have to review the whole term as well as re-check every review. Then get final claims in from creditors ( I know -- in my opinion the claims submitted at the start should be the "be all and end all" ... but, it seems, they are not) and make the final dividend payments. If a crditor puts in a wayward claim now everything has to be reworked and possibly some dividends paid to ther creditors have to be reclaimed --- a total mess.
Now, some firms are pro-active and start this process ahead of the final payment (after all -- like Christmas -- they can see it coming) . For others ( often the IVA factories) itcomes as a complete surprise! They start the process a few weeks after the final payment, when realisation dawns. At least one company has a dedicated completions team, which means that they do not see anything of the case until it is actually passed across the corridor to their offices --- and they literally have to start from scratch. It will come as no surprise that this firm routinely takes 6 months (sometimes more).
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J5453
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by J5453 » Sun Feb 04, 2018 11:47 am
Thanks for explaining the proces Foggy.

Finishing the IVA seems just as daunting as plucking up the courage to start the process. I am trying to focus on being debt free and stay positive but it’s still an anxious time.
And you would expect any issues to be picked up at each annual review. I won’t be happy if they pick up something that should have been addressed at the time. :(
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Lisa Thomas
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by Lisa Thomas » Mon Feb 05, 2018 9:54 am
Some firms take up to 6 months to issue a CC so 3 months is better than some...

...although still too long in my opinion!

Bear in mind it will take up to another 3 months to come off the Insolvency register after receiving your CC.
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