Absolute disgrace. 6 more months to sort out Administration after 6yrs of IVA

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Post by nigel343 » Sat Jun 17, 2017 9:48 am
Hello my IVA finished last year and as the company could not release equity there was an extension of 12 months so 6 years in total. I was disgusted to receive a letter say in a further 6 months is required while they sort out the Administration. Absolute disgrace and surely taking advantage. Can you please advice what steps i can take?


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Post by Foggy » Sat Jun 17, 2017 9:56 am
A 6 month administration period is the usual term built into an IVA under usual Ts&Cs, however, it usually happens a lot faster. Some can manage it in weeks, most a couple of months. Unfortunately the delays are not always under the control of the IP and, often, non-response from creditors holds things up. Admittedly, I think, IP's are often too gentle with their dealings with creditors and give them more time to respond than they are officially entitled to. As you can guess, a lot also depends upon how pro-active the IP is approaching the final payment time (not as though it comes as a surprise ! ).

There is, in all honesty, little you can do other than pester (gently) -- squeaky wheel and oil and all that.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Lisa Thomas

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Post by Lisa Thomas » Mon Jun 19, 2017 8:48 am
Unfortunately a lot of IVAs have the standard 6 month closure allowance built in as Foggy has stated.

Keep the pressure on them to close quickly but be prepared to have to wait 6 months.

...and yes it is a farce.
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


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Post by JazzyKo » Tue Jun 20, 2017 4:10 pm
huh good to know though. was hoping I've got only half a year left and I'm gonna be a free man again, but not so soon as I see now. almost a year to go :(
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