completion

[LJ1981]

Not sure if this is the right place if not please can someone move to the right place for me..

I am just about to complete my IVA after 6 years and have contacted them today to find out about completion etc as i have had no information about it..

Can someone just clarify a couple of things for me?

I am being told that it will take 4 - 6 months for me to get a completion certificate - what do they do for this time?

Also they have also said even though i have completed and complied with everything until I receive the completion certificate I am still bound by the IVA so cannot go and change my bank account to one with a debit card etc? Is this true?

thanks in advance

[Michael Peoples]

That is rubbish. You can have a debit card while in an IVA and if you now want to obtain credit demand the IP gives you permission. You cannot be penalised because it is taking so long to close your file and let your IP firm know that.

[LJ1981]

thank you will contact them again ..

another question they are saying if I receive any bonus once I have finished paying I will still have to pay half to them until I have my completion certificate is this correct?

[KAYKAY]

Hi and welcome. Not sure about the changing of the bank account, as I know a lot of people have debit cards during their IVA. We did during the latter stages of our IVA.

As for completion - it seems to becoming the norm for it to take between 4 and 6 months for the completion certificate to be issued. During this time, they chase creditors for final submissions, some firms carry out a final review to ensure that you have complied with the terms of your IVA. Once they are satisfied with these two points, they then distribute the final dividends to your creditors. I do know some companys are dealing with the issues of VAT refunds, and this is delaying some completions. Hope this helps.

[KAYKAY]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by LJ1981

thank you will contact them again ..

another question they are saying if I receive any bonus once I have finished paying I will still have to pay half to them until I have my completion certificate is this correct?

My understanding is that this is correct. This is what is frustrating alot of clients, as they have complied fully and are being delayed through no fault of their own. You are not free from the obligations of your IVA until your certificate is issued.

[LJ1981]

Hello and thank you.. its so frustrating after 6 years I just want it to be all over so I can start to rebuild my credit history..

[Michael Peoples]

Get your IP to give you a letter that you have nothing further to pay. This should protect you from losing your bonuses.

[LJ1981]

Im confused Michael Peoples I am meaning that if i get bonuses from work i have been told by my IVA people that I have to pay half to them even though I have finished paying and they are just doing the completion stuff is that correct?

[Michael Peoples]

If they have not finished their paperwork that should not be your problem. Tell them to close the file or confirm no more payments. Otherwise you could have grounds for complaint as they are costing you money because they have not done their job within the required timescale.

Speak directly to your IP.

[LJ1981]

aah.. is it normal practise for iva firms to take 4 - 6 months after completion to sort all the paperwork?

[Michael Peoples]

Absolutely not. It should be done almost immediately after the last payment is received but there have been some problems lately with VAT and PPI. However, this is not your fault and if the delay is not caused by these issues then it is basically the fault of the IP for not doing the job they are paid for. Either way you should not be penalised as the IVA should be over and closed down.

[PompeyOz]

Sorry to hijack this thread but it is related.
Michael, our last payment is tomorrow after 5 years with yourselves, however today we received a PPI pack. With 1 day to go this is now going to effect the time it takes for closing our file and issueing completion certificates

I fully understand that you have to do the best for creditors but this late in the day??? How long would you say this is going to prolong things for us as speaking to your team the closures dept were tied up sorting 3500 packs for PPI today.

Another matter is the 40% that Equity in Finance will take from the final offer for PPI owed, do your fees come out of this or from the remaining 60% that should go in the pot?

Sorry to sound off but i saw light down the tunnel and now someones pulled the curtains.

[Broke of London]

Gentle bump for Michael. Hi PmpeyOz and welcome to the forum!

It is only recently that IVA providers have been urging clients to claim mis-sold PPI so some completers are receiving their packs late in the day but this isn't intentional. I would assume every client at every stage is receiving the pack at the same time. The curtains aren't being pulled on you, if you have a claim it shouldn't take too long to process. x

[menorca]

Good morning all...this is just a question which has arisen out of the bonus post completion of IVA.
I assume that when you have made your final payment then no further salary reviews would take place, so why would you need to make any further payments whilst waiting your completion certificate?
I understand if it was a 'windfall' received post IVA and pre completion certificate, but I think it would be grossly unfair having spent 5 or 6yrs complying with the IVA to be told to hand over any further monies AFTER you have made your final payment.Or am I getting this horribly wrong??? May be my age!

[Broke of London]

Hi Menorca! I'll bump this up for clarification. x