Final payment made.

7 posts Page 1 of 1


User avatar
Posts: 3
Joined: Tue Aug 21, 2007 12:44 pm
Location: United Kingdom

Post by E30Sport » Sat Jan 07, 2012 10:57 am
Hi all,

In November 2011 I made the 66th and final payment of my IVA. However, I have just received a letter requesting that I complete an annual expenditure review. I have emailed Grant Thornton and told them that the last payment of my IVA was made in November and I await their response. Is this normal and is it probably just a clerical error?

At the start of the IVA I was advised that I may have to release some of the equity in my property towards the repayments. I received a letter requesting mortgage statement and estimated value of house around three or four months prior to the final payment so that the case officer could look in to making mortgage arrangements. I have not had any further correspondence regarding this. I was also advised at the start that, if equity could not be released then the amount required would be written off. So I have a couple of questions:

How long after the final payment do Grant Thornton have to release equity? Is there a time limit?

Is it true that the lump sum from equity can be written off or was I I'll advised?

Unfortunately, like others on this forum, my IVA was transferred to Grant Thornton so I cannot pinpoint who gave me that advise.

Your help and answers will be much appreciated.



User avatar
Posts: 40
Joined: Tue Sep 18, 2007 7:44 pm
Location: United Kingdom

Post by Orange78 » Sat Jan 07, 2012 11:09 am
I believe that completing an I&E at the end of your IVA is standard practice. Don't know anything about equity as I am not a homeowner.


User avatar
Posts: 5
Joined: Thu Mar 20, 2008 6:56 pm
Location: United Kingdom

Post by dwardle1978 » Sat Jan 07, 2012 11:52 am
We couldn't release equity from our property and have had to make nine additional monthly payments. Have you received your certificate of completion?


User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Jan 07, 2012 12:01 pm
Hi. As Orange 78 says a final review is standard practice. On the equity front, the answer will lie in your proposal.

In modern, Protocol Compliant proposals equity is, generally, only considered if it is over £5000. In modern times it is impossible to release equity ( although you still have to try). In this case there is usually an extension of 12 months instead.

All that said, your proposal was drafted a while ago and the company might well have had their own policies on the matter.

First, look at your proposal and see what that says on the matter. You can also email Karol, a representative of GT who has helped many members.

Karol can be contacted direct by emailing and ensure that "IVA Forum" is all that is entered in the subject line of the email.
Last edited by Foggy on Sat Jan 07, 2012 12:45 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014


User avatar
Posts: 350
Joined: Mon Sep 03, 2007 5:23 pm
Location: United Kingdom

Post by molly16 » Sat Jan 07, 2012 3:55 pm
we didnt have to do final review ! we ended up with clear debt . at end of yr 5, couldnt remortgage so variation meeting set up, it was concluded we would make 12 additional payments of £539. when that was done , that was it. they said as creditors had agreed for that set monthly amount for set period of time, that was it job done , end of. i clarified this with clear debt and that was the case. last payment made 30 nov, certificate of completion 11 december . im sure every company maybe has different ways of doing things and that was our experience.


User avatar
Posts: 600
Joined: Fri Jan 27, 2012 7:09 pm
Location: United Kingdom

Post by wiggle1 » Fri Nov 30, 2012 11:57 am
Reading this post has panicked me a bit. We are due to finish on Dec 25th having done an extra 6 months due to illness. We have no equity but can FJ tell us we have to do another year at this late stage?
Life after IVA is wonderful.


User avatar
Posts: 5169
Joined: Tue Jul 03, 2012 9:56 am

Post by Niobe » Fri Nov 30, 2012 12:12 pm
Check what your paperwork says wiggle and speak to FJ about when your last payment is due so you can stop any future payments.
7 posts Page 1 of 1
Return to “IVA completed !!”