Problem is, Jonosi, that the IP's were / are as much in the dark as you! They have all been working behind the scenes for some time now to try to get this sorted, and, it seems, have, only in the last few days. made some headway. GT are one of the companies who have started formally closing cases again, but will, I am afraid, have a back log to deal with.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Totally agree with Foggy - there isn't a lot you can do at the moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi all, I am due to finish my IVA in july with Payplan. Does anyone know if they are starting to complete their IVA's and issue certificates, as I am starting my own business in the next couple of months and obviously would like to get my certificate as soon as possible so that I can move on finally after almost 5 years. I have a 'straight forward' IVA (I don't own a property or have any equity anywhere)and all payments have been made on time throughout.
Sorry Sammy, not sure what they are doing. Email your case worker and ask, hopefully they'll know.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi sammy1 we are completing IVA's at the moment and closing them from our point of view, however it is taking a little longer to get the complition certificate. Hope this helps.
Many Thanks
Gemma
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
Hi Gemma. How can a case be closed without a completion certificate being issued? Surely the case is still open! Is the client still on the insolvency register as this would impact on any new business that Sammy was opening?
Hi Michael, as per previous threads, we are closing the cases from our end, meaning that as far as we are concerned the IVA is complete and we would require no further action from the client. We are working as hard as we can to ensure that peoples cases are being officially closed as soon as possible.
Many Thanks
Gemma
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
Hi Gemma. So, if the client has a lottery win or inheritance, this will not be touched for the purposes of the IVA. Have the creditors agreed to this, or is there still a possibility that they will insist that a windfall is drawn in?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I am still a bit confused. The IVA has closed but the client is still on the insolvency register and subject to all the restrictions of the IVA. If you are still on the register and have no certificate then your IVA is still open. I appreciate that you feel they have complied with their agreement, but legally surely they are still bound.
I discussed this on a previous thread, I had this discussion with the IP's and as far as we are concerned the clients have fulfilled the terms of their IVA and we wouldn't want any part of any windfalls.
Many Thanks
Gemma
Payplan Representative
Payplan offer a range of solutions including IVAs and free DMPs. To find out more and to contact us please visit www.payplan.com
I appreciate that this is possibly the best that can be hoped for at the moment (other than formal completion). But I would still be wary ..... looking at it from a creditors point of view: If I became aware (however unlikely this would be) that there was a possibly significant sum legally available to me, I would go get it !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I hope this never becomes an issue because while you may not want any of a windfall, it does not mean that an aggressive creditor might not demand it. Should any clients receive a windfall will you call a meeting to exclude it or just ignore it altogether?
Reading between the lines, and noting Gemma's comments to me on her earlier thread, I would suggest that Payplan are advising their clients that they believe their obligations under the IVA have concluded, but that they have decided that the case has to remain open until they receive and distribute the VAT refund. I am having to this in a very minute number of cases, where I do not have a continuing trust - eg if HMRC specifically removed it.
I have sought legal advice of my own - at the very highest level possible - and confirmed with my regulators that there is no issue in my closing cases completely. After all, a case is either closed or it is not - and if is not closed simply because a client has been told that they have fulfilled their obligations.
I actually took a commercial decision to close, and run the risk that I may not get my fees agreed for dealing with the VAT issue - it potentially being more difficult to do so in a closed rather than an open case. Earning fees out of this whole debarcle was the last thing on my mind to be honest, and we just simply wanted to get on and release our clients who had fulfilled their obligations completely. The thought of continuing to supervise cases whilst having to do doing annual reports etc - when HMRC have not even acknowledged receipt of my claim submitted in September, does not really appeal to us I am afraid.
Just a point Michael - if the IVA term has expired, a variation meeting could not be called to exlude the windfall - so clients with open cases could still be at risk unless the proposal documents dictate otherwise.
The windfall problem is only one issue with cases being held open indefinitely.
The other major issue is that the debtor will not be removed from the Insolvency Register which can have serious knock on effects, such as being unable to apply for certain jobs and being unable to obtain a mortgage.
Those firms that have not found a way to deal with this yet need to sort their act out.
I'm staggered that Gemma can make a statement like "we are closing the cases from our end, meaning that as far as we are concerned the IVA is complete and we would require no further action from the client", when it appears that they are not closing cases at all.
Maybe Payplan should have another read of the IPA Ethics Code for Members regarding transparency.
I just want to let our clients know that we are closing cases and issuing the certificates. As Melanie mentioned in her previous post you cannot vary an IVA when it is out of time so it makes a lot more sense to close. This may cost us some lost fees in the long run but ultimately we have a service to provide to clients and creditors alike.
