My partner and I completed our payments for our iva's back in April 2009. I have received my letter of completion but my boyfriend had shares that our iva company are trying to realise and this is holding up his completion. Is there a time limit on how long after our payments finish that we should get his letter of completion? We have offered to pay the amount they would receive from the shares to try and speed up this process but they have not got back to us.
Your IP can extend the IVA to complete necessary paperwork but this does seem a bit long. Check your names are still on the IVA register and speak directly to your IP as it does seem odd that it has taken this long to sell some shares.
An IVA can only be extended if the terms of the arrangement allow for this or it is specifically varied for such purpose. Once the IVA duration has expired, it ceases to exist, and if the shares have not been realised you could find that the contract is now frustrated. I do hope not. What was the original term proposed for the IVA?
