Near the end and confused

[mjh24]

Hey
I have been registered here before in 2007 when my iva was accepted but lost all my login details, well I am 5 years into my iva my final payment date is August 1st 2012 I have been reading some of the posts on the forum and now I am a little concerned, I will write them here so anyone who can ease my stress please do

1. What is a F&F? Do I have to make a large final payment? I am in no position to do this and it's been 5 years hard work I don't want it to fail at the last hurdle

2. Am I still bound by my iva until I get the certificate of completion? How long does this generally take to get after final payment is made?

3. Can I cancel the direct debit after the final repayment is made or do I have to ask my supervisor?

4. I have had my annual review in April this year will there be another at the end (sending payslips and bank statements in) I don't see the point really having just had a review!!!

5. How likely is my iva going to fail at this late stage? I have never missed a payment I have complied with the iva company 100% and always done what they have told me.

It's so near the end I just want it over and done with so I can book the holiday I have been wanting for 5 years so I can go out and not worry about money and maybe even drop some hours at work, many thanks in advance, I may not reply straight away as I am on nights and will be going to bed shortly

[Michael Peoples]

1. F&F is a full and final offer rather than completing the scheduled payments and is nothing to be concerned about.
2. You are bound but you need to speak to your own IP about closure timescales as there seems to be difference with different firms.
3. No need to cancel the DD as your IP should stop taking it when the final payment is made. If it is a standing order you need to stop it.
4. This confuses me because why would you have an annual review in April if your IVA completes in August unless there are a few payments in lieu of equity or something missed. Your IP will do a review before closure to check for example all overtime and bonus money has been paid.
5. No chance of failure at this time and congratulations on getting to the end. Enjoy that holiday.

[Pandy]

Hi Welcome back to the forum Marie241179,
I will answer your point in your order.

1. A F and F is a full and final offer normally made if you need to end your IVA early, some people will offer a lunp sum instead of payments for 5 years. Do not worry you will not need to find a lump sum

2. You are still bound by the IVA until you receive your certificate, for windfalls etc, just dont win the Lottery until after you have your certificate

3. When you have made you final payment I would riung your supervisor to confirm and they should advise you to cancel you DD

4. Some companies do a final review at the end just to mop up any uplift payments for overtime etc


5. I would say it is extremely unlikely to fail now as you have complied with everything you were asked to do.

Relax and enjoy being at the end of 5 long years, and start planning that holiday.

(Edited to correct spelling mistakes)

[Pandy]

Michael you type much quicker than me, but nice to know we both sing of the same hymnsheet

[Michael Peoples]

Peejayel.
Very similar posts and lucky we didn't contradict each other and totally confuse Marie!

[Pandy]

Phew!!! I must have learned a thing or two [:D][:D]

[mjh24]

Many thanks both that has put my mind at rest, my iva was for just over 5 years that was the condition it was accepted on, it was accepted in may 07 but runs until August 2012 maybe this is why I still have the annual review. It's very unlikely as I don't do the lottery but if I had a windfall when I complete my iva would I still have to pay them 50%, it just seems unfair that if it's complete it's complete! I don't do overtime and don't get paid any bonus so I am sure the final review will be fine, the money is paid through a standing order so I will cancel that after the final payment has been taken, as I said many thanks

I replied as its too hot to sleep ooooooeeeerrrrrr

[Michael Peoples]

Once you complete your IVA you have no legal or moral liability to the debts. If you receive a windfall it is yours to keep in it's entirety.

[KAYKAY]

I think you still have to inform your IP of any windfall you should have in between final payment and receipt of your certificate (hopefully they should let you keep it as you will have complied with your IVA and just be waiting for the administration to be wrapped up). Once the certificate arrives, you don't need to declare any windfall to anyone.