My 5 year IVA payments finished in october, I have paid all of the required payments. I was lead to believe that my IVA was now complete. However the company now seam to be dragging there heels to process the final paper work. The reasons they have given relate to claiming back PPI that I may have paid and also that they are waitng to claim tax back from my payments?
I am starting to get really concerned that they are not acting in my best interests, I am in limbo while I wait to have the final paperwork, I am still waiting 6 months after it finished. I also understand it will be a further 6 months before my credit history will be repaired. This will mean 12 months of not being able to move forward with my life through no fault of my own.
Whilst these issues are tedious, they may be of importance to your IP and they are acting in the best interests of your creditors in determining whether you have any PPI reclaims to make Your credit history would not be affected by the ending of the IVA - as the credit files do not get updated until six years from the time you entered into your IVA in any case.
Hopefully the two issues which are delaying closure for you will be resolved shortly.
I am in the same boat as you Vicky, I finnished paying sep 2011, i recieved a letter the week before christmas from equity in finance, i then contacted them to say I have finnished my IVA, I was then told it would in that case be a private claim, so why was it still taking so long? I was thyen told it wasn't a private claim so I told them I do not want to continue in that case. There is now a VAT issue, which I think has been the problem all along and they are hiding behind the PPI rubbish to buy time. I have been issued with some bobbins letter of completion that doesn't mean a thing as they will not release me until the VAT issue has been sorted. I have been in this arrangement for 6 years, i am now in the 7th year and still tied into the IVA even though I have paid back all monies owed with a deficit of 3k. You will not be removed from the insolvency register until 3 months after debt free direct have released you from the IVA. Fact. Debt free direct are not acting in my best interest as I no longer need them to do anything for me. They are only acting for themselves. fact. I will make sure they recieve the correct exposure on this matter.
As Mel has explained though, they aren't there to act in your best interests but your creditors, they have to ensure that they have collected all monies due, whether this is from VAT reclaim or if any PPI is due to improve the dividend for your creditors before the IVA can be closed.
Your credit file will always be affected for 6 years from the date of acceptance whether the IVA concludes sooner than that.
At the very least you no longer have to make monthly payments which surely is a great relief?
Great releif??!!!! no, sorry. that isn't an emotion I am experiencing unfortunately! I have been locked into this now for 7 years. I have paid back all monies owed barring 3k. Can't see this being sorted this year, so this will be going into the 8th year! NOt very good is it really??!!! Just to clarify, it has been over 6 years, I am still on the insolvency register, don't kid yourself in thinking it's all ok after 6. It really isn't!
Alee, you need to take this up with DFD, remember if you hadn't have been in the IVA, you would have continued to accrue at the very least interest on all your debt, so by getting to this point successfully, it has saved you an awful lot of money.
I can fully appreciate why you are fed up after all this time, but unfortunately only DFD can give you the answers you need and you need to keep on at them to get this concluded.
But I stand by what I said, that getting to the point where your money is your own again, even though your credit file isn't clean yet, is a big achievement and something to be celebrated
alee, I know exactly where you are coming from. A bit of good news is you won't have to wait 3 months after the completion certificate is issued to be removed from the insolvency register as you have passed the 6 year period. My completion certificate was issued last Friday and I was off the register this morning.
I agree, it is and should be something to be celebrated, however, because I am not getting any answers as to what is going on, it is extremely frustrating! Can't shy away from the facts. Two reasons why we want to be debt free 1) To be financially better off
2) To be free to make educated, responsible financial descisions with no restrictions.
I have achieved part of my personal goals here. Debt Free Direct are in the way of my second goal and it is out of my control. This is annoying. The people in which I thought could help have quickly turned into the enemy! I am finding it very difficult to remain positive. I wish you all the best for your future and hope you do not experience any of my problems.
Frustrating as it may sound Alee, your IP is probably not doing anything wrong in the eyes of his/her regulators or compliance with the contractual terms of the IVA or statute. It may not be the strategy of every IP or firm, but they cannot be knocked so long as the delays really do relate to outstanding PPI claims or the VAT issue.
I have my completion certificate, I have had this from 20.03.2012. I will not be removed from the insolvency register until DFD have released me, which they have not and I have no idea when they will either! There is a VAT issue.
Hi Alee
Firstly, apologies for the delay in responding but having read through this post, I am more than happy to assist in any way I can. Unfortunately there are some external issues prevailing (VAT) which we are awaiting full guidance on which unfortunately is causing some backlog to our cases and whilst you have served your side of the IVA agreement I can see how frustrating it is not be off the Insolvency Register. If you would like to send me your details, I am more than happy to provide you with an update on where we are and so forth. My contact details can be found in my profile.
