From what I have read on here it sounds to me as though they will do anything to delay closure and I cannot believe any other business/contract between parties would take at least 6 months to close. It is beyond belief to be honest.
There are a few issues at present but some IP's appear to be a bit quicker than others, I'm due to make last payment in January and hope it's not delayed. Some posters have reported longer delays than 6 months which I know I would be cross with. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It's not in the IP's interests to delay closure. Once you have made all your monthly payments they are effectively working for nothing, so, with the best will in the world, they WILL want to get shot of you as soon as the procedures allow.
The proposal you signed up for does, generally, have this 6 month admin period built in, although some IP's manage closure sooner, a lot will depend upon outside forces --- Creditors, finalising and agreeing claims.
Last edited by Foggy on Mon Oct 08, 2012 9:26 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
I can assure you that IPs do not do whatever they can to delay case closures. Most of us want to close our clients IVAs as quickly as we can, and it is doubtful whether appointing a solicitor would speed up the process for you. A good law firm based in Manchester is JMW Law - I can recommend Mark Davies of that firm.
I remember reading a comment you made regarding whether or not PPI is an asset or windfall and it depended on the wording in my proposal.
The wording in my proposal, in relation to this is as follows:-
Inheritance and Windfalls.
'Should I inherit or otherwise from any monies or assets not anticipated at the timeof my Arrangement, these will be included to make up any shortfall to creditors or costs. I will inform the Supervisor immediately and such assets will be available up to the value of my total debtsexcluding statutory interest plus costs'
That is not the right clause to look for, as this relates to things which did not exist at the time the IVA was taken out. You need to find the clauses relating to assets.
I have looked at the 'Assets' area of my proposal and the only thing it mentions is that I have a 50% stake in the formaer marital home, This has actually been taken out of the IVA as this property cannot be sold during the lifetime of it, due to one of my sons going back to college. This was agreed by the creditors during a variation meeting. There is an 'Excluded' area which includes my car, pension and any household items. The only other thing is 'Third Party Assets' and the wording in there is that no assets other than those owned by me would be included within my arrangement.
