I made my final payment to PayPlan a little over 3 months ago. The original completion date for my IVA was 5 months ago but I had to skip 2 payments when I was made redundant so it was extended.
But even though it's been over 3 months since I made my final payment I've had no letter to say it's completed or any correspondence at all.
I've checked the personal insolvency register and I'm still listed. I'm very confused.
The only communications I've had from PayPlan over the last 6 months have been them hassling me to fill in some PPI claim paperwork and when I asked if I would get confirmation of completion they said yes but could be 6 months after I made my final payment?
It seems like a pretty big anticlimax and it's quite frustrating that I'm still listed as being insolvent when I'm not
What do I do? Do I chase them or do I just sit and wait another 3 or 4 months hoping i'll get something in the post?
Thanks for the quick reply - yes sorry I did just do a search and have seen many others have the same problem. It's very frustrating as you're told when you start that everything will be clear and you can start rebuilding your life.
Me and my partner are keen to try to get saved up and apply for a mortgage as 5 years of renting has been throwing money in a black hole
Oh well hopefully it will come through soon
You ought to ask them how long it could take to send your completion certificate. Some posters on here seem to be taking forever. I think the delay is because of chasing PPI claims etc. I know this has to be done but you should not be left in the dark.
I think that you need to get confirmation in writing from them as to what is taking so long to resolve and what timescale they are hopefully now working to. Once this has been received you can ask them to keep you updated on progress on a monthly basis thereafter in order that this timescale does not slip.
Hi pbarker. Welcome to the forum. Looks like we finished around the same time. I was initially told 3 months. I emailed the end of October and got immediate reply stating not sure of date, and would write to update. Then got letter about creditors meeting for mass variation on 30/11. I'm just awaiting the outcome of that. I don't really expect anything to happen before my annual review in March 2013, which I'm not happy about, but I'm too unwell with no fight left...x
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
I've just had a letter that I read briefly before heading to work that said something about them doing another meeting to discuss how to distribute VAT or something *sigh*
My biggest problem with the whole process is how completely miss-sold I was on it. They made out it would be 5 years of payments then debt free and I could rebuild my credit rating. Over 5 years of payments made and now they just don't seem to care and I still can't even apply for a high interest credit card. In fact I can't even get a mobile phone contract.
I've worked my ass off for 5 years to more than double my wages and would love now to be able to buy a house and settle down but feel like I'll have the IVA hell floating over my head for another year at least.
I don't think you have been missold, you have completed your five years of payments and now your case will be going through the completion process, the VAT/PPI issues have been holding up completion for many people this last year which is a pain and very unfortunate but it's just the way it is, under normal circumstances most companies allow themselves up to 6 months after the final payment to issue a completion certificate so the fact you have been waiting only 3 is certainly not out of the ordinary, some people have been waiting well over a year!
You won't be able to do anything about your credit rating until 6 years after the start of your IVA when it will then drop off your credit file, but in the meantime, now you are no longer having to make payments you can still start to save towards that mortgage, nothing to stop you doing that.
lem - I understand what you're saying - but the personal insolvency register have said I should be removed after 3 months, and asked me to send my completion certificate in - but I don't have one.
I've signed up to equifax and others - none are showing my old debts at all, in fact on a few I've got a fairly good credit rating. But being listed on the insolvency register obviously overrules that. It's just very frustrating.
The VAT/PPI issues obviously have come up in the last 5 years but that's not my problem - it should have been dealt with during the IVA not after completion affectively extending the length.
I was never given any other option - I wish I had been given the option of just writing to the companies, freezing the interest and making monthly payments to clear the debt. I'd be debt free now, without the insolvency, without paying another company a massive portion of my money in "fees", and I'd have been able to claim PPI back myself and cleared a large portion of the debt. It's just a shame that back in 2005/6 everyone was jumping on the IVA bandwagon as the way to fix any debt problems
Hi pbaker, sorry you haven't received any communication from us regards to you completing your IVA. Are you able to contact me directly and I can make sure we send out any relevant paperwork.
Thanks
Gemma
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
Unfortunately not. You will never get your letter on the date you make your last payment as there is still admin work to be done and final dividend payments to be made.
Agree with Niobe and unfortunately the VAT/PPI issues haven't been around for the last 5 years only the last year or so.
Your name will come off the Insolvency register up to 3 months after you are issued with your completion certificate, but irrespective of that the IVA will still stay on your credit file for the full 6 years.
To say 'you were never given any other option but the IVA route' I think is passing the book to be honest, when you are in siginifcant debt it is up to you to find out about the options available, do a bit of research into the pros and cons of each option and then make an informed decision in which is best for you, nobody forces you to sign anything, you made that decision 5 years ago.
A DMP may have been an option for you but it is unlikely that you would have had all charges and interest frozen from the start and the problems with a DMP is that it stays on your file for 6 years form your last payment not from the start, so even if you had finished paying that now you would have that on your file for another 6 years.
