Hi, say DFD has issued me a Certificate of Completion of my IVA and I have received it in my hands. In later days, say I have my pension lump sum, or inheritance, or worn the lottery (unlikely because I don't buy it), can DFD comes in with a reason(s) to take the money away or even a portion of it? Oh, do I have to check the Insolvency register to ensure my name is taken off as well?
You can check the Insolvency Register quite easily on line David - and I suspect that most people do at the end of an IVA to ensure that their names have been removed.
If your IP has closed the IVA, you are released from all of the obligations you had undertaken as a result of the IVA, and are then free to deal with excluded assets as you best choose.
Last edited by MelanieGiles on Wed Mar 05, 2014 1:37 am, edited 1 time in total.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
You can check the Insolvency Register quite easily on line David - and I suspect that most people do at the end of an IVA to ensure that their names have been removed.
If your IP has closed the IVA, you are released from all of the obligations you had undertaken as a result of the IVA, and are then free to deal with excluded assets as you best choose.
Hi Mel,
If I discovered my name still remain in the Insolvency register online but yet I received the CC already, what is the formal procedure to get my name removed from the register in order to avoid further delay in the removal process?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj
Well done on reaching the end of your iva .... You can look forward and plan how you will move onwards in your debt free life.
Hi Luluj,
Sorry that I have mislead you into thinking that I have finished the IVA. I was just preparing for the mitigation of unwanted risks of problems when the time comes. I am due to complete it in July this year. DFD has already arranged a partner to contact me to arrange the remortgage and said in their letter that I will be able to finish the IVA earlier. Lets wait and see. Actually, my most worried issue is that DFD via the "Variations of terms of IVA" might worm its way to finding reasons to increase the originally agreed amount to be released from the equity of my property because there has been increase in the property value over the last 4.5 years and I only got about ¢G16K mortgage left by July with a market value of the property last valuated (November 2013) at ¢G165K. I wished members of this forum has got access to the actual copies of the "variations of terms of IVA" from DFD to help with confirming whether it gives them the empowerment to change/increase the originally agreed amount. It will be a disaster if people sign this Variations.. to allow DFD to increase the amount if there is a term in it that gives them the power to do so.
Hi David. When you get your Certificate of Completion a copy will be sent, by your IP, to the Insolvency Service.
Now, I am told by them, the correct procedure is that your IVA will be shown as completed on the Register and will remain visible for three months from the date of the Certificate. However, in reality, some posters have disappeared within days.
I, however, am still there, with another month to run.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Hi David. When you get your Certificate of Completion a copy will be sent, by your IP, to the Insolvency Service.
Now, I am told by them, the correct procedure is that your IVA will be shown as completed on the Register and will remain visible for three months from the date of the Certificate. However, in reality, some posters have disappeared within days.
I, however, am still there, with another month to run.
Hi Foggy,
If the Insolvency Register shows the person as IVA completed, it is good news. What I was worried is it is out of sync and did not say it is completed. Since that is the case, I don't need to chase for it change status because the status is already correct. Thanks for sharing your personal knowledge with me.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_
Hi David, I think and stand to be corrected it can stay on there for up to 3 months after the end of the IVA.
Foggy is experiencing this at the minute and I'm sure he will post his experience to maybe help guide you through.
Hi Lesley,
From what Foggy said from his personal situation, I am not worried any more. It can stay there as long as it likes as long as it shows a status of "Completed".
Even if you were to post full details about the proposed variation terms being suggested by your IP on the forum, we would not be able to specifically advise you, in fact it would be dangerous for any of us to profess that we could.
The only thing I can suggest you do is to seek independent legal advice. If this has been suggested by your IP in any case, you could fund the cost out of your next payment - as this really should be funded as an expense of the IVA.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
David
Even if you were to post full details about the proposed variation terms being suggested by your IP on the forum, we would not be able to specifically advise you, in fact it would be dangerous for any of us to profess that we could.
The only thing I can suggest you do is to seek independent legal advice. If this has been suggested by your IP in any case, you could fund the cost out of your next payment - as this really should be funded as an expense of the IVA.
Hi Mel,
Thanks for your reply. I have already approached a solicitor on this matter yesterday and she could not see a term in it that enables DFD to do so. She also advised me to see a specialist if I am still in doubt or just not sign it at all which I am entitled to.
Hi Mel,
I will certainly go shopping around to see if there is one that I can afford. I don't know what their fees will be. If I am successful in finding on I can afford, I will certain post the answer on this forum for the benefit of those concerned.
I have just edited this reply with an update. I have just emailed to a London Solicitor firm specialising in Insolvency (including IVA) and is also an ADVOCATE! I have emailed them my situation and asked for a quote for their professional fees to read the documents and advise. If their quoted fees is within my budget, I will email the scanned documents from DFD to them for analysis and recommendations. Keeping my fingers crossed. Good night. Got to go to work tomorrow morning.
Last edited by David.43 on Thu Mar 06, 2014 1:11 am, edited 1 time in total.
