www.iva.co.uk

is anyone who has completed their IVA being told that the completion notice is delayed because of HMRC new tax law that came in?

Hi welshj Welcome to the Forum. I paid in my F&F 2 days ago. Only told that it could take about 3 months, even after I queried the VAT issue. Have you finished yours?

we finished in Dec 2012, payplan have said its HMRC delaying the completion notice, something to do with them being allowed to claim the VAT on something!! I'm just a little suspcious as it seems like they are making me claim ppi before i can receive my completion notice can they do this? as there was no hype 6 years ago when we started our iva, not being greedy just want to jump on the ppi band wagon !!!!

Hi welshj, the Paymex case put nominees and supervisors fees outside of the VAT system. As a result, claims have been submitted to HMRC to recover the VAT on IVA cases.

This takes time as each claim needs to be agreed with HMRC and a refund made.
This process should not impact on your case apart from it being kept open while the claim is agreed and refund received.

Once refunds have been received from HMRC and the money has been distributed to creditors, cases will be moved to completion as quickly as possible.

Please speak to your case officer if you have any concerns about your case being kept open.

With regards to you wanting to reclaim PPI, the supervisors of IVAs supervised by Payplan have appointed EIF as their agents in handling PPI claims for clients with IVA’s.

EIF are a reputable firm whose aim is to maximise recoveries for the benefit of creditors at no cost to the client.

If you use another firm, you may incur costs for which you may be personally liable.

When a claim is successful, you as the client will receive the interest paid by the lender on the claim. This can be substantial.

Once the IVA is finished, the chance to submit claims also ends.

If you have any questions, please do not hesitate to contact me directly.
Gemma

Will this impact on every IVA. I have 22 months left will this still be going on then.

Looks like it, as IP's will no doubt have to ensure they have explored 'PPI avenues' to realise assets for our creditors. Hopefully the VAT issue will be all sorted well before you are due to finish! x

Hello Gemma. Are you able to give us an indication as to the extent of your 'backlog'? (or rather how many of your client closures have been pended due to the VAT issue). Are we talking dozens, hundreds or thousands!?

Every IP firm who has made a VAT reclaim to HMRC is in the same position - the delay in closing cases is affecting us all but will hopefully be resolved very soon. The calculations involved are complex, and are taking time to work through even when the monies have been received.

Hi welshj!

Hang in there. This can't go on for much longer now x

I hope from a purely selfish point of view that this gets sorted within the next 2 months. x

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by orchid5

I hope from a purely selfish point of view that this gets sorted within the next 2 months. x

are you with DFD orchid? if so i can preety much say it wont be, the next lot for mass variation wont be put to creditors for the next few weeks and thats people who's final payment was from march to im guessing about may as there doing them in batches.

Looks like the backlog continues and doesnt look like many of them are catching up quick. But i guess its something all IP's and companies are having to deal with by utilising their current staff numbers etc

Arty

Hi, unfortunately I can’t give you a specific number, but rest assured that we are doing all that we can to close cases as soon as we can.