www.iva.co.uk

After nearly six yrs i have two payments left, i have mailed DFD to find out what the process is for closing the account and clearing my credit file and they inform me that the certificate will take between 6-8 months to issue.
This will then mean to me that the IVA will potentially last nearly 7 yrs ..can this be right

i dont get this, i am hearing people are taking months to close the account and send out a certificate, surely the iva should be done when the last payment is made ? Mine should finish in Feb 2014 but then i have no equity so guess it will run another year.....so then will have to wait for certificate and for me it be like August 2015 instead. I am fuming

Hi Rockhound -- the closure period is a pain at the moment due to problems caused first by changes in VAT and now by the need to sort out PPI claims. However, some firms are still a lot slower than others ! Fortunately you don't have to keep up repayments during this time !

nffcwatto. Check your paperwork regarding equity. In newer proposals it is generally included that if less then £5k equity there doesn't need to be an extension.

thanks for reply sorry to gatecrash your post too!!
I have checked it doesnt say much about extensions though at all so i am not sure i have read and re-read but it just speal to me.

Hi Foggy,
The money will be nice but to be honest its being in control again that im looking forward to ie moving house

I know what you mean, Rockhound. I am a little way off from being where you are and, selfishly, hope this is all ironed out by then ... although I am sure there will be new flies in the ointment!

i wont have any equity when my 5 year terms end does that mean no further year ?

As long as that is what your proposal says, but always best to check with your IP.