www.iva.co.uk

My sister have been paying off an IVA for 7 years come this December. When I asked her today when she would be finished she said she did not have a final figure or a final date. As she earned overtime and received annual pay rises, she had to pay extra. I have told her that is understandable, but she should be able to get both an end date and final amount owing, shouldn't she?

Please, any advice I can give her would be very much appreciated, I am sure the IVA company are not being fair or acting within their guidelines.

Hi. Ask her to dig out her copy of the proposal -- it will have all of the details in there.
Do you know who she is with ?

I think this is unusual, I would imagine most people are like me and know exactly when their last payment is to be made. Your sister needs to speak to her company straight away as most IVAs are 5-6 years.

Grant Thornton

Well -- despite the problems GT are having with PPI issues they are a very reputable company, so wouldn't be likely to be up to anything grossly underhand.

The end date should be in her documentation. As for final amounts owing, she will basically still owe the full amount of the original debt, plus fees ( less whatever she has paid in so far ). Only at the end of the arrangement is any unpaid original debt written off.

It is possible that the IVA ended a while back but has been overlooked --- has she been having the regular annual reviews ?

Thank you for your responses so far. I have passed them onto my sister.

I hope your sister find her IVA is coming to an end very soon as I'm sure GT will look into this on her behalf and give a date.

Tell her to check her paperwork considering its over 7 years old its probably got a 6yr expiry (72months) for the IVA even with a extension it should be over now.
Make sure she points this out to Grant Thornton thier reputation as a big firm im afriad does not match thier customer skills when it comes to doing closures.

This information would be on the annual report as well as the actual proposal. I am sure this is easily resolved but definitely speak to GT.