www.iva.co.uk

Happy to say that I've just had an email from Grant Thornton Closures to confirm that as of today, my IVA is officially closed. I don't know whether it was all the shouting and screaming and chasing, or whether it would have just naturally happened, but I wish everyone else all the best in getting their IVAs paid off and closed.

The feeling of relief is immense, and I'm glad I can now start to get my life back on track. It's been a long hard road, but many valuable lessons have been learned.

I will still pop onto the forum from time to time no doubt to ask for post IVA advice

Great news. Nice to read a positive GT post!

Well done!!. Waiting on my confirmation today.

Somebody seems to have clicked a swith over there because things seem to be happening now

It is good to see as no firms want to keep files open. It causes nothing but problems and you do not get paid any extra!

Michael, you may be able to help. Re PPI, I was told that although the bulk of any PPI payments would actually be paid into my IVA, I would be due any interest accrued. How does that actually work, what is the interest calculation, who do I chase for that (because I know for a fact that Lloyds at least have agreed a settlement of over £6000), and what are the timescales?

Fantastic news and hopefully GT will do mine as soon as I've paid my last payment next month. Wishing you all the best for the future

I cannot speak for other firms but we repay 40% of the simple interest less any tax deducted at source. If the client is a higher rate tax payer we will pay 45% and this basically leaves the client with sufficient funds to clear their HMRC liabilities.

I hope this helps but not sure about everyone else.

Hmm ok, not really sure what simple interest means, but I'll contact them and see what they say.

So are you saying you retain the other 60% of the simple interest towards your fee?

The PPI refunds include interest at 8% per year simple interest which is actually a taxable income. That is why we rebate 40% to ensure that the client does not end up with a tax bill they cannot pay. The rest of the money goes into the 'pot' for distribution to creditors and is not our fee.

Simple interest means 8% added to the capital for each year but there is not interest added to the interest. Therefore a PPI reclaim of £100 with 3 year's interest means a settlement of £124. We would send the client back £9.60 whioch covers their liability to HMRC.

I hope this is a bit clearer.

Ok so essentially what you're saying is there will be NO actual "winfall" amount paid back to me, but rather a minimal amount which ends up being paid back to the tax man anyway?

My IVA is offically closed :-):-):-):-):-):-). Finally

Nice one, well done. Little celebration this weekend I think.

Oh yes, just a few drinks to celebrate . The only credit for me is a remortgage &,a car lease no loans or credit cards.

Looking at applying from March 2014.

I've got an Aqua card with £250 limit just to start rebuilding my credit history, and might look at a car lease sometime in the new year. Acutally feels weird to say things like that. I'm definitely never going to make the same mistake again, feels like I've lost 6 years of my life and have nothing to show for it. Onwards and upwards