www.iva.co.uk

I paid off my IVA in full a year ago (or at least gave them £13,000 following full agreement from my creditors).

I have been chasing closure for 9 months now, with little progress, until yesterday after being repeatedly ignored by Grant Thornton, I decided to email every single person who has dealt with my case, pointing out that it was all rather unfair, and I had reported them to the insolvency service.

Funnily enough, today they seem to be suddenly near to closure! pestering and reminding them I am still here with daily emails seem to have done the trick, though I am not our of the woods yet.

I am now in the 'final stage' apparently, which means the cheques to my creditors are now being prepared by GT to go to my creditors. It is then only a simple task to get my certificate out to me within a week!

My questions are, A) if this is such a simple process which only takes a week, why take 9 months, and B) Grant Thornton have been sitting on £13000 I gave them last April to pay my creditors, in which period presumably they have been earning interest on it, which seems to me to be the main reason why it has taken so long. Is it right therefore for Grant Thornton to earn interest on my creditors money??

Should my creditors not have received funds immediately, or should I not be able to deduct the interest earned from my fee while I have suffered by being held unfairly in the IVA?

A) I think that only GT can answer that one!

B) The IP does not need to hold the funds on an interest bearing account - but if they do the interest will in any case be minimal and your creditors will be entitled to receive it in any case, so no benefit to you for the paltry sum which will have been earned.

I think that it is good news that action now appears to be being taken and hopefully you will get that closure certificate soon. There are several issues which may be holding up closures, and all cases and complaints will be dealt with on an individual basis I am sure.

I am also with grant thornton and I still have on going complaint with the ipa against my ip as why he took so long in closing my case and why he didnt communicate with me when I finished my last payment.

How is the complaint going Sharon? When did you file the complaint, and have you heard back from the IPA as to their progress in looking into this on your behalf? No IPs like getting regulatory complaints, so I would hope that all parties are working together to try and sort this out for you.

How have you found the regulatory complaints process as a matter of interest?