www.iva.co.uk

Hi, I have put forward a full and final settlement amount forward to be considered yesterday, it is the full amount that I would have left to pay if I had completed my Iva. This was a gift from my parents and it stated only available on the understanding my Iva would end.
If accepted please could anyone explain to me the timelines and exactly what they will require to get released from the Iva register please?
I am so anxious about it all, it’s effecting my day to day life, sleep, appetite. I’m a bit of a mess.
Thank you in advance

You won't be off the Insolvency Register until at least 3 months after your IVA is completed. Credit records remain for six years from the start regardless of the fact that you finished early.

If accepted it can take up to six months for your completion letter to come from your IP company.

The timelines are similar whether you finish early or as originally planned. Have a look here : https://www.iva.co.uk/what-does-an-iva- ... dit-record

It can take a couple of months to get the creditors meeting to agree to end early, so not much will happen immediately. You will be advised of the meeting date and payment of the lump sum will be due after the proposal to end early is accepted.

Best of luck with the offer.

Hi thank you so much for your reply,
That has put my mind so much at rest I don’t feel like I’m getting much information from my IP
I have with my offer, provided my bank statements p60 and payslips, will this all need to be provided again at the 6 month mark or will what I have provided be my final review? I am thinking when this all is finalised, leaving my job as it is one of the reasons I am so stressed so will that effect it?

Six months is only what it takes to tie things up admin. once your completion is sorted it does not matter what you do.

Hi sorry to keep asking questions.
So they don’t need to see any further documents once I have made the settlement payment? It’s just a case of them closing down the case?

They usually do a final review of the whole arrangement, but, as they have everything for a review now, they might just leave it at that.

So, timescales are so frustrating!!!
It will be 8weeks tomorrow since I put forward my full and final offer and all the relevant paperwork. I have had no updates from debt movement at all and whenever I ring all they tell is that I am in the queue and will be dealt with as soon as possible
My anxiety is through the roof, surely it shouldn’t take this long??

These things normally take 2 - 3 months and, I guess, covid issues are further delaying things. Frustrating, I know, but it will happen !

Yes I suppose, it’s just so frustrating to not even know when the variation meeting will be.
When you know that the iva’s can be set up so quickly seems so silly the length of time to end one.
They originally told me 6-8 weeks and that that would include the meeting.
Plenty more sleepless nights it would seem

Thu May 20, 2021 1:00 pmMichelle0311 wrote:

Yes I suppose, it’s just so frustrating to not even know when the variation meeting will be.
When you know that the iva’s can be set up so quickly seems so silly the length of time to end one.
They originally told me 6-8 weeks and that that would include the meeting.
Plenty more sleepless nights it would seem

I am a bit of cynic -- but it strikes me that getting an IVA going is an 'earner', whereas closing one down isn't !

Hi, just a quick update.
I have spoken to 3 people over the last three weeks, the first told me that my creditors had been contacted and that they were awaiting a reply and that I would be contacted as soon as they have.
The second told me that he didn’t know why the last person told me that and that I was still in the queue to be reviewed but I was at the top so would be reviewed within a week and then yesterday I spoke to someone new that told me that he shouldn’t of told me that as I would still have to wait another 2-3 weeks before my case would be reviewed.
My anxiety is getting worse and the fact that every time I ring through I’m given different and conflicting information I have now put in a complaint.
And I still don’t know how long everything will take and the process once they have reviewed it. No one has given me a straight answer.
Seeing on this forum other people through other IP companies are being dealt with so quickly just doesn’t seem to justify the pandemic excuse of 10-15 weeks sitting in a queue to have my case reviewed by debt movement.

I'm not surprised your anxiety is going through the roof! Have you tried emailing your IP directly rather than going through the call handlers?

Most of the times that I have called I have spoken to the variation team directly there has only been twice that I have spoken to call handlers and they have given me information apparently directly from the variation team I received an email from a call handler on the 6th May advising me it would be reviewed within 2 weeks as well from then.
I was calling instead of messaging as I have heard through here how unresponsive they are via messaging

Make a formal complaint - details on this page: https://debtmovement.co.uk/complaints . If no joy you can, as also detailed on their complaints page, escalate the issue to their regulatory body. Apart from the unacceptable delays, I would mention that everyone there seems to be making things up as they go along !