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 paid last IVA payment but not closed yet???
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george1999
New Member

5 Posts

Posted - 08 Jun 2017 :  21:31:48  Show Profile  Reply with Quote
Hi,

Someone please give me advice. I entered an IVA agreement 6 years ago. I paid the final installment as agreed by the IVA team on the date agreed. They had reviewed my case on a year by year basis, kept me up to date regularly communicated with each other and the end date, and final total was fixed in advance and we slowly progressed towards nullifying this on the date I paid the final installment. I received an email from the IVA team congratulating me on becoming debt free and that a closure certificate would be send in 3 to 6 months. 6 months passed and I heard nothing until one day an email stating that my case is nearly closed and is up for review for me to send 12 months payslips and docs to see if I owed any extra money. Thing is I am not happy at all. I have been stressed out over the passed few days thinking how could they do this. I had surely kept my part of the bargain why cant they just close my case now that i finished paying the full amount. Furthermore, after paying my last installment 6 months ago, I bought a small flat very cheap so my wife and I and our baby could have a place to stay. I am now worried that they may neglect my IVA and put me in arrears or do something worse like try to get my property. I am not going to allow this, I need a lawyer what do you think please help ?

thanks.

IVA Adviser
IVA Expert



726 Posts

Posted - 09 Jun 2017 :  09:33:14  Show Profile  Reply with Quote
Welcome to the forum george1999.

It seems there has been an unfortunate difference between what you have been told and what has happened.

A final review is perfectly normal, even if you weren't told that this would be happening. If you want to get all of this finished as soon as possible we'd suggest working with the provider to help them to get this completed.

Where did the funds come from to enable you to buy the flat?

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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george1999
New Member

5 Posts

Posted - 09 Jun 2017 :  16:30:48  Show Profile  Reply with Quote
Thanks for your reply. It was very clearvall through the term of the agreement that it would end on that date. I honored my part of the deal and they are now saying they want to review what was already reviewed and confirmed. My current situation should not be thei business right? The funds came from redundancy which was for future salary income after the final payment. The flat cost 11 thousand pounds. Cheaper than 2 years rent. An economic decision for my humble family

George Lenehan
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george1999
New Member

5 Posts

Posted - 09 Jun 2017 :  16:39:22  Show Profile  Reply with Quote
I forgot to mention half the money for the flat was loaned to me by my parents

George Lenehan
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george1999
New Member

5 Posts

Posted - 09 Jun 2017 :  16:41:35  Show Profile  Reply with Quote
quote:
Originally posted by IVA Adviser

Welcome to the forum george1999.

It seems there has been an unfortunate difference between what you have been told and what has happened.

A final review is perfectly normal, even if you weren't told that this would be happening. If you want to get all of this finished as soon as possible we'd suggest working with the provider to help them to get this completed.

Where did the funds come from to enable you to buy the flat?

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george1999
New Member

5 Posts

Posted - 09 Jun 2017 :  20:21:21  Show Profile  Reply with Quote
Could you please help to answer me why the IVA team want to review since they already reviewed every year and this formed the basis of the end date with the final figure fixed from the beginning of the IVA anyway. My rendundancy pay is compensation for letting me go early. what i choose to do with that is my business, since it is an income I need to live with, and it was for the period after the final payment of the IVA. The purchase of the flat should not be anyone elses business since it was after the final payment but lets say that had I bought the flat during the IVA anyway, so what, I would have had to pay the rent anyway, and the funds were from redundancy pay anyway so what is the difference. The IVA was fixed term and fixed amount and I had paid it all according to plan. Reviews were carried out every year. To ask for a review now is like saying that the whole proceedings which were represented so maticulously during the 6 years were a joke and never to be taken seriously. Well, I was given ultimatums when I was in difficult financial situation during certain periods of the IVA having to juggle family life feeding the baby and family and paying back the IVA , the ultimatums stating that the case would fail if i dont meet the deadline. What deadline, seems that the deadline all of a sudden was just a myth, since they are asking for a review again like reopening the case. An agreement is an agreement. if we dont stick to our agreements then we are not to be trusted. I stuck to my agreement and paid off the amount and was happy about that. I could have claimed bankruptcy when i was unemployed 4 years ago but i chose not to because I wanted to pay the creditors. Now I feel the whole IVA was misrepresented to me. I have a right to ask since they want to review my case to ask for all the money I paid back to be returned to me. What can anyone advise about that please. thanks

George Lenehan
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IVA Adviser
IVA Expert



726 Posts

Posted - 12 Jun 2017 :  09:13:33  Show Profile  Reply with Quote
Hi George,

The IVA ends when you receive your Certificate of Completion, not when your final payment is made. You might think that this should not be the case, but that's the reality.

There could be issues surrounding the receipt of a redundancy settlement and/or the acquisition of an asset before your IVA has been completed.

Your IVA is a legally binding arrangement upon you, your creditors, and the insolvency practitioner. There could be serious negative consequences for you if you do not comply with a reasonable request from your insolvency practitioner to check that you have completed your obligations under this legal agreement.

Sorry that this will not be what you want to hear, but there's no point in not being straight with you.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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