IVA paid but no completion certificate.

SJJ32

I took out an IVA and as of last August I have met all of my financial obligations. You would think this would mean the worse of my financial problems are over but the company Grant Thornton are now dragging there feet completing it. I did not take the IVA out with them, they took over from the original company I took it out with 1 year in to my IVA. My issue is that I had 2 children very close together and had to reduce my hours to part time, but my partner met the financial obligations under the IVA for me to stop me going bankrupt or defaulting the agreement. I was originally told that I would receive my completion certificate within 3 months of my last payment which I did not. I called them in October and they said it would likely take 6 not 3 months. Now due to a change in work location I have to have a financial check done which is going to show an ongoing IVA which may likely cause me problems with my employment, due to this, me being very unhappy in my job, and the fact my wage only covers nursery fees my partner and myself decided I would take voluntary severance pay which has now been offered. If I take this I need to apply for it by the end of January so I have called Grant Thonton again and been advised that it will likely now be April before they complete my IVA. They sent a letter for me to include with my financial check and advised if I take the severance despite only £5,000 being knocked off my original debt that the creditors will want the full £15,000 I would receive. I don't mind paying back the £5,000 but to take every penny at the end of a successful IVA seems very unfair. We struggled to keep up with payments and my job is not suitable for me anymore due to them changing working hours out of nursery opening hours and expecting me to do work I can not do with a disability. I do a specialist job so the ideal is whilst the economy recovers and people start employing people again, that I stay at home with my children until they reach school age. Is it right that they are taking so long to finalise the IVA and that they can take all of the VS payment from me? This money is needed to see us through financially.

UpToMyNeckInIt

I'm afraid GT are well-known for dragging their heels issuing completion certs - up to 18 Months in some cases, where there are outstanding PPI claims etc.

I am assuming that you have long-since completed your IVA (Ie: made the last payment - including any arrears that you may have accrued in the way of missed/reduced IVA payments)?

If that is the case, surely any severance pay, released now should be yours entirely.

I'm in an IVA myself, but at the start of mine, so I'm no expert. I suggest you join the forum at www . iva . co . uk and pose this question there. You will most likely get a reply from an expert (some IP's post there, as well as loads of GT customers, and they should be able to answer this one).

try also checking your credit file at 'Noddle' (google it) for free. Have heard of others who are in a similar situation ie: just waiting for that bit of paper, but finding their credit file clear anyway. So you might be OK.

Best of luck.

SJJ32

Thanks I will look at that link and yes all money is paid, I only had to make one additional payment of £163 in September to meet a miscalculation on there part in the first year, I never missed or was late with a payment which is why this is so upsetting. They have sent a letter saying all of my obligations have been met, but on the phone they said severance pay received before the completion certificate is issued would fall under the 'windfall' clause of the IVA so would be due to the creditors.