Certificate after year 5? - Many havn't received it = IVAs aint trustworthy ?

Galeeno

There have been many cases of IVA companies/ IPs not giving the certificates after the 5-6 period of the IVA completion, even though 'all' agreed payments have been done (in the original terms and conditions)

This is causing them delays and stress

a) what are the main causes cause of this 'certificate' delay ?

b) Is it the IP companies fault? or on the creditor side ?

c) If Ip companies side, why are they causing this delay? (as some people have been in depression )

d) Why do some companies give 'excuses' and not even answer phone calls,or give proper answers? to people, after year 5, asking for their certificate ?

e) When phoning around for Ip companies, doing your research, and asking how their certificate completion happens, how can you make sure they say what they mean?

f) What if they say something now (Just to fob you off) and if year 5, they say something else? when you have done everything they say ?


g) Why do some people after the 5 years, have to start making 'new' payments? when they have completed their agreed IP ?

headstuckinsand

I don't think your post title is particularly constructive and could even be classed as scare mongering for those contemplating entering an IVA. IVAs are merely a tool to help some people out of their financial distress. They do not suit everyone but for those they do (myself included) they can be a much needed lifeline.

Many of the delays you speak of have been caused by things in the IVA industry changing, such as reclaiming tax and PPI. I agree that these delays are not great for people experiencing them now but I'm sure people entering IVAs now will not necessarily experience the same delays as many of the kinks caused by PPI etc will have been worked out.

5 years is a long time and things can change in that time. When I started my IVA 3 years ago, my personal circumstances were very different to what they are now. I think everyone entering an IVA should have their eyes open that things are likely to change over the course of the IVA period.

I'm sure, like any industry, there are some less than reputable organisations but there are ones that are easily found that are above board.

Finally, in my opinion, the IVA's overall success lies with the person on the IVA. If you're truthful with yourself and prepared to change your ways then you'll come out the other end a different person. I personally have no intention of rushing back to credit and will use the years after my IVA to build up some savings.