IVA final process..confused.

freewill

so I received a letter regarding my IVA, I am not really sure what it means so I ask you people on here..




ANNUAL REVIEW
"3.1. all contributions due under the arrangement have been received. I am in the process of completing the final administration of the arrangement which includes issuing a certificate of completion and also a final report to the creditors. this is expected to be sent to the creditors shortly."


CONCLUSION
"5.1 once the final administration of the arrangement has been completed a certificate of completion will be issued"




1 does this mean I have completed my IVA I am debt free?
2 what do they mean by final administration of the arrangement?


regards


freewill

UpToMyNeckInIt

1). Yes, but until you completion cert. arrives YOU MAY still be bound by the IVA terms eg: if you receive a windfall etc.

2). Not sure on this point, but a decent IVA firm will have your CC issued in 3-4 Weeks, and average one, up to 6-Months, and Grant Thornton up to 18 Months (if you have unresolved PPI claims).

I would suggest a campaign of harassing your IP after 6-Months if CC has not arrived by then.

Well done on making it through to the other end.

freewill

thanks for the reply, 6 years wasn't easy but I did it.


another question is on my mind, where I quoted the ANNUAL REVIEW 3.1 it states that a final report will be sent to the creditors, can the creditors change there mind after receiving the report or is it a done deal its the end just a few papers to let my creditors know I have done what I was asked for the past 6 years?


regards


freewill

UpToMyNeckInIt

I understand that it is quite normal to do a final annual review, just to ensure that the correct contributions have been made etc.
If you have complied with the terms of the iva, there is no reason for the creditors to demand a variation. If on the other hand, you have received a windfall recently for example, don't be surprised if they demand it goes into the iva.