IVA Slow to Complete

donut55

I entered into a full and final IVA in November last year (2022). All money was paid and the IVA was accepted by my creditors. It was passed in the local court. I am still waiting for the IVA to complete nearly one year later. Is this normal practice? My debt management company has simply said that they are still waiting for some of my creditors to claim their share and there is nothing they can do about it. I would really welcome some advice. Thank you.

sourcrates

It`s commonly referred too as a "lump sum IVA", not as well known as its counterpart where you make monthly repayments.

Your creditors will have a specific timescale in which to claim their share of the pot, this should be set out in your IVA proposal, but at minimum will be 6 months, and maximum will be set according to your circumstances.

Keep in mind a regular IVA can take 7 years to complete, you will just have to be patient.