Your IVA is not over until you have received a Completion Certificate. This is a document signed by your Insolvency Practitioner confirming the Arrangement is over.
- Why is a Completion Certificate important?
- When should you get your Certificate?
- What to do it you have not received it?
- Reasons why your Certificate might be delayed
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Why is a Completion Certificate important?
You may think that your IVA is over when you have made your final payment. However this is not the case. You are still legally bound by its terms until you get a Completion Certificate.
The certificate is a formal document (often in the form of a letter) from your Insolvency Practitioner (IP). It confirms that you have met all the requirements of the Arrangement and they are no longer acting as your Supervisor.
It is vital that you get your certificate as soon as possible. Until you do your name remains on the Insolvency Register and the repair of your credit rating will be delayed. You also remain bound by the IVA windfall clause.
If you receive an type of windfall (for example inheritance or a PPI claim) BEFORE you have received your Completion Certificate it still has to be paid to your IP.
When should you get your Completion Certificate?
You should receive your Completion Certificate within 8 weeks of making the final payment into your IVA. However some larger IVA companies can take up to 12 weeks.
Once you have made your last payment your IP will need to carry out a final review of your circumstances. You will normally have to send in recent wage slips and bank statements confirming nothing has changed.
Any final payments to your creditors also have to be made. Once this is done your completion certificate should then be sent out to you and your name taken off the Insolvency Register.
What to do if you have not received your Completion Certificate
If you have been waiting longer than 8 weeks for your Completion Certificate you must contact your IVA company. Ask the reason for the delay.
It is possible there could be a delay because there are assets which still need to be realised for your creditors. This could involve property or an outstanding compensation claim.
However if you are told that the company is just to busy this is not good enough. You should then threaten to escalate a complaint unless you receive your Certificate within 2 weeks.
It should not take longer than 3 months to get your Completion Certificate. If your IVA company says it will take longer than this without good reason you should complain.
Reasons why your Completion Certificate might be delayed
A common reason for a Completion Certificate to be delayed is outstanding PPI claims. If any claims have not yet been processed by the relevant banks your certificate can be withheld until after these have been finalised.
The problem with this is that it means that your life is put on hold. Your name will remains on the Insolvency Register and there will be a delay in you being able to start repairing your credit file.
One way this problem can be resolved is to agree with your IVA company that they can still keep any PPI paid after the Certificate is issued.
If you sign a Deed of Assignment agreeing that all subsequent PPI compensation will be paid to your IP you may be able speed up them issuing your Completion Certificate.
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