IVA Completion Certificate

IVA Completion Certificate

A Completion Certificate is issued after you have made your final IVA payment and all your obligations under the agreement are fulfilled.

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What is an IVA Completion Certificate?

A Completion Certificate is written confirmation that you have completed your IVA. It is a statement by your Insolvency Practitioner that they are no longer acting as the Supervisor of the Arrangement. It confirms their interest in your affairs is over.

It is very important that you get your Certificate as soon as possible after you finish paying your IVA. Until it is issued the Arrangement is not officially over. This means any windfalls you receive in the mean time still have to be handed over.

You will also find it more difficult to improve your credit rating until you have your Completion Certificate. This is because your name will remain on the Insolvency Register until it is issued.

What your Completion Certificate looks like will differ depending on your IP. Some will issue an actual certificate. Others will simply send you a letter confirming that your IVA is over.

How long does it take to get an IVA Completion Certificate?

Before your Completion Certificate can be issued your IVA Company will normally carry out a final review of your circumstances. They may ask you to provide wage slips and bank statements for the last 12 months.

This is normal practice. They simply need to check whether you earned more in the final year of the Arrangement and whether you need to pay anything extra as a result.

You should be asked for this information shortly after you have made your final payment. As long as you respond promptly your certificate should be issued to you within 6-8 weeks.

If you have not received your Certificate 8 weeks after you made your final payment you should contact your IP and find out why.

Why could the issue of your Completion Certificate be delayed?

A common reason why your IP might delay the issue of a Completion Certificate is that they are waiting for outstanding PPI claims. If your certificate is issued before such claims are finalised the IP could lose their claim on any compensation still due.

Delays for reasons of PPI may be overcome by agreeing to a Deed of Assignment. However signing such a document means you will lose all subsequent PPI compensation paid after you have your Certificate.

Your IVA Company might offer other excuses for why your Completion Certificate is being delayed. One relatively common example is that they are waiting for your creditors to confirm that all monies have been received.

Excuses other than PPI are generally not acceptable. Whatever the excuse it is normally a simple backlog in your IVA company’s completion department that is to blame.

What can you do if you are still waiting for your Completion Certificate?

If you have been waiting longer than 8 weeks for your Completion Certificate you should contact your IVA company and find out the reason for the delay.

If you feel the answer they give is unacceptable one option that may speed things up is to threaten to make a formal complaint.

You may be concerned that making a complaint will somehow jeopardise your chances of getting your certificate. This is not the case. IPs and their governing bodies take formal complaints very seriously. Volume of complaints is one of the areas that their performance is measured on.

If the reason for the delay is that your IP is waiting for PPI claims to be completed then complaining may not solve this issue. The only option may be to ask about the possibility of signing a Deed of Assignment.

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18 thoughts on “IVA Completion Certificate

    Ian says:

    Hello,

    I completed my Iva around 8/9 years ago, I’m struggling to find out who I had it with, is there away I can find this information out anywhere?

    Best regards
    Ian

      Hi Ian

      Unfortunately I do not have good news for you I am afraid. The only public record of the Arrangement existing was the Insolvency Register. Your records would have been erased from that 3 months after it was completed. Given this unless you have your own paperwork somewhere there is now no way you can find out who your IVA was with.

    David says:

    Hi, Have an IVA with Aperture (Grant Thornton) and made the final payment 24th December 2017. Still no Completion Certificate and I have been chasing them. They tell me 3-6 months and I have advised them that your site says 6-8 weeks. I have chased them up again today. What do you advise that I can do to get this Certificate asap please.

    Thanks

      Hi David

      Some IVA companies do seem to be slower than others when it comes to issuing completion certificates. The good ones I am aware of generally release the certificate within 1 month of the final payment being received so I know it is possible. However the larger firms in particular can take up to 3 months. There is no reason why issuing a completion certificate should take longer than this.

      I have heard some firms make excuses like they need to get confirmation back from each of the creditors that the dividends have been received. However this is not a requirement of the IVA process and so it is more likely to be an excuse to buy them more time. As such the reason for a delay past 3 months is most likely to be a staffing issue rather than anything else.

      That said there is very little you can do. The only suggestion I can make (as highlighted in the last section of the article above) is that you threaten to escalate a complaint to the Insolvency Service. This sometimes helps to get things moving. If not I do advise that you go ahead and escalate the complaint as it is useful for the Insolvency Service to know about the issues people are having.

    Julie says:

    My son has been successful in a PPI claim. He has received his iva certificate 12 month ago. Will he be paid the PPI or will this go to the iva. He spoke to the iva company and they have said they have no interest.

      Hi Julie

      If your son’s IVA company have confirmed they have no interest then any PPI compensation he is now awarded should be paid to him by the bank in question. Having said that there are some banks (I understand RBS is one of those) who may still refuse to hand over the money. They argue it can be held back to set off against the debt not paid to them due to the IVA. If this happens I think he has little chance of getting it i’m afraid.

    Danny says:

    Hi

    My final payment towards my IVA was made in August 2018 but have not received the completion certificate as yet. However, the IVA company have asked for another review to be completed by myself – is this normal practice or am I being naive to think that as I have finished my payment schedule that should be the end of it?

      Hi Danny

      It is normal practice for an IVA company to undertake a final review of your circumstances before they can issue a completion certificate.

      They do this to check whether you have earned any extra during the final year of the Arrangement. If you have then depending on the amount they may ask you to pay some of this into the arrangement before it can be completed (as per the terms of your agreement).

      Having said that it seems that your company has waited an unreasonably long time to ask you to provide info so they can complete this review. I would normally expect them to be asking for this within a couple of weeks of your last payment.

      I suggest you respond asap. However you should include a strongly worded letter confirming that you expect them to complete the final review and your certificate to be received within 4 weeks or you will escalate a complaint.

    Danny says:

    Morning James
    Have done as you suggested and have received notification of completion of my IVA as a result of the shot across their bows. I want to say thank you for your advice.

      Great news Danny.

      I am very please to have been able to help you get this sorted.

    Steve says:

    Dear Sir/ Madam

    I opened an IVA in March 2009 with Money Debt and Credit which was completed in 2014 including Assets check of propert in month 54 with no effect

    I received my completion certificate in Oct 2014 and a letter being completely discharged from my IVA owing no further funds from Grant Thornton who took over from MDC a few years into my IVA

    I received a letter from Aperture whom I have no agreement knowledge or trust with requiring me to sign an authority to allow a third party to reinvestigate and unclaimed PPI compensation, pension or mortgage modelling issues

    Do I have any legal obligation to respond and give my authority

    Please advise
    Sam

      Hi Sam

      Grant Thornton changed their name to Aperture after a management buy out of the IVA business a few years ago. You have no obligation to respond to this request. Aperture are no longer your supervisor. As such they have no authority over you and cannot now request you make claims for PPI or anything else. You can therefore bin this letter.

      That said if you make claims of this nature yourself any compensation paid must be treated as an unrealised asset of your IVA and would still have to be handed over to Aperture

    Steve says:

    Dear James

    Thank you for this advice. I completed my IVA before Aperture too over and am perplexed how they managed to access my data and send such demands

    I considering selling my home. Can I be reassured they now have no claim to any profits from my house sale or any pension I may get if I retire

    Thanks again

    Sam

      Hi Sam

      Once you have your completion certificate I can confirm 100% that you are free to sell your house and keep any equity released. You will also keep 100% of any pension.

      Things like PPI compensation and claims for other forms of mis selling (such as packaged bank accounts) are very specific cases where an IVA company can still have a claim over any compensation paid after the Arrangement is over. This is because the reason these claims exist happened before or during the IVA. Good examples of this are PPI or even personal injury if the accident happened prior to or during the IVA.

    steve l says:

    Dear James

    My case is similar to steve`s above I finished my IVA with aperture a couple of years back and received my completion certificate, now out of the blue I get a letter requesting I make further PPI claims through another company FDM. I am I obligated to make this claim or not?

    steve

      Hi Steve

      Given you have received your completion certificate your IVA no longer exists and Aperture are no longer acting as your supervisor. As such they have no legal grounds to force you to make additional PPI claims. As such you are not obliged to give your authority to FDM to start any claims action on your behalf.

    Ginni says:

    I received my IVA completion certificate in mar19 after 1 and half year of chasing Aperture and last payment made in December 17. Now they are asking me to do PPI claim via FDM. Two questions please, first who do I complaint to for they have handled my IVA. Second do I have instruct FDM to the claim as they are saying they will still give the money to Aperture or can I claim from 3rd party company?

      Hi Ginni

      It looks like your situation is exactly the same as Steve’s above. If you want to complain about Aperture you need to use the IVA Complaints Gateway. Further information about this is available here: How to complain about your IVA

      In terms of claiming for PPI there is absolutely no point. Whether you instruct FDM or a third party any compensation due would all go to Aperture. As such you will not benefit either way.

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