Process & Timescale for finalising PIA exit.

[Futurelookin]

My question is in relation to the nuts and bolts of finalising a PIA in terms of paperwork, writing to creditors, removal from PIA register etc.

I know the ISI remove from register within 3 months of being notified of the successful completion of the arrangement by the PIP but how long before they're notified typically?

I see another poster on here is 1 month post PIA and she's gone from the register but hasn't received a discharge letter (from her PIP, presumably).

I know PIP will have paperwork - writing to creditors, informing of successful completion etc and requesting write offs of the balance remaining - is this correct?

How long does this process take typically? I'm only a couple of weeks post completion date (accelerated PIA) and I've had no contact. It's still showing on the register.

I'd like to know, preferably from a PIP, how long on average it takes for the tidy up and cert to be issued.

Thanks,

 

[Jim Stafford]

The PIP would confirm to the debtor that the PIA is complete.

The PIP would also notify the ISI that the PIA is completed. The ISI have told PIPs that they should be able to remove the debtor from the register within 15 days.

In "urgent" cases (e.g. we did a PIA for a practising solicitor and it was important from the Law Society perspective that the solicitor exited the PIA process as quickly as possible) the ISI will update the Register within a matter of days.

Jim Stafford

 

[Futurelookin]

The PIP would confirm to the debtor that the PIA is complete.

The PIP would also notify the ISI that the PIA is completed. The ISI have told PIPs that they should be able to remove the debtor from the register within 15 days.

In "urgent" cases (e.g. we did a PIA for a practising solicitor and it was important from the Law Society perspective that the solicitor exited the PIA process as quickly as possible) the ISI will update the Register within a matter of days.

Jim Stafford

Thanks Jim,
How long approx until the debtor is informed of the completion by the PIP typically? Within days / weeks / months of the scheduled end date? What does he / she (the PIP) need to do before issuing the cert of discharge and how long does that take?

Thanks.

 

[Jim Stafford]

The "Discharge" date depends on the wording of the PIA. We word our PIAs so that the "Discharge" date is the date when the final dividend payment is made.

We do not issue a certificate. We just issue a letter to the debtor and the ISI advising that the PIA is completed. The letter is generally issued on the day that the final dividend payment is made.

Jim Stafford

 

[Futurelookin]

The "Discharge" date depends on the wording of the PIA. We word our PIAs so that the "Discharge" date is the date when the final dividend payment is made.

We do not issue a certificate. We just issue a letter to the debtor and the ISI advising that the PIA is completed. The letter is generally issued on the day that the final dividend payment is made.

Jim Stafford

Ok, thanks Jim. It's different in my case as it's an accelerated PIA (12 months) and was a lump sum payment and property surrender. Surrender went through late last year and lump sum payment made by February. Completion date has passed on ISI almost 3 weeks. I was under the impression there was a good bit of "tidying up" in respect of notifying creditors of completion and getting them to write off balances / update ICB etc and that I'd be informed then. I also read that I'd get a certificate of discharge but either way once it's over I'm happy. Just holding my breath that nothing went wrong at the 11th hour!