Full & Final Settlement

[buttercup]

Can anyone tell me more about what happens after a Full & Final settlement is accepted.

I understand that it should read satisfied on your credit report but will stay there for 6 years & you will be unable to obtain credit for that period.

Does your name go on the Insolvency register?

Once settled do you receive a letter/certificate saying your IVA is over?

What if 2 years on you had a windfall can they come after you still (not that I am due one but you never know) or once settled it is all over.

[ianmillington]

Once a F&F offer is accepted and the money is distributed, the Supervisor issues a notice of full implementation to the creditors, the Court, you and the DTI. You should also get some form of certificate. It may have a different title (it may say Completion Certificate) but it all means the same.

The key thing is the DTI. Within a few days of receiving the notice, they will take you off the register. Not long after that you should start to see a downturn in the amount of IVA-related junk mail you receive. So far as your credit rating is concerned, it will tend to stay on the credit reference files for 6 years from the date your IVA was approved, so the early settlement probably won't affect that.

Ian

[buttercup]

Ian

Thank you for your reply.

Once it has been settled are you debt free and finished with it all. i.e you do not worrry that they are going to chase you in the future for any more money if you manage build yourself up.

[MelanieGiles]

Yes - once the arrangement has been accepted by creditors and successfully concluded the balance of the debts is legally written off.

[buttercup]

Thank you Melanie

I have sent all the relevent documents to you today it feels like a real step forward.

P. S Tina has been brilliant

[wooderz79]

As a matter of interest what does "all the relevant documents" include. Is it just the legal papers that need signing, or do you have to do new a new I&E

[MelanieGiles]

Buttercup is referring to the initial documents which are required to propose an IVA - such as creditor statements of account, wageslips, property valuation or rental agreement, secured creditor redemption statements, car hire-purchase agreements, proof of identity etc.