IVA Early Settlement - What happens next?

[Kes]

Hiya, I was just wondering if you could help me to get a few things clear in my mind. I have just a week ago had my Full & Final Settlement offer accepted against my IVA after just 20 months. However, although I know this is not an over night process, even once the creditors have been paid (5 in all). I would like to know exactly what I can expect to see happening on my credit file once they have all received the funds from my IP. In all honestly, I have only one debt still recorded on my credit file which was a bank loan. I am not too sure if this was sold on. I do know however that it was past to a debt collection agency whom claim to be linked or at least work with the bank, after my IVA was accepted, and the bank were fully aware I was under an IVA. I am now wondering if the bank can still list the debt as being outstanding, which appears to be the case. Unfortunately, not all the creditors details are clear on my report but I do have the sneaky impression that both the bank is still listing the debt and the 3rd party whom brought it from the bank when I was already covered by the IVA are also listing it and me as being in default. What should happen here and what are my rights given that in two weeks time I will have my Certificate of Completion in my hands after paying off a massive £21K of debt. Just glad it's over but cant help but feel a little deflated here. Would like to smile again. Thanks for any support you can offer me. Much appreciated [:I] PS. When can I expect to see my name removed from the insolvency register and whom would be responsible for it's removal? lastly what does it mean exactly when it states on your credit score the date upon which you were discharged from Insolvency? Thanks again, sorry to waffle on....[:)]

[MelanieGiles]

Entries will remain on your credit record for 6 years from the date the IVA was accepted, and the Insolvency Register will be updated three months after your IP notifies the Registrar that he/she has ceased to act.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Kes]

Hi Melanie, Many thanks for your reply. I just want to comfirm really that the debt which currently shows as outstanding will be marked as satisified. My IP has made it clear these things dont happen over night. Is it reasonable to expect to see this marked as satisfied within the next 3 to 4 months? Thank you again, very much appreciated.

[MelanieGiles]

It's up to the creditor really, so you might like to contact them and see how long it would take to update the entry.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva.com]

Dear Kes, Hope your making headway with your creditor. I would like to ask if you would mind writing a review of your experiences with your IVA provider on the boards of our web site - if you have not done so already. Best of luck for the future.

Many thanks
Susan Macdonald