My IVA update

[Steve.t1]

Hi everyone , some time ago I was on here asking for advice about the equity relese clause in my IVA.

Here: http://www.iva.co.uk/forum/topic.asp?wh ... 1104#85511

Well the upshot of all that was that I had the clause sucessfully removed from the IVA in return for extending my IVA by 17 months.

It was a very stressful time but overall I am relieved. 17 more months after having been through 5 years of an IVA is a little depresing and daunting but I can at least know that at the end of that tiime I will be free and will not have a considerably larger mortgage.

I think the credit crunch may have worked in my favour as securing a realistcally affordable mortgage proved impossible.

I just thought I would share what I believe is my good news and to thank you for your all your words of advice and support

[MelanieGiles]

Thank you for sharing that with us Steve. It just goes to show that anything is possible in the world of IVAs - and well done to your IP for putting it forward for you.

[aguise]

Great news there steve. It is so good to hear that you have had success in getting the clause removed albeit that you have had to extend for a while. It will fly I am sure.

Ang x

[Viki.W]

That's great news Steve, I hope the extra months fly by for you. please keep posting. [:)] X

[kallis3]

That's good news, bit of a bummer that you have to extend by that much, but at least, as you say, you won't have a massive mortgage.

[moretolife]

thats good news...well done for pushing for the removal of clause

[Steve.t1]

Hi everyone, I started this thread about 18 months ago when i had my IVA extended. Well at long last, after 7 years in total, I have now made my final payment!

Feels really good but now the future seems a bit scary

[MelanieGiles]

What super news for you Steve - and the very best of luck for the future. 7 years is a long time, and now you deserve a big treat with your first month's saved IVA money. Any plans?

[Steve.t1]

Thanks Melanie. Dont really know. It's a saving of £264 a month, it was £528 for the first 5 years but my wifes half wasn't extended. Will mainly just be a relief to have a few extra quid each month

[kallis3]

Excellent news Steve - congratulations.

[Steve.t1]

I was wondering what happens now. I haven't heard anything from them. I made the last payment 10 days ago. I have so many questions.

[MelanieGiles]

They should file a closure report with creditors, the Court and the Registrar and you will get a copy of this. Your name will disappear off the Insolvency Register and you can use your Certificate of Due Completion to demonstrate the end of the IVA to the credit referencing agencies.

[kallis3]

Keep checking the Insolvency Register to make sure your names come off - it can take up to three months I think though.

You should receive your completion certificate through in a matter of weeks, if not, chase up your company.

Send off for a copy of your credit file from Experian,Equifax and Call Credit to see if any of your creditors defaulted you after the date of acceptance of your IVA. If so, you need to write to them sending a copy of your certificate and request that they remove those defaults.

[Steve.t1]

Thanks Very much, both of you, your advice is much appreciated

[Shining]

I would like to congratulate you Steve on the completion of your IVA. Enjoy your debt freedom and I sincerely hope all goes well for you, you deserve it x