Hi Sherry. If the offer is accepted, you make the payment offered as soon as you can, then, I am afraid, you join the queue to await your completion certificate. This can take anything from weeks to years, depending upon who you are with.
You no longer have to make payments, or report on your income and expenditure, but might remain liable to pay in any windfalls (again, depending upon who you are with and the nature of the windfall).
Once you have the completion certificate you are home free
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014