Can you please confirm some things for me ?

[exonian]

Can you please confirm some things for me please?
My IVA is due for completion this October, (2015).

(1) When will I receive my IVA completion certificate?
(2) What will it say?
(3) How do ALL the credit check companies get informed of the IVA completion, via me or my ISP?
(4) When does my credit record get the IVA details expunged?
I have heard conflicting things about the SIX year period, i.e. SIX years from the beginning of the IVA, (e.g. ONE year AFTER the FIVE year IVA term), OR SIX years from the completion of the IVA?

Can't wait to be free, but want to confirm how FULL freedom can be obtained, and when?!!!!

Thanx

[Lisa Thomas]

Hi
1) A few weeks or months after your IP firm has completed their administration. These seems to vary from firm to firm. Some are quick... Others are not...
2) That you have completed your IVA as expected. It will attach an R&P schedule showing all Receipts and Payments during the IVA. How much dividend creditors received and if this varied from original expectations the reasons why.
3) I understand the creditors should update their records which in turn updates the credit check companies' records. Also I believe they should pick this up from the IVA register. Someone else will correct me if I am wrong.
4) Within 3 months of receiving your CC from the IP.
6 years from commencement of IVA.

[Foggy]

Basically as Lisa has said:

1) The expected time (in the agreement) is usually 6 months. Many firms take a lot less ( a few weeks even) and a couple take more ( GT regard 6 months as standard). Expect around three months.

2) The certificate is an unispiring bit of A4, saying you have completed all of your side of the bargain and that the supervisor is no longer acting.

3) The IP will forward a copy of the certificate to the Insolvency Service, who, in my case, then informed the Credit Reference agencies. You will drop off the Insolvency Register within three months.

4) The IVA will drop off the CRA files on the 6th anniversary of the start of the IVA. Have a look here:

http://pjgrecovery.com/clean-up-credit-rating.asp

[exonian]

Thanks a lot Lisa and Foggy.

BACKGROUND
My IVA is due to complete in October of this year, but was approved in January 2010.
I had a payment break, (i.e. paid a minimal amount), which led to an extension of my IVA, from its approval in January 2010, to October 2015.


I contacted my IP, in connection with this query, and included in this statement in my query....

"My IVA was ACCEPTED/APPROVED in the January 2010, therefore the SIX year period should be reached by January 2016, therefore the Completion Report would need to reach both the credit agencies and my lenders/creditors, before the date in January 2016, with my IVA having been completed only a couple of months, prior to January 2016?"


My IP responded by saying...

"Once you have your completion notice you are no longer liable for the debts and will not be chased for them.
They are not written off right away as if there are any PPI claims that are still be investigated that pay out then the creditors will use their share to put towards the outstanding amount.
They would not write off the debt until all PPI has been investigated but as I said before you are no longer liable for the debts and can't be chased for them.

Your IVA will show on your credit rating for a year after your final payment although it will show as SATISFIED.
After this time the IVA will automatically be removed from your credit rating and yes you can confirm this with the credit reference agencies".

I responded with the following....

"Where the debts not being written off immediately, due to possible PPI refunds is concerned, I have liaised with XXXXXXXXX via yourselves, and PPI refunds, (with refund monies being either put into my IVA account, or 'offset' by the debtor concerned), should now be exhausted, with maybe a couple of them with the Financial Ombudsman.
Where PPI refunds have been realised, I am assuming the debtors concerned who have accepted wrongdoing and have paid out, WILL write off the debt immediately?
Will I need to chase each debtor of mine who has paid out PPI refunds, to ensure they write off the debt immediately, i.e. after they have received a copy of my completion report, and if they don't, advise the credit reference agencies that they have not done so"?


To summarise:

1) There is a conflict between, SIX years from IVA approval date, and my IVA showing on my credit rating for a year after my FINAL payment?

2) The bit about the debt not being written off until all PPI has been investigated, concerns me, as it seems to be open ended, just as the whole timescale for PPI refunds seems open ended!

Obviously I want the debt written off immediately, so that I can return to my wonderful 'pre-divorce' credit score/rating!!!

Regards


EXONIAN

[Foggy]

An IVA, assuming it is completed within 6 years from the start of the IVA, will drop off the credit agencies files on the 6th anniversary of the start of the IVA. If not completed within 6 years ( as some are) it will drop off shortly after the completion, allowing only for administration at the CRA.

Writing off a debt in the creditors offices is irrelevant to your credit history and is all kept in house at the creditors.

Your credit files will clear of the IVA in January 2016. Make sure the defaults are correctly dated so that they drop off too. And that there are no Notices of Correction ( which need to be removed manually on request).