Previous relationship manager said she would never put forward another F&F offer from me ?

[nlarkin]

Thank you for the clarification Melanie, I guess i am hoping the creditors do vote now.

Well with regards to the full and final as per the advise from this forum i put in a full and final based on my remaining monthly payments and just gave a little lower as the creditors will receive this upfront.

My total debt was £28863.00 but my IVA was agreed to 60 x £300 payments and total to be repaid £18000.00

Due to over payments (higher wage) i have made to date payments of £16216.34 but i have 18 months remaining. I am currently paying £369.00 a month instead of original £300.00 a month and based on the remaining months i would pay about £6642.00 and the full and final we are offering is £6131.00

I am just hoping this will be accepted as my circumstances could change as i am renting and the rent could increase and this will mean a reduced dividend to the creditors. I understand that the creditors could take the risk and just keep the IVA running as it is.

As for the IP fees, i have noticed an increase from the original proposal to what is written for the Full and Final and i guess it is because my overall repayment will be higher but i am sure the creditors are aware of this.

Lets see what happens on Thursday.

[nlarkin]

just to give you all an update that i received the phone call today from my relationship manager advising that the full and final was accepted by the creditors.

As you can imagine i am over the moon with the acceptance and just waiting for all the documents to arrive with the details of the acceptance. I was advised that the direct debit will be cancelled. I am slightly nervous that until i get the documents the result could change and only thinking this after last year being advised the full and final was accepted and then a few hours later advised the meeting was adjourned and then rejected 2 weeks later.

Cant really believe it is now nearly all over. Thank you to all the advice i have received from this forum and best of luck to everyone in an IVA as you might have a bad moment but it will get better.

Now just have to wait for the completion certificate. Will keep you updated when i receive the completion certificate.

[luluj]

Fantastic news ... Congratulations.

[Foggy]

Finally ... a great result -- congratulations

[clairemichelle]

Hi nlarkin.
Im so pleased for you congratulations. I know how disappointed you were last week so I had my fingers crossed and bated breath whilst I opened the post on the subject.

Have a great weekend.

Cm x

[roberto]

Brilliant news

[Drew]

That's great news! Almost over!

[nlarkin]

Just thought i give you another update and i have received the letter detailing the acceptance of the full and final settlement at the Creditors Meeting and all funds have now been transferred.

I did notice that MBNA who rejected my original IVA proposal (owned 21% of my debt) were not listed as a creditor who voted for or against the Full and Final, do you know if they were excluded from voting as they rejected my original IVA proposal or just that they didn't want to vote at this creditors meeting? Just want to make sure they have to accept what the other creditors voted for.

Was advised by Freeman Jones that could take between 6 and 8 weeks to get my CC. I am happy to wait knowing that it is now nearly all over

I do have a question with regards to credit checks. Once i receive the CC i know it will take a few months for my IVA to drop of the Insolvency Register but it will still show on my Credit File until March 2016 (IVA was started in March 2010), even though i would have the the CC will it now be easier to pass credit checks, for example mobile phone companies?

I also have noticed defaults added after my IVA start date when and how do i clear these up?

Sorry for these questions but never really gave much thought to post IVA as it always seemed such a long way off.

Once again thank you so much for all your kind advice and without this forum my IVA would have been a lot tougher.

[sponge]

Your IVA stays in the public record section on your credit file. And whilst that's there it will be very difficult to obatin any credit. On the flip side when that time comes, and it does come off your credit file, your credit file repairs itself, contary to what you might be told.

[Foggy]

Your credit file will only "repair itself" if certain conditions are met: That the IVA has, indeed, been marked as completed. That the defaults are dated correctly and are no longer being registered. That there is no Notice of Correction referring to the IVA on file.

These things SHOULD happen automatically, but experience from MANY posters indicates otherwise!

That deals with the credit file. What Sponge is alluding to the the credit history .... you will have none, or very little. And, whilst Sponge is correct in that this will right itself in time, a helping hand with good credit and financial management would not do any harm.

[Sarah Jolly]

Hi nlarkin

Many congratulations – we are pleased everything went well for you.

You don’t need to worry that all creditors aren’t listed on the chairman’s report as this only lists the creditors who voted at this meeting and all creditors are still bound by the decision of the creditors who did vote.

Sponge and foggy have already offered you some good advice in relation to your credit file.

It’s likely obtaining credit may well be difficult until the IVA drops off your credit file, but you could try get a head start in clearing things up. You could contact each lender (it’s probably best to write to them and include a copy of your completion certificate when it arrives) and ask them to update their records on anything that post dates the IVA acceptance. You have nothing to lose and the worst case scenario is you need to wait until the 6 year point.

If you do need any clarification on anything or we can help any further please let us know.

Sarah Jolly

[nlarkin]

Thank you all for your kind advice and i will follow this advice once i receive my CC.

I can't believe it is nearly all over and have to admit that at times this has been a struggle but the IVA was the right choice for me. I have learnt a lesson when it comes to spending beyond my means and i don't want to be in this situation ever again, in fact scared to spend the extra money now.

With regards to Freeman Jones, i have been very happy with the way they have dealt with my IVA. I know sometimes IVA companies don't always get praised but in this instance i would like to pass on my thanks for all their help.

Best of luck to everyone currently in or about to apply for an IVA. You will have some rough times but you will come out of it better and debt free

Will let you all know once i receive my CC.

[nlarkin]

Just thought i would give everyone an update and the moment i have been waiting for has finally arrived and yesterday i received my completion certificate.

I am over the moon at finally being debt free but to be honest i was expecting a glitzy certificate and in reality it is all very plain with a heading saying certificate of completion but i am not complaining.

I also received the final report for the county court with all the sums of monies paid and distributions but it does not list any of my creditors, should all of my creditors have been listed? It does go on and say that the creditors cannot chase me for any outstanding debt and that i have completed the IVA.

What should i do next? Should i send a copy to the Insolvency Register and my creditors and if yes is there a letter template available to also send in a letter with the certificate? I finished the IVA with a full and final so have to wait for the full 6 years before it drops of my credit rating.

I was advised by my IVA company that a copy would be sent to my Creditors, County Court and Insolvency Register.

I would just like to say publicly that Freeman Jones have been brilliant during the 3 and half years of my IVA. A big thank you to Steve Hewitt and the team, yes there have been moments of stress and not everything was plain sailing but if you hang in there you will get there in the end.

The biggest lesson i have learned is to never get into debt again and even now i am scared to spend the money.

Good Luck to everyone in or about to embark on the IVA journey, this forum is a must read and are at times a lifesaver. Thank you to everyone who has replied and helped me on this forum, without your help i know the IVA would have been a lot tougher.

I will pop in from time to time to update you all.