www.iva.co.uk

Hi again

Today I make the final payment on my IVA marking the end of a long and painful 5 year journey.

GT have my documents for the final I&E review and I hope to have that back soon.

Assuming that they dont want any more money off me (please!) I need to know where I stand as of today.

As the IVA moves toward "closure" are the terms still active and I am unable to apply for credit without their permission (thinking of a Vanquis card or similar to build up credit rating from as soon as possible!)

I thought the terms of the IVA were 5 years but may be wrong (I usually am !)

Thanks for all the good advice I have received and the encouragement I have taken from the posts on here. For anyone part way through the journey just stick at it - there will be wobbles but it is achievable. If I can do it, anyone can

First of all .... Well Done

GT are one of the few who will hold you strictly to the terms of the IVA until the day they issue the completion certificate.

You will probably see in your paperwork that the term of the arrangement is actually 66 months (60 months of payments plus a 6 month admin period).

Many IPs manage to get that admin period down to a couple of months, even with PPI issues. However, GT have always considered the 6 month period as the minimum, not the maximum! On top of that they area company which seems beset with onerous PPI problems, so, I am afraid, there will still be a little wait until the end.

That said --- your money is now your own (apart from windfalls). Enjoy

Thanks for the warning !
Just to prepare myself, is there a lot of work to do once the Completion Certificate is provided to make sure that my details are correct across the credit reference agencies ? I have prepared myself for a lot of letter writing in a few months time - or is it more automated now and just "works" ?

There is a useful guide here:

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

It should work reasonably automatically, as long as those default dates are correct and the IVA is marked as completed.

Thanks again!

Fantastic

We had a drink tonight at the pub we went to on our way home from court 5 long years ago. We promised ourselves that we would do it 5 years ago and it was surreal and emotional to be back.

Keep at it would be my advice everyone out there. My white board has just had the final payment checked off......job done!

A well deserved drink ...well done. Clearing up the credit files is not hard work ..once you have the completion certificate your record will be updated and on the sixth anniversary of your iva start date you see things start to be removed from your credit file. You could ensure now that any defaults are recorded either before or on the iva start date. If any are recorded on then those creditors need to be asked to update their records.