www.iva.co.uk

Hi,
I have just made my last payment. What is the normal lead time for final closure and how long does it take for my credit file to be cleared.

Completion times vary enormously according to the firm you are using. Some close withing a few weeks, others take over a year, depending upon how they are treating PPI.

Your name will be removed from the Insolvency Register within 3 months of them getting your completion certificate. The IVA will drop off of your credit files 6 years after the start date ( assuming you have the completion certificate by then). More info on clearing those files here:

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

Normal was circa three months in a standard IVA of 5 years and the on the 6th anniversary you credit record is cleared.

With the advent of PPI claims, takeovers and others such things, normal is becoming increasingly scarce. Keep pressing your IP company for your CC but you may have to wait longer than normal, but well done to getting the last payment in.

I was trying not to use the words over a year foggy, as truthful as it is. I think the FOS have recruitment drive for 30 new ombudsmen just for PPI backlog & new, so maybe things will improve soonish

Hopefully you are correct Sponge. It still baffles me as to why some firms manage the few weeks whilst being faced with the same problems as those which take "considerably longer".

Of course GT have always ( even pre-PPI) regaded the admin period as 6 months minimum.

It used to be standard that the IVAs had to be closed within three months of the final payment. This would have been on most proposals and we try to keep to that schedule.

I hope 3 months Michael as this would mean we have ours before Christmas! I would like to start a debt free year officially debt free!

Michael, are you able to tell us what actually happens in this 3 months. Why so long?

Three months is the maximum. We need to do a final report, check wage slips etc for the previous year, remove the restriction on the property, check if all HMRC returns have been submitted post IVA, pay the final dividend to creditors and have the client sign and return correspondence to that effect.

It can be done quicker than three months if everything is in place.

Well done for paying your last payment ...great feeling isn't it !! Try and not get hung up on the time it takes to get your certificate ... use this time to set yourself new goals and treat yourself !

Thank you Michael. When my time comes, I am hoping that ringing them everyday will push it through quickly

Mole, I actually believe you will! When do you finish?

once the final payment is made what is the situation if a pay rise or bonus payment occurs before the completion cert is obtained.

Generally, once final payment is made, the IP has no interest in pay related income and will only perk up at windfalls ( inheritances, lottery wins etc.). However, some IP's will even take no notice of these during a protracted delay caused by PPI investigations. Be aware, though, that some IP's WILL.