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Final year of payments

Posted: Tue Aug 30, 2022 12:44 pm
by wakeywakey
Hi guys,
So somehow (I really don't know how) I have managed to enter the final year of payments in my IVA
So my question is what can I expect at the end, if I do indeed get there (not so sure with all the cost of living crisis)?
Does the IVA company carry out a final review at the end as I have read with some and how long does it take to remove the warning off the mortgage?
How long does it take to remove from IVA register also?

Re: Final year of payments

Posted: Tue Aug 30, 2022 1:51 pm
by Breezy
Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

They should do a final review, concentrating more on income in those final 12 months, rather than expenditure. Then, in house, they will review the whole term, dotting the i's and crossing the t's. Then finalize dividends to creditors. This should take a few months -- some do it in weeks, some take up to 6 months. After that they will issue you with a completion statement and they will also inform the insolvency service, who will take up to 3 months from then to remove you from the insolvency register. It is often 3 months to the day, but there have been a few instances where they have acted sooner.

Here's to a smooth final year.