What happens after last payment?

[marsha1]

Hi, I am due to make my last payment in November. This should have been October but I took a months payment break for some dental work.
What happens at the end? will I need to provide payslips/p60? I know I will get a certificate of completion and these can take a while. I just have no idea what the process is.

Thanks

[Niobe]

Hi,

Good to see that you are so close to the end now!!

I think there may be a final review to make sure that all payments have been made and there is nothing owing but you need to check this out with your own IP company and make sure that you can cancel that payment after November.

[orchid5]

I made my final payment a week ago, haven't heard anything as yet but will get in touch with DFD at the end of next week should there still be nothing and hopefully get my case passed onto the closure team asap!

[TheMatrix]

You'll have a final review, you'll then confirm the final payment date with your IP and cancel your standing order after making it.

You then have to wait for the Completion Certificate to arrive, after they have closed the bank account down and distributed the final dividend to creditors.

The IP informs the insolvency service of the completion of the IVA. They remove your details from the register. A feed from the Insolvency Service should update all 3 Credit reference agencies.

Sometimes this does not work as it should. So it's then down to you to ensure your credit files are updated and are accurate, if you don't want the IVA on your file forever.

[orchid5]

Hi Matrix and thank you for your great post as always, a member of my partner's family completed their IVA 2 years ago and we were having a discussion on monday regarding this, i was told during this discussion that it stays on your record for a further 6 years after completion. I was a little taken aback as i thought that after the 6th year it fell off your credit file and then once all the credit files were updated and correct it then took time to rebuild your credit rating! Or have i dreamt that bit?

[TheMatrix]

It's 6 years from when it started and not completed. So long as it's marked as completed, otherwise it remains until it is marked as completed.

[luluj]

Well done for reaching the end of your IVA - the IVA will remain on file until the 6th anniversary from date of commencement.

[TheMatrix]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj

the IVA will remain on file until the 6th anniversary from date of commencement.

But only if marked as completed.

[stormsylv]

Mine was showing for 6 years 3 months and even then, while I was off the Insolvency Register and my IVA was removed from Equifax and Call Credit, it remained showing as active with Experian so I had to contact them to remove it.

It is all meant to be automatic but do keep a check on all three agencies after completion because as TheMatrix says above 'Sometimes this does not work as it should'

[MiAuZiNhA]

Experian is a horrible company with awful service. They have my name wrong with them and because of it they don't show info of my bank account or credit card on my credit report. Even after sending documents to prove my name and my bank using my correct name for the accounts they cannot show on my report, they sent me an email asking to fill a form for ALIAS, so they could use my full name (and correct name) as an ALIAS. This is so ridiculous, how come my full and only name be used as alias if the error is just on their webpage? (Equifax and Call Credit have got my full name and right and show my bank account and credit card info correctly on it). I advise everyone to check their info with Experian as they are inaccurate/incomplete.

[Niobe]

My name with Experian is correct.

If you are on the voters list then contact Experian and tell them to alter details so that they are correct and tally with those on the voters list.

[marsha1]

Thanks for the replies. My 60th payment is November yee ha - cannot wait. Its been a massive learning curve for me. It has nade me realise how greedy I have been. I never want to be in that situation again.

[Shining]

It's a good learning curve for a lot of us within an IVA. I was greedy too and wouldn't change my life to suit the hubby's salary...hence the IVA.

All the best for when you complete in November.