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Rejjy666

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Joined: Mon Dec 30, 2019 12:02 pm

Post by Rejjy666 » Fri Aug 27, 2021 4:27 pm
Hi all. I have today received my completion paperwork after my final payment in was made July. What a great feeling. 6 long years but so worth it, I can’t believe I’m actually debt free.
I wanted to say a huge thank you to all of you forum experts that post on here, you have been an absolute god send, a quick search through the forum and I’ve always found the answer to any questions I had. This forum really has helped me get through my IVA.
To anyone who may read this who is considering an Iva, if I could offer some advice, join this forum and listen to the experts here, they are very knowledgeable. Also, an Iva is not a quick an easy way to write off debts, as some websites may claim. It’s a long hard path to becoming debt free and you need to go into it with the mindset of paying back as much as possible rather than writing off as much as possible. It’s not only the financial implications that can be hard to live with, but other things to consider also, for myself it put a huge strain on my relationship. Also I was refused a job a few years ago because of the Iva. So make sure you research thoroughly before committing.
Thanks again to all you experts, hope you all have a great bank holiday.
Take care

Breezy

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Joined: Thu Jun 24, 2021 10:04 am

Post by Breezy » Fri Aug 27, 2021 4:39 pm
Well done and congratulations !

It is true that an IVA is no bed of roses and is a hard slog .... but, in the grand scheme of things, for most it is worth the effort when being able to practically start again with a 'clean sheet' (mostly).
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.

kallis3

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Location: United Kingdom

Post by kallis3 » Fri Aug 27, 2021 4:47 pm
Brilliant news! Really pleased for you. Nice to read a good positive post and I hope you enjoy your debt free future.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Rejjy666

Posts: 24
Joined: Mon Dec 30, 2019 12:02 pm

Post by Rejjy666 » Sat Aug 28, 2021 10:54 am
Thanks guys. I have a quick question for you. My 6 year anniversary has already passed and my Iva is obviously still showing on my credit reports. Will it disappear from the reports once the CRA’s receive my completion paperwork? Or does me being on the insolvency register for another 3 months or so mean it will remain on my reports until it’s removed from the register.
Thanks

Breezy

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Joined: Thu Jun 24, 2021 10:04 am

Post by Breezy » Sat Aug 28, 2021 11:07 am
The IVA is reported to the CRAs under court information by the Insolvency Service. Once it is removed from the Insolvency Register the CRAs will pick up on its completion. I do not know whether the completion will be picked up by the CRAs before that (as it will be marked as such on the Register while awaiting removal).

Of late some IPs have been advising consumers to provide the CRAs with copies of completion paperwork --- maybe this might hasten things along, but I have not seen or heard of any evidence of this.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.

Rejjy666

Posts: 24
Joined: Mon Dec 30, 2019 12:02 pm

Post by Rejjy666 » Sat Aug 28, 2021 12:05 pm
Thanks for that. I guess I’ll keep checking the register and reports weekly and watch my scores improve 🤞. I have read a great post on here from foggy about cleaning up credit files etc post Iva so hopefully I’m all set once the IR is dealt with. Also I’ll definitely be in touch with Ryan/Shaun regarding remortgaging in the future. Cheers.

Rejjy666

Posts: 24
Joined: Mon Dec 30, 2019 12:02 pm

Post by Rejjy666 » Thu Sep 02, 2021 12:42 pm
Just thought I would update for anyone interested. My IVA 6th year anniversary was May 21. Final payment July 21 and completion certificate received 27/8/21 although dated 16/8/21. I checked the insolvency register this morning and it is now showing as complete. I’ve been using the free apps as well as statutory reports to monitor my reports but today I decided to sign up to Experian and equifax for the 30 day free trial and neither have any sign of my IVA and both have a significant raise to my credit scores. Also checked credit karma (transunion) to see the same thing. I am quite surprised at this as I thought it would take several weeks for it all to update. So I have NOT had to wait the 3 months for Iva to drop off the register before seeing it removed from my reports. Happy days.

Breezy

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Joined: Thu Jun 24, 2021 10:04 am

Post by Breezy » Thu Sep 02, 2021 1:05 pm
Great news. Yes, the timescale quoted for the Register is up to three months, although it is more often three months to the day ! On the odd occasion the papers get picked out of the in-tray by someone keen ( or new) !
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.

Rejjy666

Posts: 24
Joined: Mon Dec 30, 2019 12:02 pm

Post by Rejjy666 » Thu Sep 02, 2021 1:33 pm
I can’t explain why but I even feel more elated about my Iva be removed from my credit reports than I did when receiving my completion certificate. Anyway, hope everyone has a great day, I’m off out to celebrate. Cheers.

kallis3

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Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Sep 02, 2021 3:06 pm
It's a great feeling! Enjoy your celebration tonight.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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