Completion certificate has arrived from Payplan

Get expert opinion. This is the place for new questions to be posted.
11 posts Page 1 of 1
lmcsf1979
Posts: 11
by lmcsf1979 » Mon Oct 23, 2017 3:48 pm
Hi Guys & Gals, after all my panicking back in August re: thinking I'd sabotaged by IVA I've just received via email my completion certificate from Payplan. I had to do a 6yr in total IVA in leiu of owning a house with 5yr + 12 month extension. My IVA finished on 30/09/2017 & I thought it'd take ages trying to get my completion certificate. I have to say (perhaps I'm a lucky client) that Payplan have been a pleasure to deal with. Once they'd received my completed PPI forms which they received last Friday, it was just a matter of a couple of days for them to release via email my CC. The paper copy will be tonight's post. To say I'm ecstatic is an understatement!

I just need a bit of reassurance that this really is it, no comebacks, no more looking over my shoulder. I own (mortgage) a house which I've been desperately wanting to sell but was too afraid to as I knew any equity would be swallowed up by my IVA. I want to put it on the market next February 2018 & put the equity raised (deposit money) into buying a house with my partner. My questions are...

1) Now that I've got the CC can I sell my house without any repercussions re:IVA? ie they won't want a cut of my equity so I then don't have any deposit money to buy in the future with my partner!

2) When does my name come off the insolvency register? Is it 3 months from IVA finishing (30/09/17) or is it 3 months from when CC was issued (23/10/17)?

3) My IVA lasted 6yrs, should my Credit files (Experian, equifax, call credit etc) automatically drop the IVA off my file or do I need to contact them individually with a copy of my CC? I know all credit files are eligible to be wiped clean after 6yrs.

4) Finally can I now go back to work without any repercussions? I've not worked for 4yrs on purpose. My career was in banking/insurance & due to my IVA I couldn't get a job. I've lived with my partner in his rental property totally rent-free whilst renting my house out (with Payplan permission) using the rental income instead of salary to pay my IVA monthly. I'd love to go back to work in the New Year & earn a proper salary without it being taken off me.

A reply from one of you knowledgeable people would be appreciated.

Thanks
User avatar
Foggy
Forum Expert
Posts: 24151
Contact
by Foggy » Mon Oct 23, 2017 4:06 pm
Well done on gettig your CC.

1) Now that I've got the CC can I sell my house without any repercussions re:IVA? ie they won't want a cut of my equity so I then don't have any deposit money to buy in the future with my partner!
Get Payplan to confirm that they have released the charge on the title deeds by lodging an RX4 with Land Registry. Other than that you are good to do.

2) When does my name come off the insolvency register? Is it 3 months from IVA finishing (30/09/17) or is it 3 months from when CC was issued (23/10/17)?
It will come off three months from the issue of the CC

3) My IVA lasted 6yrs, should my Credit files (Experian, equifax, call credit etc) automatically drop the IVA off my file or do I need to contact them individually with a copy of my CC? I know all credit files are eligible to be wiped clean after 6yrs.
The IVA should drop off automatically --- but always worth checking on Noddle and Clearscore. Associated defauklts should also drop off if correctly dated.
Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

4) Finally can I now go back to work without any repercussions? I've not worked for 4yrs on purpose. My career was in banking/insurance & due to my IVA I couldn't get a job. I've lived with my partner in his rental property totally rent-free whilst renting my house out (with Payplan permission) using the rental income instead of salary to pay my IVA monthly. I'd love to go back to work in the New Year & earn a proper salary without it being taken off me.
The only issue will be if they ask if yiou have ever been in an IVA -- you should reply "Yes" -- whether this is a problem will depend on the employers own policies.
User avatar
Ryan
Industry Expert
Posts: 677
Contact
by Ryan » Mon Oct 23, 2017 4:13 pm
It's great to hear they issued the Completion Certificate quickly.

All the best
lmcsf1979
Posts: 11
by lmcsf1979 » Mon Oct 23, 2017 5:09 pm
Foggy wrote:
Well done on gettig your CC.

1) Now that I've got the CC can I sell my house without any repercussions re:IVA? ie they won't want a cut of my equity so I then don't have any deposit money to buy in the future with my partner!
Get Payplan to confirm that they have released the charge on the title deeds by lodging an RX4 with Land Registry. Other than that you are good to do.

2) When does my name come off the insolvency register? Is it 3 months from IVA finishing (30/09/17) or is it 3 months from when CC was issued (23/10/17)?
It will come off three months from the issue of the CC

3) My IVA lasted 6yrs, should my Credit files (Experian, equifax, call credit etc) automatically drop the IVA off my file or do I need to contact them individually with a copy of my CC? I know all credit files are eligible to be wiped clean after 6yrs.
The IVA should drop off automatically --- but always worth checking on Noddle and Clearscore. Associated defauklts should also drop off if correctly dated.
Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

4) Finally can I now go back to work without any repercussions? I've not worked for 4yrs on purpose. My career was in banking/insurance & due to my IVA I couldn't get a job. I've lived with my partner in his rental property totally rent-free whilst renting my house out (with Payplan permission) using the rental income instead of salary to pay my IVA monthly. I'd love to go back to work in the New Year & earn a proper salary without it being taken off me.
The only issue will be if they ask if yiou have ever been in an IVA -- you should reply "Yes" -- whether this is a problem will depend on the employers own policies.



Thanks Foggy for your clarification. Re:job. I'm just wanting to clarify that I don't need to advise Payplan of going back to work ie I want to keep 100% of any salary/wage/overtime that I earn as it's no longer any of their business!
User avatar
kallis3
Forum Expert
Posts: 72039
Contact
by kallis3 » Mon Oct 23, 2017 5:14 pm
Well done from me as well.
lmcsf1979
Posts: 11
by lmcsf1979 » Mon Oct 23, 2017 5:20 pm
Ryan wrote:
It's great to hear they issued the Completion Certificate quickly.

All the best


Thanks Ryan. I know Payplan get a grilling on here but in my case the IVA has been very straight forward/painfree. I only heard from them annually at review. I never missed a payment & my circumstances re: I & E never changed in the 6yrs I had it. I knew from the start I'd more than likely have to complete 6yrs due to non release of equity my property. It was no surprise that I did that extra year. I paid my last payment 15/9/17 & IVA reached 6yrs on 30/9/17. I called to make sure all ok (which it was) & I only returned their PPI papers on Friday. Like I say we're on Monday afternoon & ive got the CC via email this afternoon with the paper copy in the post.

I just want everyone going through an IVA (with Payplan in particular) to know, there is light at the end of the tunnel. It's been a very long 6yr financial prison sentence & I've lived off less than £200 a month for the last 4yrs! I'm totally debt free & am so looking forward to starting a new chapter in my life in 2018.
lmcsf1979
Posts: 11
by lmcsf1979 » Mon Oct 23, 2017 5:24 pm
kallis3 wrote:
Well done from me as well.


Thank you.
User avatar
Foggy
Forum Expert
Posts: 24151
Contact
by Foggy » Mon Oct 23, 2017 5:31 pm
Re job --- after the issue of the completion certificate Payplan have no interest in your affairs save for PPI or anything that existed during the IVA if they come to light -- lottery wins, inheritances and the like.
User avatar
kravarran
Posts: 119
by kravarran » Mon Oct 23, 2017 7:02 pm
Congratulations on the completion, enjoy your debt-free future :D
lmcsf1979
Posts: 11
by lmcsf1979 » Tue Oct 24, 2017 8:20 am
Foggy wrote:
Re job --- after the issue of the completion certificate Payplan have no interest in your affairs save for PPI or anything that existed during the IVA if they come to light -- lottery wins, inheritances and the like.


Thanks Foggy. That's reassuring to know. Yay I can't wait to start earning proper money again!
lmcsf1979
Posts: 11
by lmcsf1979 » Tue Oct 24, 2017 8:25 am
kravarran wrote:
Congratulations on the completion, enjoy your debt-free future :D


Thank you. 2018 is going to be an awesome year. I can finally move forward with the next chapter of my life & forgive myself now for getting into debt in the first place. It was a very painful lesson to learn & one that won't be repeated!
11 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 8 guests