Final payment questions

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Chrisd1865
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by Chrisd1865 » Wed Jan 17, 2018 4:39 am
My final payment is due in August this year which will be 6years and have a couple of questions.
1, normally I have to provide 6 months of statements, p60 & 12 months wages slips, will I have to provide all of this in July like normal?
2, with current payments I may pay all of the balances to my creditors a couple of months early due to additional bonus payments paid each year(1k+). Will I get a refund or will they keep as interest they could of had?

Thanks
Chris
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Foggy
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by Foggy » Wed Jan 17, 2018 7:48 am
Chrisd1865 wrote:
My final payment is due in August this year which will be 6years and have a couple of questions.
1, normally I have to provide 6 months of statements, p60 & 12 months wages slips, will I have to provide all of this in July like normal?
2, with current payments I may pay all of the balances to my creditors a couple of months early due to additional bonus payments paid each year(1k+). Will I get a refund or will they keep as interest they could of had?

Thanks
Chris


Hi Chris ... not long now :-)

Your IP will tell you what they want, as it does vary from firm to firm. The final review will look more towards the last 12 months income, rather than expenses. Once you hit 100% of the original debt, there are still fees as well as possible statutory interest to cover before payments are surplus.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 17, 2018 9:55 am
Foggy wrote:
Chrisd1865 wrote:
My final payment is due in August this year which will be 6years and have a couple of questions.
1, normally I have to provide 6 months of statements, p60 & 12 months wages slips, will I have to provide all of this in July like normal?

Yes to check for wage increases and bonues etc.

2, with current payments I may pay all of the balances to my creditors a couple of months early due to additional bonus payments paid each year(1k+). Will I get a refund or will they keep as interest they could of had?

Don't forget the IP's costs have to come out... If it still looks like everyone will get paid in full then you could ask creditors to waive their right to interest, if its part of your terms that they receive it.

Thanks
Chris
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bricky7264
Posts: 89
by bricky7264 » Sun Jan 21, 2018 2:53 pm
I’ve sent my annual review back to my company I’m using and they think due to my self employment and industry I work in my wages vary week to week I will be looking at least another 3/4 payments before I complete my Iva

What is everyone else’s situation on this where as gone past the 60 payments
Looking back now I’ve managed ok apart from winter months where at times it’s been hard to keep head above water due to not working Xmas holidays etc but it’s taught me few lessons with money
1 don’t need credit cards
2 don’t need over draft
3 make you realise how to budget your spare cash

So if I have to make another 3/4 payments what is next and when does the stigma of Iva disappear from my credit
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Foggy
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by Foggy » Sun Jan 21, 2018 3:24 pm
bricky7264 wrote:
I’ve sent my annual review back to my company I’m using and they think due to my self employment and industry I work in my wages vary week to week I will be looking at least another 3/4 payments before I complete my Iva

What is everyone else’s situation on this where as gone past the 60 payments
Looking back now I’ve managed ok apart from winter months where at times it’s been hard to keep head above water due to not working Xmas holidays etc but it’s taught me few lessons with money
1 don’t need credit cards
2 don’t need over draft
3 make you realise how to budget your spare cash

So if I have to make another 3/4 payments what is next and when does the stigma of Iva disappear from my credit


With self employment most IPs work on an average for the salary, to even it out -- but, obviously there are sometimes blips in this method. however, most stick at the agreed number of payments unless a minimum dividend has been agreed and not met. The lessons learnt will be useful for many years ahead!

Once you have made that final payment it will take a few months to get the completion certificate (depending on who you are with). From then you will be on the Insolvency Register for three months. Your credit files will start correcting themselves, assuming all dates are correct, 6 years from the start date of the IVA.

Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record
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bricky7264
Posts: 89
by bricky7264 » Mon Jan 22, 2018 5:37 pm
I’m with ntf financial solutions and must say they have been really good as you say my money is up down all year depending on weather etc and they did say at start if you earn more one month tell us and same when earn less and that’s as you say take average over year so most times I’ve had to increase the contributions to make up shortfalls

So il await my final review to see if I’ve got a shortfall to make up
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