How long does it take to be 100% released from IVA after early settlement ?

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Alex49
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by Alex49 » Fri Dec 29, 2017 11:14 pm
Hello.
I am very new to this Forum and this is in fact my very first question. I have been in an IVA for just over 2 years now and I have just requested a variation for early settlement. A friend of the family is offering to pay THE FULL AMOUNT left on the IVA (not the original debt amount), and our creditors meeting has been confirmed for 15 Jan 18. We have been advised by Aperture that they believe our offer to be very good, so.. fingers crossed!
My question is more about what happens AFTER the IVA...
Say that our proposal is accepted, then what? ie when are we officially "free" from the IVA?? When do we become fully and finally released from it forever? I assume this comes in the form of some kind of certiificate? So how long does that normally take? I am not interested here in how our credit score is affected or anything like that, just trying to get an idea of how long it takes to be 100% released.... Can anyone help with this?? Thank you so much!
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luluj
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by luluj » Sat Dec 30, 2017 5:30 am
Even if iva f&f agreed the iva will remain on your credit file albeit it shown as closed for the full 6 years since its start date. The only benefit to a f&f is that you have your income back without restriction.
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kallis3
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by kallis3 » Sat Dec 30, 2017 8:52 am
Have you asked for a full and final figure and not a settlement as the latter requires you to pay off your debts in full not the IVA figure.

Good luck on the 15th
Alex49
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by Alex49 » Sat Dec 30, 2017 9:02 am
luluj wrote:
Even if iva f&f agreed the iva will remain on your credit file albeit it shown as closed for the full 6 years since its start date. The only benefit to a f&f is that you have your income back without restriction.



Hi Luluj,
Thanks for your reply. I am not really interested in how long the IVA stays on my credit file. I am trying to find out when we are released financially, ie if we were to win the lottery / come into a big inheritance / have a big promotion at work, etc... at which point are we no longer bound to let them know?
Alex49
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by Alex49 » Sat Dec 30, 2017 9:02 am
kallis3 wrote:
Have you asked for a full and final figure and not a settlement as the latter requires you to pay off your debts in full not the IVA figure.

Good luck on the 15th



No, we haven't. We have offered them 100% of the outstanding IVA figure.
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Foggy
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by Foggy » Sat Dec 30, 2017 9:23 am
Alex49 wrote:
luluj wrote:
Even if iva f&f agreed the iva will remain on your credit file albeit it shown as closed for the full 6 years since its start date. The only benefit to a f&f is that you have your income back without restriction.



Hi Luluj,
Thanks for your reply. I am not really interested in how long the IVA stays on my credit file. I am trying to find out when we are released financially, ie if we were to win the lottery / come into a big inheritance / have a big promotion at work, etc... at which point are we no longer bound to let them know?


After you have made the final payment you will be released from regular payments and income increases right away. However, you will stuill be liable for anything like a windfall : lottery win, inheritance, etc., until the completion certificate is issued ( It will not be a "certifivate" as such, but a piece of paper with a simple paragraph stating the IP has no further interest) .
After this certificate has been issued you are released completely, save for any PPI which might surface in the future (but there is a fast approaching deadline for that anyway).
Alex49
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by Alex49 » Sat Dec 30, 2017 9:43 am
Foggy wrote:
Alex49 wrote:
luluj wrote:
Even if iva f&f agreed the iva will remain on your credit file albeit it shown as closed for the full 6 years since its start date. The only benefit to a f&f is that you have your income back without restriction.



Hi Luluj,
Thanks for your reply. I am not really interested in how long the IVA stays on my credit file. I am trying to find out when we are released financially, ie if we were to win the lottery / come into a big inheritance / have a big promotion at work, etc... at which point are we no longer bound to let them know?


After you have made the final payment you will be released from regular payments and income increases right away. However, you will stuill be liable for anything like a windfall : lottery win, inheritance, etc., until the completion certificate is issued ( It will not be a "certifivate" as such, but a piece of paper with a simple paragraph stating the IP has no further interest) .
After this certificate has been issued you are released completely, save for any PPI which might surface in the future (but there is a fast approaching deadline for that anyway).




OK, I see.
So, this "completion certificate". How long after the creditors meeting (provided it's successful) can we expect that? a week, a month ? 6 months? a year?? Just looking for a ball park...
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Foggy
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by Foggy » Sat Dec 30, 2017 10:07 am
Completion certificates are usually issued between 2 and 6 months after the last payment. Some take a few weeks, others get close to the 6 months (which is the time allowed for in most agreements). Aperture are, traditionally, one of the slowest and this has been made worse by their recent acquisition of cases from another firm, making them fall behind on routine work.
IVAconfused75
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by IVAconfused75 » Sat Dec 30, 2017 11:53 am
After this certificate has been issued you are released completely, save for any PPI which might surface in the future (but there is a fast approaching deadline for that anyway).


Am I right in saying, so long as the PPI wasn't arranged before you entered an IVA? They can still scour for this, if it was?
IVAconfused75
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by IVAconfused75 » Sat Dec 30, 2017 11:58 am
Even if iva f&f agreed the iva will remain on your credit file albeit it shown as closed for the full 6 years since its start date. The only benefit to a f&f is that you have your income back without restriction.


While you're on this point, can you clarify that if you complete your original term of 6yrs, not including any extensions or last minute add ons, does that mean your credit file should be clear automatically, bar you checking that your personal finance information is up to date?
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kallis3
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by kallis3 » Sat Dec 30, 2017 12:20 pm
Yes they can take it into account as it was an asset before your IVA.

Once you have your completion you will come off the Insolvency Register within 3 months and, from your credit records it will be removed once your completion letter is sent to the agencies - you need to keep an eye on default dates.
Alex49
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by Alex49 » Sat Dec 30, 2017 1:05 pm
kallis3 wrote:
Yes they can take it into account as it was an asset before your IVA.

Once you have your completion you will come off the Insolvency Register within 3 months and, from your credit records it will be removed once your completion letter is sent to the agencies - you need to keep an eye on default dates.




Sorry - they can take what into account??
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kallis3
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by kallis3 » Sat Dec 30, 2017 1:18 pm
PPI.
Alex49
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by Alex49 » Sat Dec 30, 2017 1:19 pm
kallis3 wrote:
PPI.


What's PPI?
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kallis3
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by kallis3 » Sat Dec 30, 2017 1:21 pm
Payment Protection Insurance
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