IVA Last Payment

[Parki1979]

With June being 5 years I have just made my final payment to PayPlan.

I would like to thank Foggy, Breezy and everyone who has offered advise and considerations over the years as this has helped me stay with the process.

Just waiting to see if I will need to do anything further for my Completion certificate, although I have provided all my P60's and P45's over the years and only missed 1 payment (caught up over 3 months due to a court fine which was reversed with an apology from the Police).

My next step is probably to get some of my credit reports and make sure everything is in order, just with the intention of things dropping off relating to the IVA after the 6 years, and allowing me time to correct anything not right. I know 12 months ago some of my debts were sold off and I was being issued some defaults, so more to check and I would imagine it is not a quick process writing to them.

Really looking forward to actually living a bit and getting a new car, as my 13 year old one is on it's last legs and has been costing me more to keep going throughout the IVA.

I hope everyone has the same progress with their IVA, and anyone just getting into one, I have found the process comfortable enough, even with the restrictions, certainly an improvement over the situation I was in before the IVA. I perhaps did not ask enough questions before the IVA and buried my head in the sand a bit and could perhaps have found a better deal, and I wish I had come on here as I started and been more proactive with the decision making and what I should have asked.

Good luck everyone, I have never posted a lot, but I have read the forums a lot as there is some much information even though older posts and responses, so really worthwhile for new people to read through.

[Breezy]

Well done, Parki, and thank you for the kind words.

Have a read here for the clean up : https://www.iva.co.uk/what-does-an-iva- ... dit-record

Onward and Upward

[Parki1979]

Interesting read, so am I to write and correct things which have defaulted after the start of my IVA now or do people wait till the 6 year point to see if they become removed? I am keen to make sure things are clean as soon as I can after 6 months as it may open up extra employment opportunities with the benefits of a clean credit history.

Certainly onwards and upwards, and in some ways it has been interesting to see how much my payments have gone up due to my income rising, but that in itself will make me appreciate and make extra use of the extra income I now have.

[Breezy]

Interesting read, so am I to write and correct things which have defaulted after the start of my IVA now or do people wait till the 6 year point to see if they become removed? I am keen to make sure things are clean as soon as I can after 6 months as it may open up extra employment opportunities with the benefits of a clean credit history.

How people approach this varies, but, whether you write or not the defaults will disappear at their 6th anniversary and not before. The important thing to start doing now is to check the dates of the defaults and, if needs be, get those amended so that they drop off at the same time as the IVA itself. The date of default should be on or before the date of the start of the IVA. Mine were spread over a few months around that date so I left them 'as is'. As it turned out, someone at the CRA just removed them, overnight, on the 6th anniversary anyway!

[Parki1979]

Ah I see, so they are likely to removed anyway - I may just have a look just to see, and they again after the 6th year just to see if there is much I need to do.

Cheers for the input, really appreciated.

[diego_sucre]

Congrats on getting to the end!

I made my last payment with Payplan in March. They only asked for last payslip and was pretty non eventful (was expecting more).

Already received a notification on my credit file that it’s complete. Good luck for the future, it’s only been two months but the extra money has been amazing

[Parki1979]

Congrats on getting to the end!

I made my last payment with Payplan in March. They only asked for last payslip and was pretty non eventful (was expecting more).

Already received a notification on my credit file that it’s complete. Good luck for the future, it’s only been two months but the extra money has been amazing

before the 6
Just waiting for the defaults to drop off now before the 6th year? I have just got the confirmation letter to say that it is complete, I had not missed a payment and provided the P60's and wage slips throughout so was nice and easy.

[Parki1979]

Just a quick one as not sure what the best course of action would be.

As I have only just received confirmation that my IVA is Complete.

All through my IVA I have struggled with my car as it is 11-12 years old, and it is just about running, but I do need to replace it.

I applied for finance as I can now afford it - payments would be less than what I was putting into my IVA which was over a quarter of my wage.

My query is is I have been accepted but at a higher rate, but details of my IVA being Complete will not have filtered through to the credit agencies, even though I have my Completion confirmation. Is this pulling through likely to improve my APR rate significantly, worthwhile enough for me to hold off a bit?

[kallis3]

Have you checked your credit rating to see if your IVA is down as having completed? When is your six years up as it will remain on there until then.

Be wary of making too many credit applications - always best to do a soft search first which won't show up on your credit file.

[Parki1979]

Have you checked your credit rating to see if your IVA is down as having completed? When is your six years up as it will remain on there until then.

Be wary of making too many credit applications - always best to do a soft search first which won't show up on your credit file.

Not yet as I just got my Completion certificate just a few days ago so was going to give it at least a month.

I went through a finance broker (Zuto) and got accepted but not a great rate which I was expect, I did that and applied for another which was rejected. I wouldn't apply again now I would either go with that or leave it for a few months and hope my car keeps going. I suppose in theory my credit report will only get better with time now.

Just not sure if satisfied would give me a much better rate than what I have been offered, waiting another year would be a push as I do need a car for work, and it is unreliable.

[Parki1979]

Afer reading he article by Foggy about what to do about your credit record, mostly they are showing accurate data about the start of the IVA.

When writing about an inaccurate default which does not align to the start of the IVA, what is the process when they have gone into administration?

I assume that this stays on for 6 years from the default date, or will it come off from the 6th year of the IVA regardless?

Many thanks.