Process if final offer is accepted

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Michelle0311

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Post by Michelle0311 » Sun Mar 28, 2021 6:20 am
Hi, I have put forward a full and final settlement amount forward to be considered yesterday, it is the full amount that I would have left to pay if I had completed my Iva. This was a gift from my parents and it stated only available on the understanding my Iva would end.
If accepted please could anyone explain to me the timelines and exactly what they will require to get released from the Iva register please?
I am so anxious about it all, it’s effecting my day to day life, sleep, appetite. I’m a bit of a mess.
Thank you in advance

kallis3

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Post by kallis3 » Sun Mar 28, 2021 9:18 am
You won't be off the Insolvency Register until at least 3 months after your IVA is completed. Credit records remain for six years from the start regardless of the fact that you finished early.

If accepted it can take up to six months for your completion letter to come from your IP company.
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

Foggy

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Post by Foggy » Sun Mar 28, 2021 9:33 am
The timelines are similar whether you finish early or as originally planned. Have a look here : https://www.iva.co.uk/what-does-an-iva- ... dit-record

It can take a couple of months to get the creditors meeting to agree to end early, so not much will happen immediately. You will be advised of the meeting date and payment of the lump sum will be due after the proposal to end early is accepted.

Best of luck with the offer.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Michelle0311

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Joined: Sun Mar 28, 2021 3:34 am

Post by Michelle0311 » Sun Mar 28, 2021 10:20 am
Hi thank you so much for your reply,
That has put my mind so much at rest I don’t feel like I’m getting much information from my IP
I have with my offer, provided my bank statements p60 and payslips, will this all need to be provided again at the 6 month mark or will what I have provided be my final review? I am thinking when this all is finalised, leaving my job as it is one of the reasons I am so stressed so will that effect it?

kallis3

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Post by kallis3 » Sun Mar 28, 2021 10:55 am
Six months is only what it takes to tie things up admin. once your completion is sorted it does not matter what you do.
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

Michelle0311

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Joined: Sun Mar 28, 2021 3:34 am

Post by Michelle0311 » Sun Mar 28, 2021 3:26 pm
Hi sorry to keep asking questions.
So they don’t need to see any further documents once I have made the settlement payment? It’s just a case of them closing down the case?

Foggy

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Post by Foggy » Sun Mar 28, 2021 3:52 pm
They usually do a final review of the whole arrangement, but, as they have everything for a review now, they might just leave it at that.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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