What do final checks involve?

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Kated0198
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by Kated0198 » Tue Aug 21, 2018 4:43 pm
Three weeks ago I paid my last payment to my IVA and I am waiting for the IP to do the final checks,, what exactly do they check? What would cause the IVA to fail,, I have always paid and completed my annual reviews on time. I'm getting very twitchy!!
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luluj
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by luluj » Tue Aug 21, 2018 4:47 pm
They will need to undertake a review of the final year to ensure all monies paid over correctly and that all creditors have sibmitted a claim in order for final dispersements to be made to creditors and that any equity release has been managed properly in accordance to your iva agreement. Once all done the completion cerrtificate can be issued.

Well done for reaching this stage and look forward now to your debt free life.
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Foggy
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by Foggy » Tue Aug 21, 2018 4:55 pm
Very little will make it fail at this stage, as long as all that was due has been paid -- it is just a matter of tying up all the loose ends sorting the final dividend and writing the final report. Some IP's do this in weeks, others take months .
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Kated0198
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by Kated0198 » Tue Aug 21, 2018 5:05 pm
Foggy wrote:
Very little will make it fail at this stage, as long as all that was due has been paid -- it is just a matter of tying up all the loose ends sorting the final dividend and writing the final report. Some IP's do this in weeks, others take months .
luluj wrote:
They will need to undertake a review of the final year to ensure all monies paid over correctly and that all creditors have sibmitted a claim in order for final dispersements to be made to creditors and that any equity release has been managed properly in accordance to your iva agreement. Once all done the completion cerrtificate can be issued.

Well done for reaching this stage and look forward now to your debt free life.

What is the "very little"?
I have made all my payments on time and not missed any.
Do they sort my credit file or do I have to do that?
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kallis3
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by kallis3 » Tue Aug 21, 2018 5:06 pm
Well done on reaching the end.
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Kated0198
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by Kated0198 » Tue Aug 21, 2018 5:12 pm
kallis3 wrote:
Well done on reaching the end.
Foggy wrote:
Very little will make it fail at this stage, as long as all that was due has been paid -- it is just a matter of tying up all the loose ends sorting the final dividend and writing the final report. Some IP's do this in weeks, others take months .

Thank you
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Foggy
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by Foggy » Tue Aug 21, 2018 5:31 pm
Kated0198 wrote:
Foggy wrote:
Very little will make it fail at this stage, as long as all that was due has been paid -- it is just a matter of tying up all the loose ends sorting the final dividend and writing the final report. Some IP's do this in weeks, others take months .
luluj wrote:
They will need to undertake a review of the final year to ensure all monies paid over correctly and that all creditors have sibmitted a claim in order for final dispersements to be made to creditors and that any equity release has been managed properly in accordance to your iva agreement. Once all done the completion cerrtificate can be issued.

Well done for reaching this stage and look forward now to your debt free life.

What is the "very little"?
I have made all my payments on time and not missed any.
Do they sort my credit file or do I have to do that?


The "very little" would be finding missed payments or undisclosed income -- which you know you didn't have or finding a forgotten creditor with a big loan --- which most of us know we don't have.

They don't sort your credit file for you --- havr a read here about that: https://www.iva.co.uk/what-does-an-iva- ... dit-record
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Kated0198
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by Kated0198 » Tue Aug 21, 2018 6:00 pm
Foggy wrote:
Kated0198 wrote:
Foggy wrote:
Very little will make it fail at this stage, as long as all that was due has been paid -- it is just a matter of tying up all the loose ends sorting the final dividend and writing the final report. Some IP's do this in weeks, others take months .
luluj wrote:
They will need to undertake a review of the final year to ensure all monies paid over correctly and that all creditors have sibmitted a claim in order for final dispersements to be made to creditors and that any equity release has been managed properly in accordance to your iva agreement. Once all done the completion cerrtificate can be issued.

Well done for reaching this stage and look forward now to your debt free life.

What is the "very little"?
I have made all my payments on time and not missed any.
Do they sort my credit file or do I have to do that?


The "very little" would be finding missed payments or undisclosed income -- which you know you didn't have or finding a forgotten creditor with a big loan --- which most of us know we don't have.

They don't sort your credit file for you --- havr a read here about that: https://www.iva.co.uk/what-does-an-iva- ... dit-record

Many thanks,,
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Lisa Thomas
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by Lisa Thomas » Wed Aug 22, 2018 8:34 am
They will review your I&E for the final period to check you haven't received any overtime or bonuses that need to be dealt with, and perhaps your bank statements too.

Beware some firms take up to 6 months to close so keep the pressure on them.
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