If you are in the last few months of your IVA, you will be looking forward to making that last payment. It may feel a lot like getting to the finishing line of a marathon – and you may not be running so much as staggering over it.
But when should you cancel your standing order? How long does it take to get your completion certificate?
And when exactly are your debts written off, and how long until your credit record is clean?
This article looks at what happens at the end of an IVA.
Contents
Are you sure that is your last payment?
With a simple five or six year IVA, possibly with a further twelve months added instead of a remortgage, you may know exactly when your 60th or 72nd payment is going to be made.
But sometimes it’s less clear:
- there may be some payments outstanding if you had a payment break or extra months were added because of additional income;
- admin problems can happen – especially if your IVA has been transferred to a different firm so there is more chance that payments are outstanding;
- if you have a house but your IVA firm hasn’t spoken to you about releasing equity, don’t assume an extra year isn’t needed.
So it’s worth checking with your IVA firm a couple of months before “the end” that March 2023 or whenever really will be your last payment.
If your IVA confirms that is your last payment, you can cancel the Direct Debit or Standing order (or tell your bank by phone to end the Continuous Payment Authority).
It’s a good idea though to try to put a couple of months more payments into a savings account in case the final review (see below) turns up something.
A final review by your IVA firm
Your IVA firm will do a final review. Most firms have a special Closure Team that deals with this. Some firms do the review in the last couple of months, but many wait until after your final payment.
This is a bit like your annual reviews. Some firms ask for bank statements, payslips or a P60. They want to check if you had a lot of overtime, a pay rise, a bonus or some other windfall that you haven’t told them about. If you have, you may have to make some additional payment.
Hopefully after this, the firm will confirm that no more payments are needed.
What if they don’t get in contact?
If you haven’t heard from your IVA firm a couple of weeks week after your last payment, I suggest phoning or emailing them. Ask what you need to provide for the final review. The more you are proactive at this stage, the quicker this will all be over.
If they still don’t talk to you, then send them a weekly email. After a month put in a formal complaint.
If you want to cancel your payments in this situation, do put the money you would have transferred into a separate savings account. Don’t spend it! That way if it turns out there is still some money owing, you have it right there.
Your IVA firm starts the closure process
Once the Closure team confirms that you have made all the payments, they will distribute the last money to your creditors.
This closure procedure should in theory take a month or two. But there were major delays a few years ago caused by the IVA firm wanting to make PPI claims. And in 2022 things are getting worse again – over three months is common and some are over six months.
If your Completion Certificate hasn’t arrived after three months, I suggest asking every few weeks what is happening and whether you need to provide any more information.
If it gets to five months after your last payment, put in a formal written complaint to your IVA firm. At six months put in a complaint to the Insolvency Service about the delay in closing your IVA.
What happens when the IVA is finally completed
At last you will get your Completion Certificate!
At this point:
- Your IVA is over. The last payment – sometimes called “the final dividend” – has been sent to your creditors and the remainder of your debts have been written off.
- Your IVA firm will update the Insolvency Register. Your name stays on the register showing as “completed” for three months, then the entry is deleted.
- The Insolvency Register sends the information that your IVA has completed to the three Credit Reference Agencies. The IVA marker will remain on your credit records until 6 years from the start of your IVA. or until it is completed, whichever is later.
- If you have a house, your IVA firm will remove the restriction placed at the Land Registry so you can sell it.
This doesn’t look like an official certificate. It is just a letter on normal paper. But it’s very important – you should aim to keep this not just for a few months but forever. It is your proof that your IVA has finished – it may be hard to get a replacement if you need it in several years time, especially if your IVA firm no longer exists.
Check everything has been updated
You should check that the whole completion process has worked properly. This normally works fine but it’s sensible to check up on it.
Leave it a couple of weeks and then look up your details on the Insolvency Register – if this isn’t correct, call your IVA firm and ask them to correct it. Until this is corrected, your credit records won’t be updated.
Once the Insolvency register has been updated, wait another few weeks and check:
- Experian, Equifax and TransUnion – you do need to check all three credit reference agencies. Check the statutory reports from the CRAs as they are updated daily – most free reports are a snapshot taken once a month. If your IVA still shows as active, send a copy of your Completion Certificate to the credit reference agency and ask them to correct it.
- Land Registry – if the restriction is still showing, call your IVA firm. Make sure you do this. If you find out in 12 years time when you want to sell your house that the restriction is still there and your IVA firm has gone bust years ago and you can’t find your certificate any more you will have a major hassle getting this resolved.
And you need to wait another month or two to give your creditors time to update their records.
So that’s the end. Except…
You can start the process of cleaning up your credit file, see How to improve your credit rating after an IVA for details. This will ensure that your defaulted debts disappear when they should and that new credit starts to improve your credit score.
You shouldn’t hear from your IVA firm again. There are two exceptions.
- you may be sent a cheque for “uncashed dividends”. This is rare and it is good news if it happens to you. If this happens, your IVA firm will explain why – there normally isn’t anything you have to do except cash the cheque.
- the other one is lingering claims that your IVA firm may have made. Most PPI claims have now ended, but some IVA firms are trying to collect on a variety of other claims including affordability and pension mis-selling. You may still get some correspondence about these.
If you have a house, some people are reporting being contacted by a lender offering a remortgage or a secured loan after a few months. These are usually expensive bad credit lenders – you should think twice about doing this, especially with cost of living problems continuing. It may be better to wait a bit longer and clean up your credit record some more.
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Carla says
Can the IVA take your name off the gov IVA register before the 3months this there is a mistake with the completion date.
This is taken us 7years with no breaks in payments, the company keeps giving us misleading dates of when it’s ended. Our last payment was December 2022
Sara (Debt Camel) says
has this IVA been completed? That means the IVA firm has formally made its checks and issued a certificate of completion?
Carla Bradbury says
Yes it’s completed but still on the register and we keep getting misleading date on when it will come up. My question is if my complaint is proven can they take my name off the register immediately?
Sara (Debt Camel) says
Is your complaint that the date of completion is wrong?
carol says
hi,
I was still on the register for quite a while, think it was around 7 months before my details were taken off the register.
Hope this helps
Tom says
Hi, I had an IVA that was started in July 2016 and completed in December 2020. My credit report stated that this had been settled and I have the completion certificate. I have since checked my credit file on Equifax, Clearscore & Credit Karma and all of them no longer list my insolvency on my report. I have recently applied for a business banking account to start my own business and they have emailed my stating there has been a flag to show a record of insolvency on my credit file and i need to provide the completion certificate.
Although this is no issue, as i have the document. My question is how can they see this information as i cannot? As far as i can tell, this should no longer be visible on my credit file?
Sara (Debt Camel) says
Have you checked Experian – MSE Credit Club is a free report on Experian data.
Is the bank you are applying to related to any of the creditors in your IVA?
Tom says
Yes I have checked the others and none of them list my IVA under the public record information. I have applied to to a bank account which I did have a credit card with that was included in my IVA.
Sara (Debt Camel) says
well that is how they know about the IVA.
Send them your completion certificate or apply to a different bank.
Tom says
Ah yea I guess so… do you know if it would affect any kind of credit or loan I would look to take out with them in the future? Probably best I apply elsewhere right?
Sara (Debt Camel) says
Definitely – there are no limitations on how long banks can keep their internal records.
SpyderTracks says
I’ve just had my completion certificate through yesterday on a 5 year IVA. What an absolute relief! I was initially with Vanguard who then got bought out by Ebenegate. Ebenegate were absolutely dreadful, in the last year, they never responded to my emails, I had a bonus in December and asked them to clarify the amount I needed to pay them, in the end I just went by my own sums as they never responded. Then they were supposed to contact me in April to start my closure process, but I heard nothing after repeated emails and letters. In the end, I contacted Kevin Thallon who has been so incredibly helpful since Ebenegate took over. Within a day I had a huge apology from a senior manager at CreditFix (who own Ebenegate) and then the next day had my closure certificate and report. I’m going to leave Kevins email because he really is the only way I was able to communicate with Ebenegate kevin.thallon@ebenegate.co.uk
So now just have to wait for the insolvency register to update and then will send my completion report to the 3 credit agencies.
I have to say a huge thank you to Sara. I’ve found this site so incredibly helpful and has settled my nerves no end, getting any guidance from Ebenegate or Vanguard just resulted in being ghosted.
I wish any of you on this journey the best of success.
Dan says
I settled a year into my IVA, however, the IVA remains on your credit file for 6 years.
Emma says
If they have confirmed they’re not waiting for anything and all creditors have provided their information, what’s the delay in producing my certificate. I paid mine off in April and I’ve still not had it and they won’t tell me anything as they’ve said it can still take 6 months. It’s so stressful and leaving me so anxious! I don’t understand why they won’t explain what’s taking so long! Can I do anything?
Sara (Debt Camel) says
Who is your IVA firm?
Emma says
Bennett Jones
A. J says
Hi, mine is with Bennett jones, my last payment is in February 2024 I would’ve completed 6 years what happens after the last payment ? Will they get in touch with me or just send me the completion certificate?
Sara (Debt Camel) says
ok, I don’t have a contact there to ask.
I suggest you put in a formal complaint in writing. email info@bennettjonesinsolvency.co.uk with COMPLAINT as the title.
Donna says
I’m still waiting finished 28th April
SpyderTracks says
Hi Sara
I’m a little confused, by your summary and what I’m seeing on Equifax and other credit agencies, they get their information from the Insolvency Register which for my account is still showing as active. I’ve called Creditfix to ask them to update the insolvency register, 2 agents have told me it’s for me to contact the credit reference agencies with my certificate of completion, and that will update the insolvency register? Are they correct in this?
Thanks for your time.
Sara (Debt Camel) says
How long ago did you get your completion certificate?
SpyderTracks says
2 weeks ago today
Jay says
my IVA is due to end in September and I am anxious about how the final review works. I have been asked to provide May June and July and as it is so soon nearing the end that annual review is also my final review. During those 3 months I used clearpay (unregulated credit that is buy now pay later) to buy some clothes for my son using his DLA money/money my mum has given me to help out. This will show up on my bank statement and now I am worried I will fail. I haven’t been able to take out mobile phone contracts or insurance for my car during my IVA due to bad credit so I assumed as it let me do this it was fine. I am now reading into the terms etc of my IVA and it says not to of taken out further credit or at least without asking and I am unsure if this will cause me to fail. The amount in total was £170 across 3 months so not a huge amount and have paid it all off just like weeks apart as it helped out when uniform was needed and school shoes before day day. What will happen and can you advise what’s best to do? Would I fail based on this?
Sara (Debt Camel) says
The common clause in an IVA relating to more credit is something like:
You must not obtain any further credit greater than £500 without the prior written approval of your Supervisor, except for public utilities and to refinance any balloon payment at the end of a vehicle Hire Purchase Agreement. If you do obtain credit of more than £500 without the consent of your Supervisor, this will constitute a breach of your arrangement.
£170 on BNPL is very very unlikely to be a problem. Just send your bank statements across.
Jay says
Thank you for getting back to me. I read my terms and it didn’t say what you have stayed above it says:
13. Can I obtain additional credit whilst I am in an IVA?
Generally speaking the answer is “No”. Your creditors will only agree to your IVA on the understanding that
you will not obtain further credit. The main purpose of an IVA is to provide you with affordable repayment
terms and further credit could hinder your ability to maintain your IVA payments.
The situation is slightly more complicated when it comes to secured debts, such as mortgages and vehicle Hire
Finance, and we would advise you on a case by case basis.
This is in my IVA proposal unless there is some other terms I should access?
I am so very near the end and have stuck to a tight budget and had help from my boyfriend and mum to afford clothes and other such things for my son until he was awarded DLA and every year my review has gone through and passed so just feeling a bit worried IV ruined it all.
Sara (Debt Camel) says
That sounds like a simple explainer of your IVA, not the actual terms and conditions.
What does it say on the first page?
Who is your IVA firm?
Jay says
It is Bennett Jones. I can’t seem to find the terms. Are they generic or does everyone have them adjusted for their individual circumstances and contracts?
Sara (Debt Camel) says
My guess is they use what are called the standard protocol terms – which is what I quoted from. I really don’t think you will have a problem here. An IVA firm actually wants to get people so near the end through to completion if possible.
Lee says
Hi, mine has just been signed off and I had car finance. No questions asked. I have waited 6 months for the certification but it’s all done now.
Callum says
I am 15 months off the end of my IVA and am getting more and more anxious about this final review and I’m so far out still
I’ve heard horror stories regarding the final 12 months of an IVA being made to extend or just generally being difficult or trying to get you to fail. Would you say this is true in most cases or just certain?
Also how in depth is the final review? Will they want pay slips, bank statements and P60 of my entire 5 year IVA or will it just be like any other annual review (which I have had one every 12 months).
I have received the 2 £1000 backdated pay rises throughout my IVA which I didn’t declare and went through an annual review as it was just in line with the cost of living at that time. Will things like that crop up, and if yes will I be able to justify them?
Sara (Debt Camel) says
IVA firms have no interest in getting IVAs failed.
You only tend to see comments from people who have problems, not from those whose closure goes through easily.
What your IVA firms asks for depends on their procedures. If you have not informed them of backdated pay rises, I cannot guess if these are significant. At the end of your 4 year review, make sure they are aware of anything that has happened during the year.
SpyderTracks says
Just to strongly reiterate what Sara has said (speaking from my own experience), I didn’t even have a final year annual review, but made all my payments in time. I’d the payrise backdates weren’t mentioned in the annual review then they’ve been accepted and signed off as such. I was very anxious about completion but it was actually far smoother than expected.
Emma Butler says
Hi,
Hoping you can clear something up for me. I’ve made my full and final payment but have worked it all out myself and I’ve over paid by £542.00. When I spoke to Ebengate (and that was hard to get though) back in July they said any over payment would be paid back to me. I can’t get an answer from anyone at the IVA company any one got any suggestions?
Thanks
Sara (Debt Camel) says
Which IVA firm is this? Have you had the final review?
Emma Butler says
Yes final review has taken place and the iva is with Ebengate used to be vanguard, I will see if I have any luck the other company mentioned.
Sara (Debt Camel) says
try emailing Samantha.Warburton@creditfix.co.uk
SpyderTracks says
If you check your listing on https://www.gov.uk/search-bankruptcy-insolvency-register you’ll likely find a credit fix agent is dealing wirh your case, they own ebenegate. Ebenegate were absolutely useless for me and never responded, credit fix were far better
Emma Butler says
Thank you I will do
Matthew says
Hello I know this is unrelated to the thread but here goes.
Im currently employed on a salary.
Im about to become self employed and more than lightly going to earn less than I was.
Does this impact my Iva at all?
Sara (Debt Camel) says
How far into your IVA are you? How large are the payments? Do you have a house with equity or a car worth more than 2k?
Matthew says
Hello my Iva ends may 2025 – my regular payment is £210 per month – my car is worth about 4k which I own – I’m also a homeowner with about 50-60k equity and once I get to may 2025 I would have been in Iva 6 years
Sara (Debt Camel) says
When does your mortgage fix end?
How affordable is the 210 at the moment, before possible income drop?
Matthew says
Fixed for another 4 years – it’s affordable atm
Sara (Debt Camel) says
was this change of job forced as you lost your previous one or because the hours were cut? Or did you just fancy a change?
Matthew says
Company I worked for were struggling and we’re getting rid of staff so I think it would have only been a matter of time before they got rid of me- so rather than wait to be sacked I’ve been pro active lol
Sara (Debt Camel) says
Well I hope you don’t regret this. It may have been better to have had a few more months on the staff and knocked some more time off the IVA.
If you can pay some 5ing but not 210 you can ask for a review and to have you payments reduced. If you can’t pay anything you need to either ask for a payment break for 6 months say until you can’t or for your IVA to be completed on the basis of the funds paid to date. That might have been easier to get approved by your creditors if you had been made redundant in 6 months time…
Graeme says
My IVA is due to end in April 2025 and just had my yearly review.
I have about 30k in equity in my home and in the review email it says “Property: Terms of the proposal explain how this will be included in the IVA” and then also final dividend is dependant on amount received from property.
Does this mean I’ll be forced to remortgage if accepted by the mortgage company? If its not accepted does that mean I will have to pay another 12mnth into IVA?
Sara (Debt Camel) says
Sorry lots of questions!
How much is your property worth? Are you the sole owner? Is this a help to buy or a shared ownership? Is this interest only or a repayment mortgage?
How much are you paying to your IVA a month and is that affordable?
When does your current mortgage fix end? How old are you?
Graeme says
No worries and thank you for replying.
Its repayment mortgage, house is worth around 80k and I’m the owner living with wife and children, wifes name isnt on the mortgage.
Pay around 270 at the moment which is fine and affordable.
Fixed mortgage ends in 2025 and I’m 38.
Sara (Debt Camel) says
How large are your current mortgage payments?
How large were the debts that went into your IVA?
How many children do you have?
Graeme says
Around 220 per month, over 30k went into IVA and I have 3 children
Sara (Debt Camel) says
So assuming standard IVA terms, when the equity release decision is made:
– you have to be left with 15% of the equity, so about 12k if your house value is accurate at that point
– the extra monthly costs can’t be more than 50% of your monthly IVA payments. This is why it is good to ask for your IVA payments to be reduced if you had a good reason.
– most people can’t get a remortgage and may have to take an expensive secured loan instead
– in a year or so when it’s clearer what your new mortgage fix rate would be, you may be able to argue that a secured loan would be unaffordable, in which case you would have to just pay the IVA for one more year.
Lesley says
I took out a full and final IVA with PayPlan in November last year (2022). I am still waiting for my completion certificate. I’m self-employed and when I queried the delay Payplan said this delay was due to my creditors not claiming their portion of the funds, namely HMRC. They advised me that I should submit my latest tax return (April 2022 to March 2023), which I did about 2/3 weeks ago. I’ve been very happy with PayPlan but I wanted some independent advice as to whether it is acceptable to have to wait this long for the IVA to complete. Do all creditors have to claim their funds before the completion certificate is isssued, regardless of the length of time since the full and final IVA was taken out and all money paid? Many thanks for your help.
Sara (Debt Camel) says
Some creditors are very slow with this. Normally this gets sorted out during he life of the IVA and you are unaware of it. But with a “full and final settlement” IVA, there was no “life of the IVA” it all has to be sorted out before the IVA is closed.
I suggest you send PayPlan a complaint if it gets to the one year mark.
A R says
Good Morning,
I would like to get some information about Scottish Trust Deed which is I believe similar to IVA? Once this is completed and you received completion/satisfied certificate, how long will it to the debt to be removed from credit file? Do we have to inform CRA’s or they do this automatically?
Sara (Debt Camel) says
yes a PTD is the Scottish equivalent. but I don’t know enough about them to be confident about the answer to your question – I suggest you ask it on this website from a Scottish adviser: https://www.advicescotland.com/home/protected-trust-deed/
Darek says
Hi all, my last payment was in April, end of April so since May it’s 6 months now and still nothing from my IVA company (Creditfix). I contacted creditfix month ago, they said they have delays but my case is on last closing stage.
I keep checking my credit score, all debts are dissappear but obviously still showing my IVA. My wife it’s the same situation, but there still is one credit card,l saying IN DEFAULT.
Any suggestions pls because it’s getting on my nerves now, I thought the whole process ov being on IVA will ne stressful, but I think now it’s worse.
Thanks
Sara (Debt Camel) says
I suggest you wait another month and then make a formal complaint.
The defaulted card on your wife’s credit record – what default date does it show?
Darek says
Hi, thanks for the reply.
On the credit card there is date of 21 September, exactly “UPDATED 21 SEPTEMBER”.
Thanks
Sara (Debt Camel) says
what report are you looking at?
Darek says
Clear Score.
Thanks
Sara (Debt Camel) says
ok so look at your Equifax statutory credit report , see https://debtcamel.co.uk/best-way-to-check-credit-score/ which has a link to it. That report is oftne clearer to read – ther should be a default date against that debt of your wife’s. What is it?
Lily says
Hi,
I had this problem but it was sorted. I got my certificate no problem.
I then emailed all agencies and had all of the remaining creditors taken off including the IVA and now I’m all clear.
It will be better soon. Just keep checking in with creditfix. I wish you all the bestx
Samantha says
Can I ask what you had to provide for ur final review and how it worked nearing mine thank you
Kris says
Hoping someone can help me here. My partner had an IVA before she met me and this has just ended. When she was living by herself she struggled financially and ended up with an IVA but over the past 4 years she has paid it all off but also because we are now together she has also managed to accrue savings in her current account amounting to a few thousand pounds. The IVA company have now asked for her payslips and bank statements as part of the closure of her IVA but she is worried all her savings may get taken off her. Is this likely?
Sara (Debt Camel) says
Has the IVA firm done annual reviews? How long have you been living together?
Katie says
Hi
I’m in an IVA and have just made my final payment to them this month.
They’ve already had my last 3 payslips & P60, I’ve not heard anything back (IVA due to finish this month after 5 years)
If I’ve ended up paying more than the original agreement, would I get any of that back?
Or is it all set against th creditors?
Sara (Debt Camel) says
You will only get any money back if you have paid more than the total of debts that went into the IVA plus the IVA fees.
Katie says
Thank you
It’s been some weeks now since my last payment (coming to the 60 month mark of the start of the IVA) How long does it usually take for them to come back with any letter/certificate of completion (on average)?
Also, after submitting the 3 payslips & P60, how long does it take for them to come back staying everything is fine or needing more? Again, on average
Sara (Debt Camel) says
It depends on your IVA form. It can be several months. Ask them if there is anything more they need.
Katie says
I can safely say, I have my completion certificate!!
I don’t think I’ve ever breathed a bit with of relief (think I might have cried a little bit in the moment)
For me to build up my credit score (I know I have another 12 months of it showing on my credit report) would a credit card help?
Only making small purchases and then paying off straight away?
Sara (Debt Camel) says
First you need to be sure that all the debts in your credit record are properly marked – see https://debtcamel.co.uk/repair-credit-record-iva/ – that will take a few months.
Sally says
When I came to the end of my IVA, I was told that any over-pay would go the the creditors as interest on the original debt. However, one of my creditors did refund the over-payment to me a year or so later, after they had discovered it during an audit. Not sure if this helps?
Katie says
Thank you Sally, I really appreciate this feedback from you xx
Mel says
Hi my final Iva payment was this week, I just wondered how long it is until we are allowed to try obtain credit again? Do we have to wait so long after the final Iva payment?
Sara (Debt Camel) says
You have to wait until you get the completion certificate.
Mel says
That’s fine thank you I had tried asking the company but didn’t get a clear answer
Darek says
Hi Sarah. Regarding my IVA which is already 7 months after my last payment, where I can make a Formal complaint? My iva company or someone else. I spoke with them yesterday and they said “we will contact you next 2 weeks”, they saying this every month.
Thanks
Darek
Sara (Debt Camel) says
who is your IVA firm?
Darek says
Creditfix, don’t know if you remember there’s was some credit card in DEFAULT on my wife file, that’s dissappear finally, but always when I call and ask for update they just have no clue what to say.
Thanks
Samantha Warburton says
Hi Derek
Please can you send through your details to me directly so that I may look into your case and resolve matters for you. My email address is samantha.warburton@creditfix.co.uk.
Kind raegrds
Sam
Shaun says
Hello I’m coming to the end of my IVA 2 payments to go there now saying I will need to remortgage I have never missed a payment and told none of this at the start I have paid 58 payments of £325
Can they do this we remortgaged a few years ago as we had a family problem
This has completely shocked me and my wife
Sara (Debt Camel) says
how affordable are the current monthly payments?
when does your current mortgage fix end and what rate are you paying at the moment?
is the IVA just for you or for your wife as well?
do you mind saying how old you are?
Shaun says
54 we remortgaged
Sara (Debt Camel) says
how affordable are the current monthly payments?
when does your current mortgage fix end and what rate are you paying at the moment?
is the IVA just for you or for your wife as well?
Shaun says
It’s a joint IVA we were told 5 years at £325′
Per month and we would be dedt free I hate the last 5 years it’s been torture I have 2 more payments now there saying I will have to remortgage or pay another year do they want me in a box
Sara (Debt Camel) says
That is a standard term in almost every IVA. It should have been explained to you at the start.
If you can answer my questions, it may be possible to challenge this or get it reduced.
how affordable are the current monthly payments?
when does your current mortgage fix end and what rate are you paying at the moment?
Lee says
Hi, it took 8 months for me. I had to keep emailing. I wasn’t asked for p60 or payslips. I agreed to an extension of 6 months more payments when it was originally meant to end, so I guess they just wrote it off after that.
Alex says
I have trouble getting completion certificate. Last payment 31st May- “closures team will be in contact soon”- 4th August they text and email “thank you” (whatever that means)- after 12weeks I email what’s happening, supposedly chasing creditors for something, process can take up to 6 months (to be fair that is in the agreement), so I wait. I email again 3 weeks before 6 months- closures team shall revert to you- I email again at 6months- they reply week later – closures team will assist you… emailed the IP now demanding closure. Not sure it will get me anywhere. I did pay every single month for 5 years. Didn’t miss a single payment, have actually paid over £3500 more than originally agreed. Did not break any terms. What do I do if they don’t send me completion? I need to move on with my life. It’s been hard enough
Sara (Debt Camel) says
can I ask who the IVA firm is?
Alex says
Was Hanover, now I think creditfix bit communications come from both
chris says
Hi , i am coming to end of my IVA my last payment is in April I’m just wondering what happen do i have to have a review like my annual one just getting stressed as seeing a lot of thing about people getting stung with bills at the end i not missed any payments the company I’m with is ( financial support systems )
many thanks
Sara (Debt Camel) says
If your annual reviews have been thorough, looking at bank statements and P60s, then the final review is often just another one of these.
Chris says
my reviews have been bank stat , wage slips , and expender forms ,is this normal done before the final payment or after also have you had any dealing with this company as i been reading some review regarding the final year
Sara (Debt Camel) says
It is up to each IVA firm what they do at an annual review and what they to at the final one.
Katie says
When I had my final review, they asked for my last 3 payslips and my most recent P60 or the payslip from March for them to look at
I went these in and then I got an email stating everything was completed.
I did find it a bit stressful waiting for that email, but it’s nothing to worry too much about.
Chris says
yeah it is stress is this before of after final payment also was that with the company I’m with above
thanks
Chris says
was this before the final payment or after ?
Katie says
They asked me about a month or so before my final payment for the documents and then got the final email with completion certificate about a month after my final payment
Chris says
okay thank you
Maggie says
Hi,
I’ve completed IVA and received the certificate.
My question is when will the IVA marker drop off? Is it on the exact date e.g 11 October or is it going to be in the following month e.g November.
I’m looking to move to another rental accomodation and wouldn’t want to give notice to quickly.
Many thanks
Maggie
Sara (Debt Camel) says
how long ago did your IVA start?
Maggie says
Apologies, should have said: started 11 October 2024
Sara (Debt Camel) says
2024? 2018?
Maggie says
2018! My apologies, again
Sara (Debt Camel) says
well your IVA firm has plenty of time to update the Insolvency Service register. I would expect this to drop off after the 6 year point.
Maggie says
I’m not on insolvency register any more.
My question is: does the IVA marker falls off on the exact date ie 11th of October? ( as this is the exact date of my IVA commencing) or from the following month ie November.
So, if estate agency runs a tenant check say on 12th of October will they know I had IVA?
Thanks
Sara (Debt Camel) says
It should be the exact date. But honestly I would give this another few weeks to be sure.
Marc says
Hi , i am coming to end of my IVA my last payment is in May 2024. My IVA started with Vanguard then I got took over by Ebengate.
I’m just wondering what happen over the next three months.
My annual review has always been done in April every year excluding 2023 where Ebengate did not even contact me to carry out my annual review so it was not completed.
I have never missed a payment and in May 2024 it would have been 6 years. I don’t own a house and have nothing of value. Is it possible that my IVA will be extended? Should I contact Ebengate to ensure they are aware the IVA is ending?
I have read all sorts about how IVA’s are extended and my anxiety of feeling mine will be is excruciating.
Any advise would be much appreciated.
many thanks
Sara (Debt Camel) says
I understand why you feel anxious but remember most people don’t have problems. I would wait until May, then ask if you can Stop the payments
Sally Williams says
I had a fully satisfied IVA written off Sept 2022. All debt gone apart from 1 loan which is STILL appearing as of Feb 2024. I have sent the completion letter to said bank several times but to no avail. I’m now going through a formal complaint but they are saying it will “take longer than usual” to process this complaint. It was a joint named loan debt but only I had the IVA. However all other joint debt was wiped when I completed this IVA. Anyone ever heard of this before?
Sara (Debt Camel) says
Yes this can cause problems with banks systems it seems. I suggest you send this to the Ombudsman at 8 weeks.
Sally Green says
When I took out my IVA about 9 years ago, there was one debt that was joint with my husband. The bank wrote to him and requested him to make his own payments directly to fulfill his portion of this. As we were obviously in financial difficulties he agreed to pay £10 a month to the bank and that debt was paid in full before the end of the IVA. I guess this could be why there is a problem? Hopefully it will all be sorted for you soon.
Dan says
My husband has an IVA, but they have included my earnings to calculate the repayments.
We are seven months from our last payment on a five year IVA, but as we are homeowners we need to try at least twice to remortgage. My husband has been contacted by a different company re. the remortgage, but I’m not happy about applying (and getting turned down) twice, as it will batter my already bad credit rating. Can this be forced on us as I’m a joint owner and the IVA isn’t in my name?
Also the reason my credit is bad is because we had an overdraft on a joint acct, that we closed at the start of the IVA process. All this time it’s been recording a missed payment from me every month, but the bank never contacted me to say they expected payments throughout. I knew there would be a balance o/s after the IVA had ended, but they’ve given me worse credit than my husband with an IVA! It will also stay on my credit file a lot longer which is ridiculous.
They wanted me to make a payment plan that I can’t afford, as my income is being used for the IVA, but agreed on £20 pm which I have been paying. This only came about from me contacting them and months of back and forth because they said initially that I can’t make a payment plan due to the IVA.
Is there anything that can be done about this at all?
Thanks
Sara (Debt Camel) says
Making 2 rejected applications is the least of your problems here. The top priority is to ensure that you do not have to remortgage.
What is the current IVA payment and is it affordable? With lots of bills going up this month, car insurance, petrol, groceries etc?
When does your current mortgage fix end?
How large is the overdraft? Do you have other debts as well?
Dan says
Thanks Sara,
The IVA is currently £255 and is affordable.
Mortgage fix ends in just over two years.
The overdraft is approx £3,500.
I have around £400 on a store card, but nothing else.
Sara (Debt Camel) says
What is your current mortgage rate?
Dan says
1.59%, which I’ve just checked ends July 2026
Thanks
Sara (Debt Camel) says
ok so the argument that you cannot afford a secured loan is that weh the mortgage fix ends you will be in difficulty repaying the mortgage, so any secured loan will be unaffordable. So it is likely that your IVA will be extended for another year instead.
I am sorry you didn’t take debt advice about the joint overdraft when the IVA started. All you can do is pay it off as fast as possible.
Joan higgin says
Hello
I’ve had an iva for 8years because of reduced payment and I had a postcode lottery win
I’ve now got to pay another year equity£1200
The credit controller said its my last payment to my creditors , but I’ve just read about ppi
And that was mentioned in a previous text
Can they keep doing this
Will my iva EVER COME TO AN END ?
I’m on pension credit and nearly 70
Sara (Debt Camel) says
who is your IVA firm?
How large are your monthly payments at the moment?
Becky says
Hi I wonder if you can help me. Myself and my partner have an interlocking Iva. We are on year 3 of our Iva. Earlier this year our fixed mortgage rate come to an end and our mortgage payments went up by £250 a month. I contacted payplan and they agreed with a variation agreement that we could reduce our payments to account for this.
I now pay £100 a month and my husband £50 a month. This also extended our term for 12 months. Our term is now for 6 years as our agreement ends in 2027. I spoke to payplan today as my mum has offered us money of £4000 to settle our Iva. They said they would take this to the chairman but we are still subject to the equity release. Can I have some help with this, I explained that it was highly doubtful we would get this as both in our 40s we have our mortage until we retire and would not have made money on our house. She explained that if this wasn’t possible they would extended it again so that would be a 7 year Iva? Does this sound right? Would I still be subject to the equity release if I offered a lump sum? Thanks
Sara (Debt Camel) says
So you need to make it clear to Payplan now that the money being offered by your mum is in settlement of the IVA, including the possibility of an extra year in lieu of equity release.
Are the £150 a month payments affordable at the moment, after bills have gone up in April?
Becky says
Hi Sara, yes I have made that clear in an email today. I am really worried they will enforce the equity release following the £4000 offer to settle.
Yes the payments are manageable atm we have just a review. We will not be to increase our mortage term as our term is up to retirement age anyway. We also have a secured loan against our house for which we pay £550 a month for we have 2 years left of that and this has now gone on variable rate, they are unable to fix the rate unless we take a further loan Out which we don’t want to do.
Sara (Debt Camel) says
I am really worried they will enforce the equity release following the £4000 offer to settle.
Well unless the IVA firm confirms that the settlement offer has been accepted in full settlement of the IVA and you will not be required to make additional payments, your mum should refuse to pay the money in.
Laura says
I completed my IVA and it dropped off in March. I’ve recently applied for a mortgage and found that there’s a barclays current account default for £216 on my credit file as well as an IVA marker. This was a closed current account when I processed my IVA. The IVA company have confirmed this wasn’t included in my IVA. I write to barclays and sent all my IVA paoerwork
to prove and offered to settle the sum. Barclays have written back and are saying they can’t help because there’s an IVA marker on the account and go back to the practitioner (which I will) but is there anything else I can do?
I’m on a really strict time limit with a house purchase and I really thought this was behind me
Sara (Debt Camel) says
Are you saying you agree you owe this money? Or that you didn’t because the account was already closed with nothing owing before the IVA?
Laura says
Well that’s a great question. I’m 100% confident I wouldn’t of closed the account with money owing as I didn’t have an overdraft and it was used as my main account. But rather than split hairs and just to get the default payment settled I’d just be happy pay it. So I haven’t queried the amount just requested to settle it but barclays won’t do anything as this marker is on there
Sara (Debt Camel) says
I think asking for a statement of the account may clarify things.
Laura says
Thats the issue, Barclays won’t engage in any clarifications, they just keep signposting me back to the company I did the IVA through as they say they cant do anything because of the IVA marker on the account. The IVA company are then saying they can’t help because this account wasnt part of the IVA.
Sara (Debt Camel) says
Well this is pretty silly. I suggest you send Barclays a complaint to wandim.execcomplaints@barclays.com saying you dispute there is a balance owing on this account and you would like them to send you a statement of the account showing how it has arisen as you had closed thr account.
Say the IVA is irrelevant as (a) you are Disputing the debt (b) it was not included in your IVA and (c) your IVA has completed.
Explain you want to get this resolved quickly as this is holding up a mortgage application and so far Barclays have been unhelpful and obstructive, which is against the Consumer Duty.
If you just pay this debt, it may still be a problem for a mortgage application.
Kelly says
Hello
We are due to finish our IVA in November this year. The IVA company have said next month, June, we are to value our house in order for them to see what equity in in it. We have paid 50k off our mortgage so far. How much of this would they expect us to pay, bearing in mind that we have already covered the debts that were owed with the payments we’ve made so far.
Sara (Debt Camel) says
Read https://debtcamel.co.uk/iva-equity-release/ and any further questions are best asked in the comments on that page
Blingbling says
Does an Iva get your property valued at the end of an Iva?
Even when declared you had a settlement out of the property.
Which was declared, when you left the property and your ex partner .
Sara (Debt Camel) says
when was this settlement, before the IVA started?
Emily says
Hi,
I was hoping you can help me. I completed my IVA almost 2 years ago and during the course of the IVA, my major creditor who was meant to get 80% of dividend never admitted claims for dividends so they were never paid. Now the IVA company I used is trying to keep those funds to themselves claiming it as their fees. Is that right?
Sara (Debt Camel) says
It doesn’t sound right. This is a rare situation but normally you should be sent a cheque “for uncashed dividends”. Who is your IVA firm and have you made a complaint?
Emily says
I have complained to them regarding thus but they are not doing anything about it. Sorry about the page I posted in, I couldn’t find where to send my queries. How do I go about putting in a complaint? Thank you.
Sara (Debt Camel) says
Which firm is it so I can give you the email address to use.
Emily says
The IVA company i used was called Creditfix
Samantha Warburton says
Hi Emily
Please can you send me your details so that I can look into this matter for you. My email is samantha.warburton@creditfix.co.uk.
Kind regards
Sam
Cs says
Hi I been in a Iva for 4 years I haven’t sent no annual reviews for the past 2 years as I don’t have payslips from moving so many jobs I always make my payments. Will I fail iva in the 5th year at final review and will I still owe all the money to debts as iva hardly even pays anything to them
Sara (Debt Camel) says
You should have P45s from leaving jobs? I suggest you gather those together and send them to your IVA firm.
Cs says
I dont have nothing ive not been in constant work but anyway i just wanted to no What happens if I dont will the iva fail after 5 years or complete still and will I still owe money to debts ?
Sara (Debt Camel) says
That depends on your IVA firm.l they may be happy with just your bank statements or they may insist on payslips / P45s / P60s.
Which is the IVA firm? What did it say when you did nor complete recent annual review?
C says
Freeman jones so if they dont get it Will I fail the iva after 5 years if they don’t get this and will I still owe the money can u answer that question please thank you. Because instead of waiting another year paying I might aswell fail it now yes ?
Sara (Debt Camel) says
If they fail your IVA you will then owe all the debts listed at the start less any payments that your IVA firm has made to them. I think you should talk to them now about your situation. There may be other debts options that you do qualify for such as a Debt Relief Order.
Nic says
Hi, I’m just wondering once you have got your completion certificate can you be pursued for any more money, if you have a windfall or a joint account with someone which has money in the account. The joint account has had a block on it all the way through during the IVA but they have never asked over it. I now want to take my name from the joint account. Would this be possible. Thanks
Sara (Debt Camel) says
I think it should be. Make a complaint if the bank won’t let you do this
Sharon says
Hi, I got an IVA in June 2022 and was made redundant this year so paid in full 100p in £ plus extra for paying a lump sum on 30/04 – I have been chasing my completion certificate and got it today finally 30/09 but this is the date of the completion – should it not be April?
Sara (Debt Camel) says
No it is the actual date your IVA completed.
It will drop off your credit record in June 2028 anyway.
Angela says
I am in an IVA with Creditfix, due to end November 2025. On my annual review it has POd not submitted on 2 debts for the same creditor. I had originally tried to dispute this debt as it was originally for a social care debt my mother had when she died. Not sure what this POd not submitted means as i had submitted the debt letters to the IVA company when i originally set up the agreement. I’m worried this means that after my final payment this creditor will then chase me again. I also want to know if i can negotiate a repayment to try to end the IVA payments within the next 6 months?
Sara (Debt Camel) says
Pod means (I assume) proof of debt. So it is saying the creditor hasn’t sent Creditfix proof off the debt.
Why were you disputing it? Did you not think you were liable?
Read https://debtcamel.co.uk/iva-settlement/ about making a settlement offer.
Angela says
Hi Sara thanks for the link it has helped me make a decision. In regards to the other query. This debt was a social care debt that my deceased mother owed to the local authority and DWP. At the time I had disputed liability as I was not dealing with her estate as her husband was still alive at that time, even though he was seriously ill in hospital. I have and never had any authority over her estate.
Sara (Debt Camel) says
Well I suggest you tell Creditfix that.
Katie says
We finished our IVA in August. They are now saying we have numerous outstanding wage slips etc. after looking at reviews it appears alot of people have had the same issue. They are now saying they will have to have a creditors meeting for everyone to decide if we can end the IVA. How likely will they all agree to end this? I don’t want to end up back 5 years ago with a rubbish credit rating when we should be starting our life’s again with credit rating etc.
Sara (Debt Camel) says
which IVA firm and did they do annual reviews?
Do you have your P60s?
RC says
Wondering if anyone can share their experience.
Started my IVA with credit fix in April 2019. Made my final payment in August 2024. (Had an initial extension due to no equity) But requested a settlement meeting. Meeting was held, I offered to pay the outstanding balance in one go (didn’t offer less or try to reduce it, just wanted it done) all was accepted and I paid the final amount the next day. It’s now been 4 months and not heard anything so emailed them last week and had a reply today stating –
‘Please note that your case is still undergoing the closure procedures at the moment.
We are still getting in contact with your creditors to make sure that they have well received their part of the payments and some other procedures that are been follwed.
We shall provide you the final report as soon as the closureq review is completed.’
Does it normally take this long? Should I be concerned about anything? I assume the fact they held the meeting to propose the final payment and closure and all was accepted and now paid up that I shouldn’t need to do anything and it’s just a process they have to do? I suffer a lot with my mental health and this whole process has been constantly triggering hence wanting to close it early to have one less thing to worry about but it seems to be never ending. Any help would be amazing
Thanks x
Sara (Debt Camel) says
This is normally just a process but they also do a normal “end of year” check. 4 months isn’t great but it’s not unusually long. Let me know if it gets to 6 months.
John says
Hi Sarah,
I’m in my last year (month 56) and expecting my IVA to be extended as I cannot release equity from property.
Please may I ask the procedure for the final year. I assume they do an Income & Expenditure check before I enter the extra year, but is there one performed at the end (month 72) before IVA is closed?
Sara (Debt Camel) says
There is usually a final check at the end of any IVA, extended or not.
Michael says
My IVA ended in March 2023, but a credit card is still showing on my credit report it is showing as no missed payments but when will this no longer show on credit report this debt was sold on by Barclay card
Sara (Debt Camel) says
Is this showing under Barclaycard or the debt collector? It was included in the IVA? When did the IVA start?
Michael says
Under Barclaycard when IVA started was sold by barclaycard during IVA which started around 2017 and ended in 20223 after an extra year was added so lasted 6 years
Sara (Debt Camel) says
Send Barclaycard a complaint – email wandim.execcomplaints@barclays.com with “incorrect credit reporting after my IVA” as the subject
Attach a screen shot of your credit report showing this.
Say the card was included in your IVA which started on did/mm/yy. Attached some evidence from your IVA of this
Ask Barclays to add a default date of the start of the IVA which is what the SCOR reporting guidelines say should happen
Michael says
Thank you I’ll give this a try I’ve also got letter from Creditfix (company who IVA) was processed informing of end of IVA to companies who deal with credit scores
JB says
Hi Sara,
I completed my final payment 1st November 2024, and received confirmation my final review was completed and everything was getting passed to the closure team. I contacted them today and they advised of a large administrative backlog, should I have anything to worry about, or do I now just wait for my Completion Report in 7-10 days (they advised). Something triggered my brain, so I chased, but now I’m so nervous.
Sara (Debt Camel) says
Well it’s only 7-10 days… If it doesn’t arrive then, send a formal complaint in writing
Michael says
Just an update contacted Barclay Card and about a week later got call from them to say reason for it still showing and that it had been correct and check credit score this morning and it has now been removed so letter worked