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.
How equity release works in an IVA
More than a third of IVAs fail
Options when you can’t pay bills & debts
Wendy Corbett says
I’ve recently completed my IVA. Which is great and I feel like a weight has been lifted. I did the full six years and my IVA is marked as completed on the Insolvency Register. I’ve checked the three credit reference agencies and there is now nothing showing on Credit Karma and Experian and my credit rating has improved dramatically. Not that I’m planning on taking any credit out! On Equifax, however, the IVA is showing as a “previous”. My question is, will this be removed once my IVA is deleted from the Insolvency Register or will it stay on Equifax forever?
Sara (Debt Camel) says
I think it should come off when you are off the Insolvency Register. If it doesn’t, complain!
Can I ask how much your Experian & Trans Union scores went up? Other people reading this love to know real-life examples!
Wendy says
OK thank you. Equifax are not the easiest company to get to update records. TransUnion went up from 530 to 617 out of 710. I can’t really raise this anymore without having credit which I don’t want to do. Also only been in my current address 18 months so it says electoral role needs work. Not sure what my previous Experian score was but it’s now 984 which is excellent apparently. I’m just happy this is finally over, it’s been a hard slog. Just one further question, do I complain to Experian direct? I shall be checking once my IVA is deleted from the register.
Many thanks, Wendy
Sara (Debt Camel) says
do I complain to Experian direct?
to Equifax? yes.
Wendy says
Sorry! Senior moment. Many thanks for your advice and also that provided in your blog. It has been invaluable
gary davenport says
I am 8 years into my IVA and they say that I owe £11000 because of wage rises but when I go onto there website I says no payments outstanding. Freeman Jones they have been awful to deal with, now called Financial Wellness Group calling me at work and i request a call at home which they never do. they have had all my p60s and wage slips and ive not missed payments. sick of having no money to fix the house up
Sara (Debt Camel) says
Why has your IVA gone on for 8 years if you haven’t had any payment breaks? Have you had annual reviews?
harriet says
I have just finished 5 years of an IVA with Freeman Jones (now Financial Wellness Group). Despite never missing a payment the whole time I have been sent a number of breach letters- always call them up and do exactly what they ask (provide statements for mortgage and secured loan on the house). They even sent a breach letter with the letter I received today saying there is realisable equity in my property. I am reluctant to release equity because it feels like saddling myself with additional debt which is why I have been in the IVA in the first place. I know I can pay a further year to end the IVA but how can I get a certificate from the bank saying they won’t remortgage me?
Sara (Debt Camel) says
Just ask your bank to confirm that they will not give you a larger mortgage. An email should be fine.
rachel says
Hi,
I am one month from my iVA coming off my credit files, it was satisfied in June 2019. I received my completion cert etc and my partner and I now want a joint mortgage but I’ve heard mortgage companies are now not considering applications until a year after discharge – I’m so frustrated is there any end to this!
Jim says
I have just been approved to end my IVA early with a Sprout Loan I have 16 payments left (4,800).
Sprout approved me for £4200, will there be any reason for Creditfix to reject this offer in the variation meeting in the next few weeks?
Just curious to what happens next. Is there anything I should be worried about?
Sara (Debt Camel) says
Creditfix don’t get a vote, your creditors do.
Jacqui says
I have just finished my 6 year IVA originally grant Thornton, then Aperture, now Jarvis.
They want my 2020 tax return, as I am self employed, which isn’t due yet with HMRC..so they said last years return with the last 3 months bank statements.
In the last 3 months I have had low earnings, but was also granted the Government SEISS grant due to COVID19.
The grant plus the earnings will be more than the original income plan.
I was told that they allow a rise of 10% in earnings, but then the rest wasn’t clear, about how much they would take as a lump payment.
The reason my earnings are greater than usual is that I have been making up for lost time and trying to reclaim clients and income that was originally lost.
So if my final payment was closer to the end of year tax return that they originally asked for,and which I would be able to provide, it would , for the year 2020 ..be inline with what income they had for me on record.
Hope that makes sense.
So because my final payment is now, I am worried that they will only see that last 3 months and ask for a lump sum…( they didn’t say what % they would ask for.) instead of taking the whole year into account, which they would if my end payment was later!
Yes I know thatvthat sounds confusing!
Any advice would be gratefully received.
Sara (Debt Camel) says
An IVA dealing with the self employed should be good at making this sort of adjustment. You could perhaps help them by setting out what your income has been in each month for the whole year? And supply all your bank statements to back this up?
alexandra m says
Hi I have started a 6 years IVA in September 2016, I have paid the £75 a month religiously and all my PPI was paid in too. My debts were £9k I have paid in £11k so far. I also get the statement of my debt from my creditors and according to them what I owe them isn’t going down. Last December I ask my IVA how much was left hoping I could paid it back I was told £2k. My IVA company changed in August and I got a letter and a call to say my monthly payments will go up to £125 a months and I still owed £3k. How is this possible? I ask the lady to check all this, she said she could see the PPI but would have to call back to confirm. 1 month in nothing so I emailed twice 2 weeks apart and no response. Calling seems to go nowhere too.
Whatever the amount left I can’t afford to pay but the debt has been well pay and they don’t offer to review the end date even by a year, and put the price up on top. What can I do?
Sara (Debt Camel) says
Whatever the amount left I can’t afford to pay
Are you saying you can’t afford to make the current IVA payments? Is this because of Coronavirus?
Alexandra m says
No I can’t luckily but I have paid way over my IVA so why aren’t they offering to stop or shorten the IVA.
Sara (Debt Camel) says
No I can’t luckily
Sorry, I don’t want to misunderstand what you are saying. I will answer your question but the answer will be different depending on your situation.
Can you make the paymentS?
Or can’t you?
If you can’t, can you say a bit about your current situation please.
Alex m says
Yes I can. My question isn’t about wether I can make the payments more about having paid way over my debt already and still being ask to pay into September 2022 and being told the amount remaining is more now that a year ago.
Sara (Debt Camel) says
I assume the PPI was claimed by a claims firm for your IVA? In this case the claims firm will have pocketed a large percentage of it and your IVA firm will also have deducted its fees.
And those IVA fees are on top of the normal IVA fees. Which are usually more than £3500.
To complete your IVA early, you have to have paid off all your debts plus the IVA fees plus somtimes 8% statutory interest on your debts. It is pretty unlikely that you have done that I am afraid.
Until the IVA is paid off, the IVA firm will not offer to reduce your payments or shorten your IVA.
I suggest you ask the IVA firm for a statement of your account, showing how much has been paid in so far.
In case you are thinking that an IVA was meant to reduce your debt but it seems a complete rip off…. I agree.
Bev says
Hi, my husband and I completed our IVA in February this year after 8 very long years! We’re in the process of cleaning up our credit files but one of our creditors (Amigo) have marked our files with 6 years worth of missed payments instead of marking our debt as defaulted. We used the template letter from your site to write to them asking for a correction and they wrote back saying they were not going to change this as they had done everything correctly. This means the debt will be on our credit file for a further 6 years!! Does anyone know what we should do next??
Sara (Debt Camel) says
Send a complaint to the Financial Ombudsman – they are wrong!
What happened to your Amigo debt – did your guarantor repay it?
Bev says
My husband was the guarantor so the debt was included in our joint IVA. I’ve spoken to the financial ombudsman and they weren’t sure of the correct procedure but I’ve opened a complaint and they’ll pass it on to an investigator in 3-4 months as they’re so busy 🥴
John says
Hi Sarah thankyou just been reading your article on closure received letter from IVA company saying I can confirm that I have made final payment to my IVA and now to close standing order and direct debt did say was doing final creditors review ..they did income expenditure review in last month before final payment which went well but did say could take up to six months to close down.Got MOT To do during lockdown which will be quite expensive as garages seem to be charging more for repair sBut has budgeted for this .Any tips
Sara (Debt Camel) says
One tip is to start putting half of your IVA payment away into a savings account from now on. Don’t get back into debt!
Chris Johnson says
Well done John.
I am probably a year after finishing my IVA.
It seriously only gets better from here.
Jeanette says
Hello and thank you for being here,
I entered an IVA 27th November 2014 which started with my first payment being the 27th November 2014, my last being December 27th 2019. I received my completion certificate soon after and only recently sent copies off to all three, Credit fix, Equifax and Experian. I have almost reached the sixth year, last one being completed December 2019. I applied for a credit card to build my credit back up with Capital one and have been paying the full amount off each month. I tried for other cards and was refused. Am I a month too early or am I deluding myself that my credit is getting better? I have checked on the IVA register, I cannot be found. What do you think is wrong here?
Many thanks,
Jen
Sara (Debt Camel) says
Have you read https://debtcamel.co.uk/repair-credit-record-iva/? Have you checked all the debts in your IVA have default dates on if before the date your IVA started? If you gave, just wait for January and your score should have improved. Stop making credit applications until that happens!
Jeanette McKellar says
Hello Sara,
I tried the website but i you listed it really didn’t help. I am not showing up on the IVA website so, is this good? As I said, I now have a Capital one credit card to re-build my credit rating . Can you tell me what the score is for a good credit rating? As per your advice, I will not apply for another card until at least late January 2021.
Your advice will be much appreciated.
Kindest regards,
Jen
Sara (Debt Camel) says
So you are off the Insolvency Service register, that’s good. There isn’t really an absolute score that is “good” it depends what you want to do. Just sit back, pay the CapOne card in full every month and after 6 months you should see an improvement.
Lee says
Hi,
I’m 3 years into my IVA and upon looking at my credit score I have seen that two of the companies have added defaults each month for the last three years and continuing to do so. Can they do this? Creditfix said that they can still do this but once I have completed my arrangement and have my certification and all finalised, those defaults will all disappear. Is this correct?
Sara (Debt Camel) says
See https://debtcamel.co.uk/repair-credit-record-iva/ for what creditors should do during the IVA and what they should do at the end.
If the debt was defaulted on or before the IVA started, then that is correct. The monthly defaults don’t matter. The defaulted debt will drop off your credit record 6 years after the default date, no matter when your IVA finishes.
Anette says
Yes it is unfortunatley. I paid mymlast payment of my IVA in january 2020 and the defaults have just been taken off my account now in January 2021
Daz. says
Completely outraged at the way my wife and I have been treated regarding our debts . We owed around £26000 to various companies , so decided some 20 plus years ago , to hold our hands up and pay it back. We started with a company called Gemstones , paying £140 per month. This lasted for around 12/13 years. We were then advised to go for an IVA , this w oh lad see our debts wiped off after 5 years. Great , so we thought. We began laying in £200 per month to Debt Free Direct. This company was consequently taken over by Aperture , to whom we continued paying £200 per month. After 6 years we were asked to remortgage our house to make a final payment . This could not be done , so we payed another £200 for another year , making our IVA last 7 years @ £200 x 84 = £16800. We don’t know how much debt will be written off , because no one knows what we actually paid to our creditors , because companies kept going bust or being taken over. Then we are told to supply 3 months bank statements so any additional monies we had , can be claimed by the IVA. We feel completely robbed over the least 22 years , could have had another mortgage with what we have been paying in , and they still keep coming b ask for more. My advice , go bankrupt , 12 months later your debt free and can start afresh. So very annoyed and feeling let down .
Jacky Davies says
After having read these very disturbing comments. I to have been involved since April 2020 with an I V A agreement where having recently been contacted by a debt advisor are quite concerned that I have no documents re this as everything was done online .I have then since been told that I should have documents telling me how much each of my creditors through the IVA even down to how much they are also taking as a fee .The only proof at the moment that I even have got an IVA with this company is that every Four weeks when they take their payment I get a message saying thank you ..I am a very worried customer about all this .
Sara (Debt Camel) says
Have you looked to see if you are on the Insolvency Register? Check it here: https://www.insolvencydirect.bis.gov.uk/eiir/
If you are, I think you should ask your IVA firm for a copy of all your IVA paperwork – they can’t refuse to give you this.
Mark Hughes says
Hello Sara hope this message finds you well.
Could you please advise me I’ve been in an Iva for 9 years though that was my fault.
The Iva is currently with Jarvis I made my last payment finally in December 2020. Now in jan 2021 there telling me they have to do a final wages review and that I have to provide last years tax return and to do a income and expenditure form again.
Is this something that I have to do or can I refuse.
I’ve always payed what they’ve asked for over the years now I feel like there just trying to squeeze extra out of me.
Many thanks Mark Hughes
Sara (Debt Camel) says
Thank you, I am well in these strange times.
There is normally a final review at the end of an IVA – this sounds typical to me.
Gina says
Hi,
Can anyone help?
I completed my IVA payments in November 2020 after 66 months.
My final 6 payments we’re almost double what I was originally paying, and my salary had been reduced by 10% due to covid. I asked Aperture for help but I’m guessing with the move to Jarvis this was overlooked leaving me with even more financial strain.
I contacted them the month before completion asking for what documents they would require before completion, I was informed x3 payslips which I sent.
They are now asking for my latest bank statement and expenditure.
My question is should I base my expenditure pre November as obviously I will have more free money if I have stopped my payments?
Weatherman says
Hi Gina
Congratulations on completing the IVA, even with the final higher payments!
I would send them November’s statement and expenditure as well as your most recent one – but explain that the post-November expenditure will be higher because you’re no longer paying the IVA payments. If nothing else major has changed between those statements then it shouldn’t be a problem (and they might not want it at all, and just not have updated their wording for a delayed request like this! But no harm in providing it, I think).
Amie says
I completed my IVA in Jan 2018. One year ‘cooling off’ period would be over Jan 2019. Now applying for tenancy and it says you have to declare past and present IVAs, is that correct? Are they able to check? I thought the point was to be free of any poor credit history. Any advice welcome.
Sara (Debt Camel) says
That is an unusual question on a tenancy application, but you should answer it honestly.
Amie says
Thank you for replying. I think it’s such an unfair question as it’s been 3 years since the end. I hope it won’t affect my chances :-(
lee says
hi
i currently have 2 payments left on my IVA (64 payments) , last year Creditfix tried to get me and my wife to re mortgage our house through select partnership who were very aggressive in trying to get us to re mortgage with them by calling daily and alluding to us being in breach , although the terms would of turned a debt of 19k over 5 year into around 40k over 15 year , and they wonder why i complained , anyway after a few strongly worded emails they sent me a letter saying i no longer had to re mortgage but had to pay an extra 8 payments .
i want to pay off my last 2 payments in March so i can start getting my rating back up , but reading some of this does not fill me with confidence that it will happen this year, how long from end of March should i expect to see this resolution on my credit rating ?
Weatherman says
Hi Lee
The IVA shouldn’t be marked as ‘active’ after a couple of weeks after the resolution. But if it started less than six years ago, it’ll still show on your credit report (and reduce your credit score) until six years pass from the date it started. This article has some useful tips on how to improve your credit record as much as you can, within that constraint: https://debtcamel.co.uk/repair-credit-record-iva/
Sara (Debt Camel) says
After you have made the last payment there will still need to be a final review before your IVA is completed.
Jim says
My IVA was started April 2015. I made an offer and this was completed after 2.5 years. I understand this will stay on my record for 6 years. (Next month)
One of the debtors continued to show a monthly default on my account until October 2018 when they accepted my settlement.
How long will this stay on my record as I understood everything would be removed after 6 years.
Sara (Debt Camel) says
Sorry I missed this comment.
A debt that is defaulted will drop off your credit record 6 years after the default date. When a debt is included in an IVA, the default date should be on or before the start date of your IVA.
Lisa says
I have the exact same issue, I’ve been chasing around the creditor to try and get this resolved! They hold me as defaulting on loan payments during 2015 to 2018, the time I was paying through the IVA. Is that right? My credit score is so bad and I think this is why!
Sara (Debt Camel) says
Your credit score is so bad because you had an IVA. It has exactly the same effect on your credit record as bankruptcy.
If the loan was marked as defaulted on or before the date of the IVA that is correct. It will then drop off 6 years after the default date – so the loan will go at the same time as the IVA.
Jova says
Hi, my IVA was paid off early on January 9th. Is there a way that the completion certificate can be sped up? I’m not prepared to wait years, I want to get my life back, I have contacted the IVA company, but they are saying they have six months to complete the closure. They have done all the PPI checks in the first year. I can’t think of any other reason how it can take another three months? I know I’m being impatient, and I got myself in this position in the first case. What is the set time that these companies have to complete the closure of my IVA?
Weatherman says
Hi Jova
Six months is a long time (although sadly not unusual). You can certainly query it with them and if they still refuse, make a complaint – there’s more information here: https://debtcamel.co.uk/iva-completion-certificate/
There’s no guarantee that’ll speed things up, but absolutely no harm in giving them a bit of a kick.
Hasan says
Hi, finally I got Iva completion certificate. I offered early lump sum payment offer which was accepted.
Do I need to do anything now ?
Sara (Debt Camel) says
see the Check everything has been updated section in https://debtcamel.co.uk/end-of-iva/. And plan to keep that “certificate” forever :)
Paul says
My Iva final payment was made in January 2021 after 6 years and I have contact the IVA company to see when the final certificate will be issued, they have come back and said they are awaiting a couple of creditors to make the claim for the funds that I have paid they say they have chased this up with the creditors but have not heard anything back and say that I have to wait until they have been in touch is this correct how long could this go on for before they issue the final certificate as all the IVA company says is that it has to await the creditors response to if or not they are wanting to make a claim, I understand the PPI side and have already signed to say that I am willing to allow them to any future PPI
Sara (Debt Camel) says
I suggest you reply that it is unreasonable that you should be waiting so longer and that you will be making a formal complaint if this gets to 6 months.
Paul says
they have come back with, if we don’t allow them to reply and they issue the completion certificate then the creditors could then re-approach me to chase the debt, is this possible when they have been included on the IVA or is this just the IVA company stalling
Sara (Debt Camel) says
This seems very unusual. i haven’t heard of a problem like this. Can you say who the IVA firm is? And can you ask them who the creditors are?
Paul says
The IVA company is Freeman Jones, and creditors are Santander and New day, all the defaults have been removed from my credit profile but the IVA still shows as active due to the completion certificate not been issued
Sara (Debt Camel) says
Are those large creditors in your IVA?
Paul says
Only Santander this was only £7000 the other was minimal
Sara (Debt Camel) says
Well this seems odd. I suggest you send your IP a complaint saying what you have been told about the delay and saying that failure to make the aware creditor of a claim or of the creditor to submit their claim in 5 years is matter of blame between the individual firms and it should not result in further detriment to you, the client. You can get an email address for your IP from the Insolvency Service register here https://www.insolvencydirect.bis.gov.uk/fip1/
Jus1972 says
My partner started her IVA in July 2013.she’s still paying it,9 years later.is this common? She’s never missed a payment & done everything they’ve asked her to do.is there anything she can do to get it finished? Thanks
Sara (Debt Camel) says
It’s unusual…
Are you sure she has an IVA not a debt management plan? Which firm is she with?
Jus1972 says
Sorry should say 8 years not 9.it’s definitely an IVA she’s still on the register.the firm she’s with is debt movement uk ltd.
Sara (Debt Camel) says
How long was the original IVA proposal? Has she had expensions added as she paid overtime?
Jus1972 says
Original proposal was 5 years,they got in touch last year said there’d been an error so it had gone on a year longer.they then said it would work out better as it meant they wouldn’t be able to make her remortgage.but it’s just turned 8 year now & they’ve just asked her for her payslips etc. so don’t know how much longer it’s going to go on for
Sara (Debt Camel) says
It is shame she has not complained before.
I suggest she sends them a complaint now by emailing complaints@debtmovement.co.uk and use the Subject “Why has my IVA not been completed?”, saying she would like an explanation of why her IVA was not completed after 6 years and a refund of the additional payments she has made.
She should also send them a request for a copy of all her data. Also email complaints@debtmovement.co.uk with the Subject “Subject Access Request” and say she would like to make a request for a copy of all her personal information.
Jus1972 says
She’s rang this morning & they’ve said there was a break in the IVA last year even though she still paid every payment last year.they’ve requested her last 3 payslips & indicated that it’s coming to an end shortly.we’re starting to get fed up now,an extra year wouldn’t have been a problem but it’s now just gone into its ninth year.thanks for your help by the way
Sara (Debt Camel) says
She should send them a complaint in writing as I said. Ask for a full explanation. State she has made every payment. Ask for a refund of the extra payments.
Don’t try to do this on the phone!
VBFG says
My son had an IVA which was officially discharged in 2012. It states on the Expedia website that it stays on your credit report for 6 years and then you can apply for it to be taken off. He and his sister inherited a property which they rent out and when they wanted to change the landlord insurance recently, LV Insurance wanted to know if they had had an IVA within the last 10 years. If it only has to be on your credit report for 6 years, are LV within their rights to ask whether a proposer has had an IVA which was discharged more than 6 years ago?
Sara (Debt Camel) says
Yes they are allowed to ask that.
Sarah holden says
My iva has just finished. I retired in May and haven’t claimed my works pension yet do I have to let the iva people know that I am claiming it as I read I had to let pension people know if I’m in an iva as they will take all my pension to clear my debt
Sara (Debt Camel) says
can you delay taking the pension until you have the completion notice from your IVA firm?
Sarah says
Yes I can delay my pension
Sara (Debt Camel) says
then that may be the simplest option?
Selina says
Help please! Made my last payment on IVA, and also a large final payment to cover some additional monies that were owed. 2 months passed. Chased IVA practitioner about completion cert. Got an email today saying that they received an additional claim, which resulted in claims from creditors being 26% higher than expected wich is a breach in my Ts & C’s and therefore my IVA isn’t over! They need to meet with my creditors & ask them if they will ‘allow’my agreeme to to finish, which they may or may not! I am speechless and devastated. Its been 5 1/2 long and painful years. Are they allowed to do this?? What happens if the creditors refuse?? How much longer can I be stuck in this nightmare??
Sara (Debt Camel) says
How large were the debts going into your IVA? what is this extra debt, do you agree it was owed and how much is it?
Selina says
I honestly cannot remember how large the debts were going in, its been going on so long! I have no clue what this new debt is, what it was for and when it was added! The email simply says like I stated above. I have replied and asked them to confirm what it is and when this additional claim was made, and if it took me over 26% of additional claims (again I have no knowledge of any other additional claims) which in turn breached my agreement, why wasn’t I informed at the time? Why has this come to light after I have not only made my final payment, but also an additional payment of over £900 to clear other amounts. I just have no idea as to how and why this can happen :(
Tim ber says
Hi.
My partner completed her last payment 2 months ago. She received her completion certificate and all debts on her credit record have gone to completed but one still remains on there showing as money still owed and defaulted. Is this normal? Her iva company haven’t really gave her much info and she’s panicking that this debt recovery company are gunna start chasing her when she’s finished her iva.
Sara (Debt Camel) says
2 months isn’t that long – I suggest she waits another month and then complains to the creditor.
Also is the default date correct – it should be on or before the start date of the IVA.
Rachael says
Hi I completed my Iva 6 years ago and now one of the loans included in it have sold the debt to lantern and they are saying I owe £133, I thought after the Iva had ended the debt was written off is this correct or do I still owe the money? Thanks in advance
Sara (Debt Camel) says
It has been written off. You can refer them to your IVA firm. If you have the IVA completion certificate you can send them that.
Julie says
My iva has now finished but I’ve not been awarded a certificate apparently due to a breach ,can you advise please
I couldn’t make payments when my husband was made redundant and we went on to universal credit
Close to the end of my 5yr agreement (hence when husband was made redundant)
I own my property that’s still got a mortgage,my husband now works part time we are 63 and 62 yrs of age.
I am disabled on pip,my husband has recurring bladder cancer.
It was accepted that there was no way we could afford another year of payments and also couldn’t release equity either..(so what does this certificate mean to us if it’s not released)
Sara (Debt Camel) says
Have you been told your IVA has been treated as completed! Or that it has failed?
Who is the IVA firm?
Julie says
Completed
Aperture originally but now debt movement I think..
When I queried it yesterday via phone call,I was repeatedly told that it will all be closed in around 6mnths…
In the chairmans creditors report all parties approved bar council tax debt
Sara (Debt Camel) says
Then you should get a completion certificate.
But it isn’t clear to me if your IVA has actually been completed yet – the decision has been made by your creditors but the IVA firm has to do its final checks and close the IVA, which may be the reference to 6 months.
You won’t get a completion certificate until all this is done.
Julie says
Thanks sara
Kev says
Do I need to contact all 3 credit companies to let them know ive6finished my IVA and have received my completion certificate ?
Sara (Debt Camel) says
This is normally updated by your IVA firm. As the article above says, wait a few weeks and then check – you only need to tell them if it hasn’t been updated.
Emily says
My husband’s IVA finished in May 2020. We have not received any paperwork, email, or phone calls. My husband contacted them after finding out that we can’t get a mortgage due to an active IVA. The company are now telling him that due to salary increases over the years we now owe £18,000. Please help. This is going to ruin us.
Sara (Debt Camel) says
what a horror.
Had his salary gone up a lot?
Did the IVA firm do any annual reviews? Who is the firm?
Emily says
Hi thank you for taking the time to respond. Yes he completed yearly reviews and yes his salary had increased over the 7yrs. No communication had been had other than that. It was with Grant Thornton UK.
Sara (Debt Camel) says
So he had annual reviews and Grant Thornton said each time he didn’t have to increase his payment?
Did you not ask for a c9ompletion certificate earlier?
Emily says
No communication at all after each review and neither of us was aware he had to request a completion certificate.
Sara (Debt Camel) says
Have you asked for an explanation of how the 18,000 was arrived at? Is this just with reference to his extra income? Did you supply increased expense figures at the annual reviews – these should have been taken account of?
Kev says
Completed IVA 2 years ago and got the certificate and all documents etc. 18 months ago we where approached by the creditor demanding money, we told them they was part of the IVA and we have completed with cert so stop demanding payment 6 months ago without us knowing they have been taking money from us towards this IVA debt , yes they where included on the creditors list. They took this money by reducing our benefits ( the creditor was HRMC over payment ) we contacted them last week and the burden of proof is on us to prove we had an iva and that its completed. that cant be right ?? they where part of the IVA , how can they demand proof from us when they are braking the law ??
Sara (Debt Camel) says
Did you send them a copy of your completion certificate?
David Miller says
Hi I Finished My Iva 6 Months Ago And Had Completion Certificate I Have Small Pension Pot And For Unforseen Circumstances Need To Cash It In ! Am I Allowed Or Will I Lose It !
Sara (Debt Camel) says
You can now do what you want with your pension pot!
Do take advice on whether you have any other options though before raiding your pension, see https://debtcamel.co.uk/2015-pension-changes-a-new-option-for-paying-off-debts/
Callie says
I started my IVA in 2017 and have just completed my annual review, they told me I only have 1 more payment to make. I want to start building up my credit again and to get a credit card purely for fuel expenses for work. Is it wise to wait until it is totally complete or can I apply now?
Sara (Debt Camel) says
Wait until you have your IVA completion certificate. And then after a month check that your credit record has been correctly updated before making any credit applications, see https://debtcamel.co.uk/repair-credit-record-iva/
Jo says
Hi,
We completed our IVA payments in November 2014. We both now have great credit reports with just car finance on partners.
We have just applied for a mortgage with NatWest. Everything was approved just before Christmas when we were told NatWest just had to carry out final checks and issue us with an offer.
Today it’s been declined. The information we have received is that an F marker specialist has confirmed my partner had a write off with RBS in 2016 and as it’s within the 6 years the application has been declined. It says the marker was placed in 2009 which would’ve been the start of our IVA, but the write off with RBS never occurred until 2016. Because it’s within 6 years the marker cannot be removed.
They are not able to give our mortgage broker any further information with when in 2016 and there is no record of this on my partners credit file. We’ve been advised to contact RBS but as his account was closed we are struggling to get anywhere.
He’s gutted that something that we cleared in 2014 has impacted our mortgage application. Surely it should’ve been written off on completion? Is there anyway to challenge this marker?
Sara (Debt Camel) says
It sounds as though it is an internal marker. Lenders can look at whatever information they have on their internal records… this is why I always suggest that people should not apply for a mortgage to a lender they have had previous problems with.
The obvious question here is whether the marker date is correct?
You may have made your last IVA payment in 2014, but do you remember what date you got your completion certificate? It isn’t impossible that that could have been 2016.
But the problem is that trying to argue that the marker date is wrong is likely to take a long time. It may be simpler to get a mortgage from a different lender – what does your broker say?
Jo says
Thank you for your reply
Our broker has suggested finding the date the marker was placed in 2016 as it may be that we are approaching the 6 year mark. They thought we may hit this hurdle at the final point with other lenders so wanted to try to resolve with RBS if possible first.
In thought it may be an internal marker with both NatWest and RBS being part of the same group. Do you therefore think even outside the 6 year period they may hold this against us? And that it may not be an issue with another lender?
Completion certificate was issued in 2015 but I cannot find it! I’m hoping I can contact the IVA company for a copy.
Sara (Debt Camel) says
Do you therefore think even outside the 6 year period they may hold this against us?
I don’t know. There is nothing to stop a lender using their own records going back 20 years or more… of course most don’t. And it sounds as though it isn’t RBS policy to. But if their date is wrong it could take months to get them to correct it.
And that it may not be an issue with another lender?
You can only hit this problem with lenders where a debt was included in the IVA. This must be from RBS’s internal files, not your credit records. There must be some good lenders around you didn’t owe money to!
Jo says
Thank you for your help.
Conor says
Hi, I’ve completed my iva roughly December 2020, and have been stress free since, I’m in the process of inheriting a house and my plan is to rent it out. Is it possible for my credit agency to come back and go through my history etc and open my file again and demand more money?
Sara (Debt Camel) says
You have your completion certificate?
Conor says
Yes have it and the paperwork too.
Sara (Debt Camel) says
Then there shouldn’t be a problem if the person who died leaving you the house passed away after your IVA had completed.
The only reason your IVA firm may come back to you is if you receive some money that was an asset of the IVA eg a refund for a loan taken out before the IVA started. or inheritance from someone who died before your IVA completed.
remus says
I have been trying to make a compaint with My IVA provider for ages (YEARS)
I paid mine off June 2019. I was told I would have to wait 1 year for it to be closed down and to be released.
Called june 2020 to find out my release date to be told nothing had been done and I would have to wait another year. Finally i saw in the insolvancy list that it was being cloed down but they took my money and then updated the insolvancy register to said june 2020.
I keep trying to complain as after clearing the IVA in June 2019 (Pre-covid so no exccuses on their part) i finally got my cert of closure Jan 2022 because “We forgot to send it”. I have a recieved a release date when my credit will be fixed which is april 2022.
Final payment June 2019 – credit it not sorted until April 2022, 2 months shy of waiting 3 years seems rediculas.
at this point im lost for who to speak to as the financial ombudsman says I have a case but I have to speak to the “insolvancy practitioner association” – They advised they dont really deal with complaints and I need to complain to “Carrington Dean”. I keep trying to make a compaint but they wont let me make one as they keep telling me my IVA is still in Archive. So far 2 attempts to get them to pull it out for investigation.
does anyone have any advice on this type of scenario?
Sara (Debt Camel) says
what date did your IVA start?
Remus says
I am struggling to find the origional start date but I believe the below is the origional start date.
Original Creditor Meeting
Date: 14/04/2016
Sara (Debt Camel) says
ok, can you explain this sentence a bit more:
“Finally i saw in the insolvancy list that it was being cloed down but they took my money and then updated the insolvancy register to said june 2020.”
what money did they take after you think it was closed?
the insolvency register was updated to say thet it was closed in June 202?
Also can you see from your paperwork who your Insolvency practioner was? It is a named individual.
Remus says
HI sorry for this.
The settlement was completed in june 2019, I was advised this will be all closed down but June 2020. upon calling the company who was dealing with my IVA, I was advised they had forgotten and done nothing with it.
I called back this year and can see that the closing date on my IVA was June 2020 not 2019 when i cleard the remaining balance.
So I made finial payment june 2019 but i was finally released from the IVA (No more sanctions on my credit rating) April 2022 which is 3 years after setteling any and all outstanding balances
Sara (Debt Camel) says
So I can see this is annoying, but has it actually made much difference to you? Your credit score isnt really going to recover until the IVA drops off in it won’t actually have affected your credit score. That was never going to improve much until the IVA dropped off 6 years after it started, see https://debtcamel.co.uk/credit-score-settle-iva-early/
Matt says
Hi,
My IVA agreement was in May 5 years ago but i Can see that 3 out of the 8 debters continued to add defults for a further 6 months before they stopped. Will i be able to get the defults changed so the last defult date allignes with them singing the IVA Agreement?
Sara (Debt Camel) says
see https://debtcamel.co.uk/repair-credit-record-iva/ which looks at what should have happened to your credit record.
Emma says
Hi Sara! I received my certificate of completion in March 2022 having concluded my IVA early and sent them the final payment in Oct 21. The largest debtor I had was a personal injury claim that was a CCJ. A paralegal has been in touch from a legal firm chasing me for this debt stating ‘a personal injury claim survives IVA’s’ and the remaining amount will not be written off and needs to be paid. I’m very confused and hope you can help- as they do appear on my certificate of completion
Sara (Debt Camel) says
I suggest you talk to your IVA firm about this. Did they ask you about the debt at the start?
Neil Matthews says
I had an iva finish in 2018 / 19 I have now come into some inheritance can the iva creditors ask for it
Sara (Debt Camel) says
No.
neil matthews says
thanks sara just to clarify the debt was not cleared but written off i take it understanding that they can take any PPI after the debt cleared as this happened to my partner when she was offered PPI refund
Sara (Debt Camel) says
They can’t touch your inheritance once an IVA has been completed with the debt being written off.
The difference with PPI is that at the start of the IVA you “owned” the right to make the PPI claim, which is therefore an asset and part of your IVA. So the PPI refund falls into your IVA even though it is completd.
But at the start of the IVA you had no right to this inheritance. Even if you were named in a Will at that point, the Will could have been changed later so that is not your asset until the person has died. And that – I assume – was after your IVA completed.
neil matthews says
thank you for the quick response
just clarifying even if there was debt left after paying agreed amount and never missing a payment and at the end what was left was written off they cant touch my inheritance
just asking as my partner was told by the iva company that her debt will always be there and they can collect on any windfalls etc and her iva was completed long before mine was
Sara (Debt Camel) says
providing the death was after the completion date of your IVA, the inheritance is safe.
matthew says
I am 3 years into IVA with QIS I currently owe £7350 I’m about to offer the full amount to settle the claim, which will be gifted to me by my mother – however, I’ve got a charge on my property on the land registry – if they accept my offer from mam will they be able to take money if I was to sell the property within a month or two –
so I just need to clarify if they accept the offer and my IVA is settled can they touch any equity in my house once sold
Sara (Debt Camel) says
When your IVA is completed (which may take a few months after your creditors accept the offer you are proposing), the IVA firm should remove restriction it has placed on your property.
Matthew says
Thanks for the quick reply – so if I was to sell my house during this period would I have to pay more money into the Iva?
Also the charge on my house refers to swift insolvency and they went into liquidation in 2019 but I believe quality insolvency services took over them so not sure if they will ask me to pay more if I settle with a lump sum and then sell up.
Sara (Debt Camel) says
You need to wait until your IVA has completed and the restriction is removed before selling.
What is your financial situation at the moment?
Matthew says
Struggling hence the reason to sell my property – but trying to do this the most cost effective way.
Do you mean completed as in having the certificate?
Sara (Debt Camel) says
yes. And checking the restriction is lifted on the property. If your IVA firm says you can go ahead before then, you want that in writing.
Are you struggling because of the cost of living or is there some other reason you need to sell?
Matthew says
Ok thanks for your help I’m struggling due to cost of living tbh and also have a baby due anyday so don’t want to sell if money will just be wiped out by Iva company on top of paying a lump sum to settle
Sara (Debt Camel) says
The money will not be wiped out provided you wait until the IVA has completed. or get written permission from your IVA firm that you can sell before completion.
If you are struggling at the moment because of the cost of living, have you read https://debtcamel.co.uk/help-ivas-cost-of-living/. You may be able to get your payments halved.
Mark H says
Hi
We took out an IVA with Aperture (now Debt Movement) in 2016. It was originally for 60 months but our mortgage provider, Northern Rock got it extended to 72 months which I believe was via a Purchase of Equity of Property or if not that this is something that was added to the 60 months. We were told at the time that this extension would be it (i.e. no more than 72 months).
In month 54 we were told we had to try to release some equity but there was none. There was no feedback from Debt Movement after this.
I called Debt Movement last week to confirm when the IVA will end only to be told there’s an extra 12 months to be paid because of no equity.
I feel as if we’ve either been lied to at the beginning or they’re trying to scam us.
Sara (Debt Camel) says
We were told at the time that this extension would be it (i.e. no more than 72 months).
was this in writing?
Are the current payments affordable, given rising prices and energy bill increases coming?
It is odd that they wanted you to look at equity release in Month 54. Either it shouldn’t have been needed at all – if the extra year added at the start was in lieu of equity release, or it should have been looked into at month 66.
If there is no equity – or less than the 15% you are allowed to keep, then there should be no extension for another 12 months. See https://debtcamel.co.uk/iva-equity-release/
Mark says
Hi Sara
Many thanks for the feedback.
I’ll have to check if we have this in writing as our supervisor advised us over the phone and we had to sign a Creditors Modification which I can’t find a copy of so I’m requesting it from Debt Movement.
We have sent back our affordability documents as things are starting to bite but, as usual, we don’t hear anything back.
It’s very confusing as they have handled it like a 5 year IVA even though its 6 years and now telling us it’s 7 years. I have no idea what this Purchase of Equity of Property part is that took it from 5 to 6 years either as I can’t find anything about it.
The Select Partnership were the ones who looked at the equity release last year and all they said was there’s not enough equity (the 85% part?) and that they would call us this year to look at re-mortgaging this year.
The joke is, out of the blue we were called by them yesterday asking if we wanted to re-mortgage now as they believed we’d finished the IVA. They didn’t hang about when I told them about the extra 12 months…
It just feels like we’ve been trapped in this IVA.
Sara (Debt Camel) says
We have sent back our affordability documents as things are starting to bite but, as usual, we don’t hear anything back.
so you sent in a request to have your payments reduced? when did you do this? It’s important you follow this up as if you have to pay 12 more months you want that to be as low as possible.
I also suggest go back and say (a) you were told the extension to 6 years was in lieu of releasing equity (that is what I think the Purchase of Equity of Property is referring to) and (b) that you were told last year there wasn’t enough equity to release so your understanding is that there should not be a 12 month expetension.
If you don’t have a copy of all the IVA papers from when it was set up, ask for them now.
Claire White says
I started my IVA in Aug 17 with Creditfix my last payment is due in January no annual review was done this year so I’ve just continued with the agreed payment. I’m panicking now when they do the closing review that they might say I still owe money I’ve done overtime but not much!!! I want this all over now so I can get on with building m credit score up. Can they add on longer to my IVA and can I refuse it if they do??
Sara (Debt Camel) says
Well you should have told them about the overtime. But probably our expenses have also gone up a lot this year? I suggest you tell them now about the overtime and the higher expenses.
Claire White says
Thanks for your reply what happens when the last payment is made and it goes to the closing department??
Sara (Debt Camel) says
They will do a full review…
lee stockton says
Mt last payment was made on 29th march 2022 and as of yet ive not heard anything since…i have sent emails with no reply..spoke to there online chat and still no had a reply…how long is enough time before i should put a complaint in
Sara (Debt Camel) says
I suggest you complain now!
lee says
also i have just noticed according to the Individual insolvency register my iva is with creditfix but as far as i know and all payments where made to ebongate..Are these the same company would u know ?
Sara (Debt Camel) says
yes, Ebonegate is the company Creditfix outsources its IVA administration too. This is normal.
Claire White says
Just had my annual review with Creditfix my last payment is in Jan 22 they said at first that because I got a one off payment from my organisation as a thank you for working all through covid ( I work as a nurse in a hospice) I owe another 370.00 then wanted to extend it by 6 months I said no they’ve now just said to continue with what I’m paying and that it finishes in January which I’m happy with. But… I’ve just received statements from my creditors just to say what dividends have been paid and there for debts that I had 22 years ago!! Is this right how come I’m paying for things so long ago?? That is what my Iva has been used for the only recent debts were 6 years ago for council rent and council tax overpayments that aren’t actually getting anything they were the reason I took out the Iva not to pay something over 22 odd years ago. Looking at it most of my Money has gone to Creditfix for their fees I wish I never got it!!
Sara (Debt Camel) says
Well done for challenging that – these firms have no sense of what is right ethically, they are just money grubbing.
I am sorry you got caught up in an IVA as it sounds as though a DRO or bankruptcy would have been more appropriate if you are a council tenant.
I think its outrageous how old statute barred debts crawl out of the woodwork and lay a claim to some of your IVA payments. And how the main gainer is Creditfix, not your creditors at all. But there is nothing you can do to challenge this. Thank goodness it is ending soon.
Claire White says
Thanks for the quick reply I really do wish now looking back that I had not got the Iva they have rinsed me for thousands I should have gone bankrupt but thank goodness this nightmare is nearly over. I would advise anyone to really do there homework before they take on an Iva and get proper advice the only winners are the companies in all this
Barry says
Hi. We finished our IVA in 2010 after 6 years, 5 years standard and 1 year extra instead of re-mortgage. We put our house on the market in 2019 but didn’t sell, but was told by the agent there was still a charge on the property by the IVA firm. It was called Debt Lifeboat, but now doesn’t exist. How do I get this charge removed? We got a completion certificate, though not sure where it is now. Please don’t use my surname.
Sara (Debt Camel) says
You can ask the Land registry to remove it. I suggest you have a good hunt for the Completion Certificate as it will probably be much easier if you can find it.
Then post on the MSE Forum on this thread https://forums.moneysavingexpert.com/discussion/5685941/land-registry-questions#latest where questions are answered by the Land Registry. Explain whether you have the IVA completion certificate or if you can not find it.
Barry says
Thanks. I’ve got the completion certificate, and It’s not a charge it’s a restriction, apparently. I will post on the MSE site.
Lisa says
Hi,
I was wondering if you are waiting to receive an IVA certificate and you are still on the insolvancy register can a property be put in your name once certificate is received. Woukd it affect anything at a later date.
Sara (Debt Camel) says
If the Insolvency Register shows your IVA as completed, that should be fine. If not, personally I would prefer to wait until it does.
Mark H says
Hi Sara
Hard to believe it’s been over 3 months since I last posted but here’s an update. We’ve had a very difficult time with Debt Movement over these past months as one department doesn’t appear to know what the other is doing or saying and causing a lot of anxiety for us.
To try to cut a long story short, at the end of October Debt Movement finally admitted they’d made a mistake and so there wasn’t another 12 month extension like they kept telling us. We had to go through their complaints department to get anywhere, customer service were useless.
In addition we took your advice and requested a variation meeting to get the remaining few months written off. Today after over a month of waiting the variation was agreed which is great news.
One thing that we don’t understand is why they have told us we need to wait 3 to 7 months to go through their Closure Department to finalise the administration of the case. Is this normal and if so is the length of time normal?
The lesson here though is to get the right advice and find out who you need to speak to to get things resolved otherwise, for us, we could quite easily be paying for another 12 months (or unable to more like).
Many thanks for your help
Sara (Debt Camel) says
Well done for persevering. IVAs can seem so intimidating, especially when you have a house and desperately want the IVA to complete, not fail.
3 months is OK. Over 6 months does happen but is unreasonable and isn’t acceptable. After it’s finished make sure you check they have removed the land registry restriction, see https://debtcamel.co.uk/end-of-iva/
Lorraine says
Hi
I have made my final IVA payment in November and completed my final review then. I need to make three additional payments, one in December which I’ve done and one in January and February. I have received a VAT refund in my December pay and was told at my final review that I would still need to make additional payments if I went above my income threshold, however no income and expenditure review was carried out at my final review. Will I need to complete a second final review or could I use the VAT refund to pay off the last two payments? Or will I need to make these two payments plus pay the additional income as well?
Sara (Debt Camel) says
If you were told you may still need to make additional payments, you need to tell your IVA firm about this VAT refund.
Lorraine says
This is fine and what I was intending to do. However I cannot understand how I’m supposed to take into account the increases in the cost of living when no income and expenditure review was done at my final review. Surely my additional income threshold should change to reflect this?
And how do I know that February will be the last payment or will I then be told I need to make further payments?
Sara (Debt Camel) says
You should have asked at the final review for the increased cost of living to have been taken into account – then the extra payments would have been lower.
(And yes your IVA firm should have mentioned this. Funny they forgot…)
But now when you go back and say you have just received this extra income, if they want to take any of it, say you want a review that takes into account your higher expenses.
Lorraine says
I did ask about about the income and expenditure review but I was told I didn’t need to do it as my IVA was officially completed in November last year. The extra three payments are what I need to pay when I have needed additional money for larger expenses.
I wonder if I can just pay the remaining two months and then it will be complete?
Sara (Debt Camel) says
my IVA was officially completed in November last year
why was there such a long delay?
I wonder if I can just pay the remaining two months and then it will be complete?
I can’t really guess. If they say they want you to pay in some of the VAT money, I suggest you say you would like a full review done because of your increased expenses.
Sarah says
If my IVA was complete 6 years ago and is now gone from my credit etc.
When asked the question ‘have you ever had an IVA?’ for a rental property do I put yes or no?
Sara (Debt Camel) says
you put Yes.
Sarah says
Hi,
I have a query regarding the final review if my IVA which is due to end March 2023. I’ve gathered from several comments above that there’s a possibility that i’ll need to complete an I&E, provide bank statements and payslips. But I was wondering whether they ask about assets?
The vehicle i owned when starting the IVA was written off after an accident. I used the insurance pay out to purchase another vehicle but because it wasn’t a lot, my Dad gave me some money towards it. I have only just become aware of the fact that I am only supposed to own a vehicle worth no more than £5000 – is this true? And as my vehicle is worth more than this, what will happen? Would I be expected to sell it?
Any help would be appreciated, I m starting to worry that i made a bad decision with the car purchase but really wasn’t aware of rules around this.
Thanks, Sarah
Sara (Debt Camel) says
I have only just become aware of the fact that I am only supposed to own a vehicle worth no more than £5000 – is this true?
Where did you see this?
How much did your dad give you? And what is the car currently worth?
Would he expect you to repay him if you sold the car?
Did you tell your IVA company about the insurance payout?
Jb says
I’ve had an Iva for 6 years, they say I still owe £4000 even though I’ve shown evidence I can’t afford £400 a month, they said I was supposed to have a meeting with my creditors but I had an email to say it’s been adjourned for 7 days so that me and my Iva company could come to an agreement but then they sent me another message saying it’s been adjourned as they are waiting for the final outstanding balance from one of my creditors and that they have half voted and is favourable but they didn’t not explain how it’s favourable does this all sound normal?
Sara (Debt Camel) says
What were the creditors being asked to vote on?
Jb says
It’s my final review so they are being asked to vote on whether I still have to pay the outstanding balance, wipe off the debt and complete the Iva, fail the Iva or make me bankrupt
Sara (Debt Camel) says
and which was the IVA firm recommending? do you have a house with equity or a valuable car?
Jb says
No I rent and I don’t own my car, my Iva
Company just want me to pay the £4000 but I’ve sent evidence that I can’t afford to pay it but they wait 6 months without contact and then ask again. I’m worried I will be made bankrupt
Sara (Debt Camel) says
If you have no assets it is highly unlikely that you will be made bankrupt – it would cost the IVA firm money which would reduce the payouts to the creditors.
How much debt went into the IVA and how much have you paid so far?
Jb says
I had 10,500 debt which I have paid over 6 years I was even paying over to get it paid off quick, I was homeless and jobless when I took out the Iva which is why they are now chasing £4000 as I’m now working, the Iva company has not been the best I’ve been trying to end the Iva since 2020 they kept asking me for expenditures and evidence which I sent and then they would go silent for weeks and then ask for it all again I was told it was going to my creditors last December but then heard nothing and then they told me it was postponed as they didn’t have enough evidence so I’ve sent it all 3 more times. I got an email saying they wanted me to sign a form to show my creditors that I have refused to cooperate which I refused to sign and I got an email back saying they don’t need my signature they can still send it. I almost died from covid pneumonia so I’ve not been able to work and I told them this and sent all my bank details and benefits to show this but they still kept chasing me for money asking for £400 a month they just don’t listen just threaten, scare monger and do all they can to get their money, I just want an end to this 3 year fight.
Sara (Debt Camel) says
You paid more than your IVA payments in some months?
Jb says
Yes as I called them to get my outstanding balance and I paid more to pay it off in time and then they said I owe an extra £4000 saying it’s because my circumstances changed
Sara (Debt Camel) says
Paying more never speeds up your IVA unless you can repay all your debts in full plus the IVA fees.
Hopefully you will be OK and your creditors will have voted to complete the IVA, not fail it.
Jb says
My Iva is finally being closed after 3 years of fighting it, they said it’s being extended for 99 months so my creditors and tie up lose ends I don’t know if this is normal and saying they have requested £400 for the meeting but it doesn’t say who needs to pay that
Sara (Debt Camel) says
Is it being closed or extended? The £400 for the meeting normally comes off what the creditors receive.
Jb says
I’ve just messaged them and they say it’s being closed apparently the 99 days was how long was Iva was extended to in total
Sara (Debt Camel) says
ah! And by “closed” I assume this means “completed”.
Jb says
I think so, to be honest they haven’t been very good with communication. They sent me minutes from the meeting that didn’t make any sense worded like they have agreed that I had to pay £5000 and extended for 99 days but when I asked they confirmed it was being closed
Sara (Debt Camel) says
For your peace of mind, I suggest you go back and ask them to confirm that the IVA is being completed on the basis of what you have paid so far nd that you do not have to make any further payments.
Darek says
Hey guys, me and my wife finally getting to end of this marathon, last payment on 1/4/23.
Question, we started IVA on 5 year plan which includes all debt (wife and mine) except the car, I used my for work (taxi). After 1 year car needs a massive repair which we cannot afford. The company (credit fix) added my car to IVA and extend our IVA plan for further year. So normally is 5 years IVA and 1 year waiting time to clear everything from the files, but if we get another year on iva it’s mean we will need wait another year (total of 7)to clear our files???
Thanks
Sara (Debt Camel) says
So your IVA will be extended to 6 years. In this case as soon as it is completed, which usually takes 2-4 months after the last payment, it should come off your credit record. It doesn’t have to wait a full year.
Darek says
Hi again. I just looked my IVA annual review and notice something which I don’t understand.
On one of the line it’s saying “POD NOT SUBMITTED”, Proof of Debt not submitted if I understand right. Is this going have any impact of finishing my IVA, just make last payment and getting worried. Tried looking up about this kind of situation, no luck.
Thanks
Sara (Debt Camel) says
If the creditor does not submit a Proof of Debt then they won’t get paid anything. In theory it shouldn’t affect your completion but it may delay it a bit if the IVA firm gives them another few weeks to submit it.
Darek says
Thanks for the reply.
I just looked at my previous Annual reviews and it’s says the same, since you said IVA firm need give him some time for submit the proof and this is ongoing from minimum 2 years, what’s then? What if they not get any payment, I will owe them this amount, can I complete my IVA still?
Thanks
Sara (Debt Camel) says
Yes your IVA will complete. SO far as I know this debt will be cleared even if they do not provide proof. Talk to your IVA firm about this.