Finished!

[TheSnarf]

Not sure this is the right place to put this but I have now made all 60 IVA payments and had the letter from PayPlan saying that I have satisfactorally (sp) paid everything. I know I now have to wait for the Certificate of Completion and for PayPlan to distribute the money etc, but after 5 years I just want to get that piece of paper that says "yes, you are now free"!

Anyone been through this final stage and can let me know the timescale/process/what to expect/pitfalls to watch out for etc etc etc?

Thanks on advance!

[kallis3]

Hi Thesnarf - what an unusual name!

Congratulations on completing your IVA. I'm with Payplan but only 14 months into mine!

You would be advised now to check all three credit reference agencies - Equifax, Experian, Call Credit - see what they hold on record for you. You may find that creditors have continued to default after the date of your IVA. If so, you need to write to them to tell them to remove them.

The IVA will remain on your record for a further 12 months before it drops off. You will find it difficult to obtain credit at the moment (if you want any that is!)

[Michael Peoples]

First of all well done and it will be nice to know that what goes in your bank account this month is all yours. There will be issues but firstly you should obtain a copy of the credit file to see what adverse information is held against you and when it is due to fall off. You may not be too eager to obtain credit again but if you do get a mortgage, car loan or a credit card you want to make sure that you get the cheapest deal available.

[TheSnarf]

Hi Jan,

Thanks for the quick reply. I was going to get a credit report done but didn't know whether to do it straight away or leave it a month or so, I doubt PayPlan have dished the money out yet so didn't want to waste time getting a report that will automatically change in a few weeks anyway. Should I get straight onto it?

Thank you

[kallis3]

It may be worth waiting until you have your completion certificate so that you know everything has been sorted, plus the IVA will still be on there so it's not going to make a lot of difference at the moment.

[TheSnarf]

Jan,

signed up with experian and got my credit report and sure enough, 7 accounts on default, some not updated since 2004! I think I'll wait until I get the certificate of completion from PayPlan before kicking up a fuss with the various creditors, do you know how long that takes to come through?

[kallis3]

I think that once they have distributed the money and sorted the paper work out, it will be out reasonably quickly. I think, and I could be wrong here, it should be with you within a couple of months?

Something else to check as well, make sure your name drops off the Insovency Register. That should happen fairly soon now that you have finished.

[TheSnarf]

Afternoon Jan & Michael,

I signed up with Experian and got my online credit report, to be honest, I'm not entirely sure what it all means. There are a number of creditors on there listed as "default", some i recognise, some I dont and there are names I expected to see that arent there... is there a guide that breaks it all down?

Michael, you mentioned credit. Well my fingers got well and truly burnt last time so I will definately be careful, but when I need to expense things for work and so therefore have to plan things around my pay day, a credit card really would be useful. Am I likely to get a credit card with £250 limit (Capital One were one of my previous creditors) or should I leave it for a while?

Thanks for the advice chaps.

[Skippy]

Not all creditors report to Experian. To find all your creditors you'll probably need to get your reports from Equifax and Call Credit as well.

[plasticdaft]

You could try the vanquis card I think its called,its got a high apr but hey ho its for those with colourful credit history so what can we expect?!?
It may be worth leaving it if you can but its up to you.

Well done.

Paul

[kallis3]

If there are any defaults showing after the date of your IVA, then you will need to contact the creditors and get them to remove the defaults.

[TheSnarf]

UPDATE!

I now have a piece of paper with the words "Certificate of Completion" written on it. Now can anyone tell me what I do with this to clear some of these people off of my credit report?

[Michael Peoples]

Unfortunately the defaults will stay for 6 years but the certificate will be useful if you are refused credit as it would show an underwriter that you can maintain a repayment plan. I would be loathe to put the certificate on my credit file since your file should be clear by next year anyway. If any of the defaults are not marked as satisfied you could send a copy to that creditor as you have completed the IVA.

[TheSnarf]

Michael,

That's what I needed to know. So if any defaults show on my credit file as unsatisfied, send a copy of the certificate to that creditor.

Excellent, thank you

[MRBLUESKY]

i,m in the same boat as you snarf just got my certificate the other week how good does it feel, i think i will frame mine.