IVA Closure and Certificate of Completion

[johnB]

I emailed DFD last week to confirm I had paid the last payment into my IVA and requested they confirm receipt and how long it would take for the IVA to be closed. I received an email back today confirm receipt of the payment and that it could take up to 4 months for the IVA to be closed!!! I had previously understood this process took about 2 months maximum?

I have no property involved and have met the expected dividend payment ( I was expected to repay a minimum of 48%) and I think by my calculation I have paid about 80% back? What further is there to check?

I was really shocked by how slow this process could be and would welcome any comments from experts or those who have completed their IVA.

Many thanks John

[kallis3]

I would have thought that it would have taken less time than that, but take heart from the fact that you have completed your IVA.

[johnB]

Thanks Kallis,

I don't want to sound awful about it, I am really glad its over, just wanted the certificate in my hands asap so it can really be over.

Just was shocked it could be the summer before I can really feel its over. Glad to hear you think it should take less time than this. Suppose it's a waiting game now...

Thanks again.

[kallis3]

Don't forget that the IVA will be on you record for a full six years from the date of approval, regardless of when the IVA was completed.

Just check your credit record now to see what it says.

[johnB]

Just logged into Credit Expert and my defaults and IVA don't show anymore? These disappeared when I updated Credit Expert with my new address?

Seems a bit odd? Understood it will stay their until March 2011 (or not??)

See what happens over the next few weeks and months. Thanks again for your support

[kallis3]

Check Call Credit and Equifax as well.

Although your new address may have something to do with it, remember that when you apply for new credit you usually have to supply a previous address if you have not lived at this one for more than three years.

[rhondda2]

My certificate came through in about six weeks .With the online credit ref agencies ,there is a part to put your old address in,and you will then see your iva.If you put in for credit, the ref agency will link your old/new address anyway.

[briggadeen]

In our proposal etc our IVA process states that it will last 66 months and I asked why, apparently this is for GT to tie up any loose ends and to complete??

[rhondda2]

Not heard of that one before

[kallis3]

I have heard of it, but don't know exactly what it means.

Mine will conclude either at 60 months, or 72 if I can't remortgage. No extra months for anything else.

[johnB]

Thank everyone for your comments. Pretty certain mine just said 60 mths, and that the Certificate of Completion would follow within 2mths?

Never mind. I have now made the last payment. Just wait and see. If I don't get it in the next few mths I will drop Declan from DFD a message.

Thanks again everyone and good luck with your IVAs.

[Declan at DebtFreeDirect]

Hi John
If ypou want me to look into this now, I will be more than hpaay to?

Thanks

[s.b.w]

Hiya John and well done on getting through it all.

It took around 4 months for the paperwork to be complete with my IVA (with Grant Thornton) and it can take a while for things to be finalised.

I ended up with a cheque for a few pounds back (woohoo) because there was a remaining amount.

Good luck with the rest of your life!

shaz x

[johnB]

Thanks again everyone for your comments.

I am so pleased my IVA has now finished and I can pass on my experience to others who need it.

Declan, if you want to look at my IVA closure I would be very grateful. However, it has only just finished, and a lot of this could be just me getting excited. How do I get in touch with you?

[kallis3]

If you click on the experts link on the left hand side of the page, you can find his details on there.