My first question - completion advice

[gponter79]

Probably a strange time to join the board here. I was a member when I first started my IVA 5 years ago like many other I was pulling my hair (bald now) looking for help and answers. I started an IVA up with a company based in Manchester called W3 debt solutions. They have been really helpful and made my IVA journey really painless. So nearly 5 years down the road I have now received my final payment letter and an instruction to cancel my standing order. (A very nice feeling). They have contacted me about the PPI issues going around and I have been told, basically I need to cooperate with 3rd party investigations. I have no PPI due to my knowledge or made any claims during my IVA so I hope that should be fairly straightforward. I have signed a form to allow this and W3 said on receipt they can issue my final IVA certificate straight away so they can close my case.

So all the above considered, for those in a similar position or have been where I am I would just like some advice on the next crucial steps I should take in rebuilding my financial life.
What are the must do steps on completion of an IVA???

I'm also looking to move to a new rental property. I've been in my current rented home for 6 years and now the IVA is complete I want a fresh start. New letting agents presumably credit check you which I presume is a non starter for me. I am going to ask my current agent to give me a letter to state that I've never defaulted on my (£500 pcm) rent for 6 years.

Thanks for reading this

[pennieless]

Well done and good luck for the future

[sponge]

Your IVA sticks on you credit record for six years, so my thoughts as a few others have do nothing till then. Close to your six year mark contact all three agencies and make sure on the axe of six years everything drops off, Equifax puts your IVA out of public record into the noc section you'll have to phone up to get this removed, you'll see what I mean when you get there. Your credit record will repair itself instantly from this point. It's actually quite odd on what a good lending bet you become!

[Shining]

~Well done on completing!

Your IVA will remain on your credit file for 6 years from meeting date. It's worth looking at your credit file and ensuring things are in order. Green ticks for phone contracts etc., all help. but again nothing really to do there until after 6 years.

Once you get your Certificate of completion you will be come off the insolvency register, worth checking that has happened to.

[gponter79]

Many thanks folks, I appreciate what I asked has probably been asked a million times here before. I will trawl through this particular board and highlight all the useful advice. Good luck to everyone still in an IVA, it's strange how you adapt to living without borrowing and credit. Now it seems completely alien to buy something I can't afford. Or use plastic to pay for things. When I started my IVA it was at the exact time the uk recession started so I haven't felt alienated about not getting credit or being careful with money. It seems EVERYBODY has tightened their belt because of the economy.

Lastly, I turn 34 this year and I'm probably the only person I know, that has no loans, debts or overdrafts over my head.
Although I messed up in the first place and got myself into unmanagble debt, the IVA has been a great tool and actually 5 years isn't as long as you think.

Thanks

[Shining]

That is a great post that tells that an IVA is a good debt remedy that can work. You sound like you've been on a very successful journey, all the best for your debt free future and hope it's a very rosy one.

[MelanieGiles]

Well done on completing the last stages of your debt free journey. It is nice to read a positive post about someone's experiences for a change, amidst the moans and groans about a couple of firms who don't seem to be on top of case closures.