Only 1 payment left!!!!

[boychild]

The end is finally in sight!

My husband and myself have been in an IVA for 6 yrs and we have one payment left in a few weeks and we will be free yay!

It has been unbelievably hard to say the least, we have had 2 kids during this time and I was made redundant last year but we have struggled through and we will be able to finally say we are debt free apart from the mortgage!

So my question is....what can I expect to happen once we make the final payment, I assume we will receive a certificate? Then how can we go about rebuilding our credit profiles? I'm assuming that as we have been in it for 6 yrs that it will clear from out credit files pretty quick unlike those that only have 5 yr ivas who have it on file for a further year?

Thanks

[Niobe]

Congratulations on reaching the end.

Just check to make sure that you have made the final payment and ask your company when they are going to issue the completion letter.

Have you been approached about PPI claims at all? This seems to be holding claims up for some companies at the moment - hope yours isn't one of them!!

Check with all three CRA's to see if there are any defaults registered after the date of IVA acceptance. If so then send a copy of your completion letter (once received) to the data controller of any who have continued to default and tell them to amend the records.

You can build your credit again by making sure your bank account and anything such as a mobile phone contract are up to date.

[luluj]

Well done ..... Having been clear of our IVA for 18 mths now I can certainly say I have never regretted it ...it was the best thing we did...made us come to our senses and we no really appreciate all in life!

Niobe provides good direction in her response.....keep in touch and let us know how you get on.

[Struzzo39]

Woo hoo well done!!

[orchid5]

Hi and welcome boy child, congratulations on the your nearing the end, that is fantastic news. There are some very good posters on here who have gone through what you are about to so hopefully they will be able to guide you, good luck and best wishes for the future. xxx

[gavin]

Congrats

[Shining]

Fantastic, it will be a lovely feeling when that final payment leaves your account. x

[12 months to go]

Well done boychild

I'm in a situation similar to yours; I too have gone 6 years, so all accounts with the exception of 3 from nat west have dropped off my credit files. Nat west have the wrong default date on ie mid sept 2006 as opposed to July 2006, however i realised this would make no difference, as I knew I wouldn't have my completion certificate by this time, so when the completion certificate is issued, nasty wests accs should have disappeared from my credit file

What I would suggest is getting your IVA co to confirm no more monies are due after your next payment and that you can cancel your DD.

As you have probably read elsewhere on the forum, completion certificates are taking many months to be issues by some IVA companies, where as some others have been fairly quick

My personal view is, despite my odd post hoping my Certificate will arrive some time soon out of the blue, is that as I've gone through 6 yrs hard slog, particularly skint in the first 18 months, that the inconvenience of waiting for what by all accounts is a non descript piece of paper for several months isnt in the scheme of things the end of the world

Just sit back and relish that in October ? You will be perhaps several hundred pounds a month better off, so waiting for a completion certificate, is far easier than waiting for the 6 yrs to pass!

Which co is your IVA with ?

Well done for the hard slog and good luck

[boychild]

Hi All,

Thanks for the replies! Our IVA's are with Money Debt and Credit, anyone else dealt with them? Yes in October we will be a massive £600 better off! There are some defaults on our credit files from 2006/2007 which is after we entered the IVa so once our certificate comes through we will contact them.
We did receive a letter a few weeks ago regarding PPI but we dont believe we ever took it out so we phoned our company and they said to ignore the letter. It does worry me slighlty that something is going to go wrong at the end like the fact we were meant to release equity but couldnt due to the current market etc and we sent valuations in earlier this year and never heard back. We phoned them and they said its fine and nothing can be done but never got an offical letter of anything.

[marsha1]

Well done. I have been in an iva for nearly 5 years now. I have had one payment holiday for dental work and all other payments have been made on the nail but I have been fortunate in keeping my job throughout and no major car issues (hope I have not spoken too soon)