My completion certificate arrived in the post today, so big weight off my mind as I was still expecting them to come back to me saying I'd gotta pay another year in lieu of equity... Can't keep the smile off my face now, it's been a long 5 years but so worth it knowing that I now owe nothing apart from my mortgage!!
My IP has asked creditors to let credit reference agencies know that the debts are satisfied, should I let them do that or should I send a copy of the certificate to the agencies? Also I kind of expected the certificate to look like a certificate but it's more of a letter is this normal? Sorry one more question the completion certificate doesn't detail the creditors do how would the credit agencies know what records have been satisfied?
Hi Claire. Congratulations on becoming officially debt free !!!!
After 5 years you'd at least expect something that looks like a diploma, wouldn't you ? Still, if it did, I doubt many of us would hang them up for all to see! As long as the letter works ( and it does) it will do
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Congratulations.. yes it is a bit of a disappointment when you get it and it just looks like a letter... good job it actually means heck of a lot more. Just check you credit files and take it from there. Remember, it will take time to get your files updated and your IVA will remain on there until the 6th Anniversary. It does no harm to send off copies of your certificate to the credit reference agencies, but again your defaults will not drop off until their 6th anniversary.
Just 2 questions.... what date roughly did you make your last payment ie how long has it taken for certificate to arrive and secondly, which IVA co where you with
well done again
Last payment made April 2012
Certificate received 1st Nov 2012
It's a very valuable piece of paper nevertheless, keep it safe and well done!
You can leave it up to the creditors to sort your file out, I'd personally give them a nudge as it's really not down to the IP to sort out your credit files. Getting a copy of your file from the 3 main CRAs would be the starting point and insuring the IVA is marked as completed and any defaults are marked completed, show no money owing and have default dates on or before the start date of the IVA.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Pleased it is over for you and you can move forwards and really start life again.
I sent a copy to all my creditors with a basic letter asking them to amend their records accordingly - they did all bar one which took three letters - it speeded things up a little for us !
Well done again and enjoy life !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
12 months to go - I made my last payment on 26th March 2012 and got my certificate today, I was with Freeman Jones who despite a couple of hiccups and a bit of miscommunication in the last year have been excellent over the last 5 years x
My best mate when hearing i was in the final months of my IVA last Nov offered to make a full & final for me.
My IVA co said as xmas was approaching it could take 2-3 months to arrange a F&F meeting, so I would be better to wait until April, as when you have 5 months or less left to run, you can make a one off payment of the remaining 5 months left to run without the need for a F&F variation meeting.
My final payment was made on Friday 13th April ( yes perhaps I should not have done this in fri 13th !! )
I contacted my IVA co yesterday to see how the closure process was coming along. I was told that even though it had been agreed that my mate on my behalf could pay the final 5 payments in a lump some one off payment on my behalf in April, that they couldnt start the closure procedure until the official date of my last payment was due ie first week in september, just under 4 months away.
I was horrified as I was guided by them re not arranging an F&F as had been my intention in Nov last year. Yes theyve confirmed all payments have been made and that I can cancel my standing order, but I foolishly assumed that after my last paymet was made the closure process would then commence.
I dont want to slag my IVA provider off, as they have been superb over the last 5.5yrs, but do feel let down at the 11th hour by this unexpected hurdle, which was never mentioned at all when the arrangement to pay as described was made.
Of course there is the relief I have been able to cancel the standing order, but I wanted to get on with the rest of my life, ensure my credit file was cleaned up, take out a contract mobile etc etc.
Im worried that if it still takes 3-6 months from Sept this year, I could be looking at 2013 before the completion certificate arrives.
I yesterday emailed my IVA cos forum expert and one of their colleagues who has been superb in the past to see if what ive been told is correct
Think I will chnage my username to " all paid up but still 12 months to go " !!!
Last payment made April 2012
Certificate received 1st Nov 2012
I don't think that is right. If it was accepted as a full and final offer then closure can begin immediately (yes the vat refund would hold it up but that's all).
I would ask them again to clarify exactly why they cannot begin closure when f&f was accepted.
Not sure if it's classed as a f&f , but I was perplexed at the logic , or not as the case may be
I was guided by them at all times; I await their reply and if the outcome isn't satisfactory I will contact my ip directly
Thanks for your late night posting
Hopefully mel will reply sometime past 1am ( incidentally mels co isnt who my iva is with ) but you can always count on mel for common sense replies !!
Last payment made April 2012
Certificate received 1st Nov 2012
Just a quick question, as I've had to make additional payments for a further 12 mohts (72 in total) once I make my final payment and receive my completion letter will the defaults drop off immediately?
I wouldn't bank on a reply from Mel this week as I think that in another thread she replies that she is currently on holiday - and therefore unlikely to be spending as much time as normal on here.
You've got a good chance of being able to get a mobile contract with T-mobile - I did yesterday (see the thread in social posts). If their coverage is not great in your area / they don't offer a tariff suited to you, then you may have to wait.
