www.iva.co.uk

Hi again

Our IVA last payment is September 2023. I know it’s a while off but I’m just wondering what to expect. Do they just do a final review like the annual review or is it more in-depth? I know after the last payment it’s supposed to take at least three months to come off our credit reports but we really want to look at getting a mortgage, so I’m looking for advice on those timescales too please.

For info we started Dec 2017 but had a 9 month break when I was on maternity leave hence it finishing September 2023

Many thanks in advance

When your last payment is made in September 2023, your IP will review the final 12 months to check for any missed extra income. Then they will look back over the whole term to dot the i's and cross the t's and make final payments to creditors.
When they are happy they will issue the completion certificate --- this could be up to 6 months after that final payment. At that point the IVA ends. Then it will take up to three months to come off the Insolvency Register.
After that happens the Insolvency Service will inform credit reference agencies. The IVA will disappear, all things being equal, after December 2023, if the certificate has been issued and you are off the Register.
Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

Thanks Foggy, when you say look back, what do you mean? Do they not just check the annual reviews? I’m only asking for timescales as want to get off it asap.

Many thanks

It varies from firm to firm. Some are very thorough and some barely look at all. Time-wise, again, some firms will take the 6 months to get everything wrapped up, whilst some manage it all within a couple of months. But you can use the time to get everything as straight as possible.

I’m with Bennett Jones, I don’t suppose you have any experience with them?

Thank you so much for replying

No, nothing springs to mind regarding this particular firm --- which is actually a good thing, in a way. It means that no-one has complained about them much

Ha that’s great thank you! Fingers crossed it all goes well, we really want to get on property ladder asap, so trying to get ahead