Full & Final Offer - What Next?

[pignbroke]

Hi all, had my full & final offer accepted by my creditors today (big relief!! in year 5 out of 6)my question is what happens now? do i have to do anything am i right to assume that my monthly payments stop from now? and how long does show on my credit file?.

Sorry for all the questions, any help would be appreciated.

Haj

[kallis3]

Hi pignbroke,

That's fantastic news, congratulatons!

You should be able to stop your payments as long as the full and final payment has gone across but just clear it with your IP to be on the safe side.

The IVA will be on your record for the full six years even though you have finished early.

Check now with all the credit reference agencies and make sure there are no defaults registered after the date of acceptance. If there are then once you receive your completion letter you should write to those creditors and tell them to remove the defaults.

You can start to rebuild your credit rating by making sure your mortgage/rent, mobile phone contract, bank accounts are all up to date.

[pignbroke]

Hi Kallis3, thanks for the reply, it has been a long 5 years but a valuable lesson has been learnt on my journey, for those that are just setting off on the trail of the IVA i wish you luck and even though i have not contributed much by the way of posts on this site i have been here every week looking and getting inspiration from all.

Thanks

[kallis3]

Thanks for the good wishes, hope you keep popping in to let us know how life post IVA is.