hi i am coming to the end of my iva next september countdown begins now just wanted to know what happens when i have made my final payment to account
thanks
Once the IP has received the final payment, creditors receive the balance of the funds and the IVA is closed down. You receive a certificate of due completion and the IVA is removed from the register. Six years after commencement of the IVA your credit file should be clean and you can move on.
Congratulations on getting this far and hopefully the last year flies in.
As long as their are no other payments outstanding, your IP will make a final dividend payment to your creditors and then send a copy of your final report along with your certificate of completion. Once they have received this, they will update their records.
Congratulations and good luck for the final stretch! Nearly there now!
Is there a final 5th year I & E review before the IVA can be closed down.
I seem to remember the IP stating in order to keep costs down they would report again in 12 months time unless there are any significant events when I got my 4th year report.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
The IP should check your wage slips/P60 to make sure all overtime has been paid in but other than that there should be no need for a review if the IVA is being closed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
