IVA finally settled

Nicc

I finally got the final paperwork from Grant Thrornton after settling at 108 pence in the pound. I was previously with Accuma who said that they would contact the relevant credit agencies when you completed your IVA. GT have said that they will not do this so I'm not really sure what to send and to whom and how a covering letter should read.

I'd be really grateful for any advice on this. I have read the sticky but that seems to be more about bankruptcy.

From my writing the cheque until receieving the final court paers took over 4 months. Is that usual?

fermi

Nicc wrote: »

I'd be really grateful for any advice on this. I have read the sticky but that seems to be more about bankruptcy.

The principle is exactly the same. The only real difference is that should they wish to record a settlement date on your CRFs it should be no later than the completion date of the IVA, rather than the discharge date of the bankruptcy.

Just adapt the letter to suit an IVA.

trudij

Well done (though Im confused abotu your 108p in the pound - doesnt that mean you paid more?? )

Cant help with the other stuff - Im due to finish my iva in September next year,(hurrah!) just wanted to say well done really !!

Nicc

Sorry to not respond straight away with thanks.

It worked out at 108p in the pound because of statutory interest, so yes, I did pay extra... quite a lot extra in fact. Because the total figure, in the end, was about £16,000 over what I originally owed. But that's what you sign up for when you sign the windfall clause, and that is standard. In the end it was the freedom that made it worth every penny but it has taken ages for it to finally be settled and the papers arrive. The covering letter advised that it was my responsibility to advise credit agencies....and of course I panicked because I had no idea how to go about it.

I had enough left over for a good holiday..am off to Charleston in South Carolina for new year then a road trip :j and a savings account for the first time since I was 16 (not that it's really worth it, but it's out of harms way)

Nicc

Still going to take another 4 years (at least, it seems!), I know, before my credit file is clear, but am not in a hurry to buy a property or get a credit card either. I have a back-up pre-pay debit card with a standing order every month which transfers a certain amount onto the card, so if anything happens to my Visa debit card, I have some sort of back up if needed.

Also, when you don't want to suddenly have to borrow money because of needing a new roof or similar, renting makes budgeting much easier because you know there will be a lot less chance of having to come up with large amounts of money quickly for new boilers etc.