What happens next....

v5076

Hi everyone

I'm about to pay my last IVA payment in a few days and I wonder if you could help with what happens next.

My Debt Management Co is next to useless as they never call me back so I thought I'd ask you helpful people instead.

Thanks
Vanessa

JokerDurden

Well can only tell you what happened to me:

Last payment gets made, hopefully you should have been made aware of any additional payments you have to make i.e. payment holidays taken, additional payments due to wage increases e.t.c. however if your about to make your final payment then I doubt this is the case as normally they should tell you two months before it comes to the end.

Then the IP does the final supervisors report and notifies all creditors and court you have stuck to the terms of the IVA and that you are now released from all unsecured debts that were subject of the arrangement.

Then the day finally happens where you get your Completion Certificate. Mine took three months from the final payment being made so it can be a bit of a wait.

WELL DONE YOU

FoggyBrain_2

I might add --- check the "credit clear up" posts on here. One thing is to make sure the defaults registered by your creditors were dated the date the IVA was granted (if not you can insist they be amended). The reason for this is that defaults "fall off" your credit history after 6 years. So IVA finished in 5 years and the default disappears in another year. Happy Days.

kns_2

Hello that's great you are about to make your last payment:D
Did you have to release any equity in your property.

I am in my fourth year and my Iva company have not said anything to me about my equity release. I have a three valuations and dont know whether to send them in or just wait to see if my ip contacts me for any valuations.