IVA nearing end

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Hi, i am coming to end of iva, ends in march i believe, yesterday i recieved a letter from 1 of the people included in the iva, saying thanks the debt is now cleared, is this usual, am i to expect a lot of letters through the post in the coming weeks from other creditors saying the same thing, and what is the procedure now, i take it my i.p should be getting in touch pretty soon to arrange final review but heard nothing of them, and can i just clarify something, if my final payment is due on march 15, and i am due a bonus in my wages on march 25, am i right in thinking that none of this should go into my iva as being as it should be finished
Take every day as it comes!!

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  • kns_2
    kns_2 Posts: 115 Forumite
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    I dont think they do a final review.
    Your year 4 would of been the final review as why would they need Income and expenditure when it is finished ?
  • FoggyBrain_2
    FoggyBrain_2 Posts: 1,121 Forumite
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    They will do a final review -- if nothing else to check whether you have had any windfalls, income increases, bonuses etc during that last year. Nothing is finalised until the last creditors claim is settled, which can take up to 6 months after the end of the IVA.
  • spaceman5
    spaceman5 Posts: 2,716 Forumite
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    FoggyBrain wrote: »
    They will do a final review -- if nothing else to check whether you have had any windfalls, income increases, bonuses etc during that last year. Nothing is finalised until the last creditors claim is settled, which can take up to 6 months after the end of the IVA.


    :eek::eek: i dont have to keep paying for up to these 6 months do i :eek::eek:
    Take every day as it comes!!
  • FoggyBrain_2
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    No --- as long as your IP saya all is paid up to date you can stop at the end of the IVA term --- the 6 months is just the time he IP allows themselves to clear everything up. If all goes smoothly it can only be about a month to tie up .... then you get the completion notice.
  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
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    As long as you have paid back at least 25p to the pound you can give yourself a pat on the back!

    It will take about 2-5 months to get your completion certificate and for you to be 100% clear.

    I would do a credit check on yourself 3 weeks after you receive your completion certificate and start to clean up your credit file.
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • spaceman5
    spaceman5 Posts: 2,716 Forumite
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    Foxy-Stoat wrote: »
    As long as you have paid back at least 25p to the pound you can give yourself a pat on the back!

    It will take about 2-5 months to get your completion certificate and for you to be 100% clear.

    I would do a credit check on yourself 3 weeks after you receive your completion certificate and start to clean up your credit file.

    well by end of iva out of the £22,000 debt i had going into the iva, i will have paid back over £15,000, i know this includes the fees for the supervisors and other things, but i am guessing at such a heafty amount being paid back against how much the original debt was that my creditors will indeed have got back more than the 25p in a £, well i would like to think they have:eek:
    Take every day as it comes!!
  • adfax
    adfax Posts: 98 Forumite
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    Foxy-Stoat wrote: »
    As long as you have paid back at least 25p to the pound you can give yourself a pat on the back!

    I believe I am right in saying that there isn't actually a minimum return that has to be reached to complete your IVA.

    Whilst 25p in the pound is often given as the minimum that most creditors will expect, the reality is that they want back as much as they can realistically get - which for some may be 70p in the pound, but for others may be 20p in the pound.

    The only requirement for completing your IVA is that you have stuck to the terms of your agreement.
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