F&F accepted - What next?

Annabel2580

Hi, I’m new to this forum. Basically I had an IVA which started 3 years ago. A few months back a family member kindly offered to make a full and final settlement which was accepted a few weeks ago and the funds have been transferred over.

My question is… what happens from here? I am waiting for my completion certificate, they have said that this will take a few months. Once I have this certificate can I start contacting the credit reference agencies in bid to clear up my credit history?

I remember hearing once that once that even when you make an early settlement your credit is still effected until the date your IVA was meant to end is that correct?

I am extremely happy that the F&F offer was accepted and would strongly recommend this to anyone who may be able to get the funds. I still can’t believe it!

SG_28

I am not sure the answer to this but would also like to know

SG_28

I am not sure the answer to this but would also like to know...

boulaa

I would like to know as well , anyone ?

StressyMcjessie

I had a F&F settlement agreed 8 months ago and I am still waiting for my completion certificate. It is one thing after another from my supervisor. Now they want to look at PPI etc. I am fed up with this I thought this was an agreement we made.

SG_28

Really! That's bad I would have assumed that once you have agreed a settlement and transferred the funds over your case should be closed and all you should wait on is your cert. I didn't think they could still try to claim for more!!

Can I ask who you are with?

Anondebtadvisor

I know some firms are having big delays closing cases!! I understand how fraustrating it is when they leave it until your last payment to decide they want to try and claim PPI!

Which Firm are you with? GT are having big problems at the moment

SG_28

So even though mine has been accepted and the funds have been transferred and my direct debit has been cancelled. Are you saying that they may still come back to me and say they want to claim for PPI now aswell? I have been told that my completion certificate will take up to 3 months.

Anondebtadvisor

Its possible i'm afraid - not all firms are doing this though.

As in jessiemcjessie's post :-(

SG_28

Do you think it might be an idea to ring my IP and ask them if that is their intensions or do you think this will just alert them of the fact?

MIVAA

Hi Annabel,

Congrats at getting your F & F settlement agreed.

So, you ask, what happens from here? Well, even though you're now debt free your IVA will remain on your credit file until 6 years after the original start date of your IVA.

As a result, you'll find it very difficult to find a lender who's prepared to offer you credit, even though you are perfectly within your rights to seek credit if you wish.

You'll also find that those lenders prepared to give you credit will be more expensive that the typical high street rates available for people with no history of credit problems, so be careful and choose your lender with caution. As you already know, debts can easily spiral out of control.

I have heard over the years that getting a small level of credit on a higher interest card can be beneficial to rebuilding your credit score, by demonstrating responsible usage and prompt repayment.

I think this is true, but I would always encourage someone to try and refrain from borrowing if at all possible. You've been without credit for 3 years now and you'll have the benefit of not having to make IVA contributions moving forward. Who knows, you may even be able to put some money aside.

Unfortunately there is nothing you can do to shorten the time at the IVA stays on your file, but you can make sure the record of the debts included in the IVA are recorded as 'Satisfied' or 'Partially Satisfied'.

When you receive your completion certificate, (and you are right, many IP's are experiencing trouble in closing some IVAs due to a couple of different reasons) you should send photocopies of the certificate to the 3 main credit reference agencies. (CRA) namely, Experian, Equifax and Call Credit and they will update your file to show each debt has been satisfied or partially satisfied.

You should then obtain a copy of your credit file from each CRA to ensure there are no errors on the file.

Pay particular attention to the dates of any CCJs or defaults that ma have been recorded. Check that the dates are all pre IVA date. If they are after the IVA start date then you need to ensure this error is amended. This is due to the fact that the IVA stopped all legal action against you, so it ought to be the last negative marker on your file, if it isn't then the record is wrong.

Even though your IP ought to do this as part of the closure process for you, you should also check your name has been removed from the IVA register, give them until 3 months from the IVA completion date before taking action.

But if it's still there after 3 months, send the Insolvency Service a copy of your completion certificate, that's if you've received it of course or ask your IP to do so on your behalf.

Beyond that, it's a waiting game.

Anyway, congratulations again and here's to a happy debt free future.

MIVAA