Due to finish my IVA in 2 months....what happens?!?

cardiffian83

Hello all,

I have 2 more payments on my IVA and I just wondered what the procedure was. Is it really as simple as getting your certificate and then you're sorted?!?

I've been reading about people expecting to release equity in their property at the end of the IVA to make further payments but I live in rented accommodation so this doesn't apply to me. I also don't own a car so I literally have nothing more that they can take.

Is it as straight forward as it sounds? I have looked through previously threads but nothing seems to explain this part of the process.

Thanks.

milliemonster

Well yes once you get your certificate you are sorted, but the bit between making your last payment and getting your certificate is the bit that can be troublesome, currently depending on who you are with closure can take anything from 6 weeks to 3 years, they will do a final review look into ppi and possibly want to investigate that, look at the vat issue all before they can send you a certificate and before your name comes off the register, if you are with grant Thornton, reckon on it being more nearer the 3 year mark

Foxy-Stoat_3

I was with GT, took around 6 months. I just cancelled the direct debit from my bank and confirmed to GT that I had done so and waited for the certificate. Had to fill out another review form but my earnings didn't change in that time so nothing left to pay.

To be honest, it doesnt matter how long it takes to get the certificate back unless you are planning on going for a mortgage or something like that, no one else wanted to see it and all was well with the world.

Well done for getting this far, hopefully its been one hell of a learning curve which will benefit you now.

FocusQueen12

Well done on reaching the end....it's a long road isn't it...

Foxy-Stoat Just wondering why GT needed a review if payments were to end on 60 months if no extension. Were you asked for 6 more payments although no amendment to I&E? Rather worried now as I have just over a year to go and any more than 60 payments would send me nuts!!!!

Keeping going regardless :-)

Foxy-Stoat_3

No, I paid for 60 months, no more. They need to do a last review incase you earn more than the last review or if you had bonus or overtime etc.

poi

Waited 15 months so far for my closure from GT after having been sold by BE. Caught up in PPI fiasco even though I never had any.

Seemingly no escape....

ciderwithrosie_2

My last payment is this month. I had a letter back in May stating that the IVA was due to end and they would then go about making the final dividend and bring the IVA to a satisafactory conclusion. Nothing said about PPI, last reviews or how long I'd have to wait for my certificate. I also rent and have no assets so a bit more straightforward I hope.

Vikipollard

Sorry to burst your bubble Cider, but that makes no difference at all. I'm not on the mortgage and also didnt get asked about PPI until just before the last payment and then stalked until I submitted.

And Foxy, though you arent wrong about the certificate being unnecessary unless you are seeking a mortgage etc, it (the IVA) also stays on the Insolvency Register until 3 months after the IP tells them it's closed, so it has implications for any change of work which requires a credit check. That for me is far bigger an issue and one which I can't forgive such a lack lustre service from GT for.

milliemonster

Absolutely and will also show up on any credit check if you need to rent somewhere new, so whether you rent or own it can still affect you

ciderwithrosie_2

Vikipollard wrote: »

Sorry to burst your bubble Cider, but that makes no difference at all. I'm not on the mortgage and also didnt get asked about PPI until just before the last payment and then stalked until I submitted.

Ahh sorry, I meant as I have no assets and no mortgage for the equity, there shouldn't be any more payments to make after the 60 months.

I'm not with GT, I went with a private firm who were working with the CAB. I guess they could still spring some nasties on me but they've been straight as a die all the way through so I'm hoping not!

cardiffian83

I'm with Payplan so am hopeful that things can be sorted relatively quickly after my last payment. After 60 long months it'll be shame if things unnecessarily drag on for months after the last payment is made.