End of IVA questions

Lincsdebt

I'd be grateful for a bit of information, as my IVA will end in August - hooray!
It will be six years as I have had to pay an extra 12 months due to being unable to release equity in our house. I assume that once this six years is done, the IVA is closed, though I realise it lurks on my credit file for more years.
First of all, I assume that I will hear from the debt management people to confirm it's all done then? I have no arrears and have also had several successful PPI payments and some bonus payments, so the amount the IVA was set up for has been exceeded. I pay by standing order, so I presume I just cancel it after the last payment?
There was also a restriction placed at the Land Registry on our property. Is this removed automatically, or do I need to ask for it to be taken off? I should say we aren't planning to move or anything, but once the IVA is complete, want to make sure this happens in case our plans change in the future.
Is there anything else that I should do once the last payment has been made?
Thanks for any advice that can be offered.

Land_Registry

Our Practice Guide on Personal Insolvency will help re the registration aspect of the restriction although I am sure other posters will be able to give you more comprehensive guidance specific to your scenario as well

Lincsdebt

Thanks for your help and the information is useful.
It would be good to hear from someone who has experience of this as well.

memberme

Hi my IVA completed in January and my company rermoved the restriction themselves. I would call your company straight after your last payment to confirm you can cancel the standing order/direct debit and ask they confirm that in email.There are cases where payments continue until someone triggers the action.
So phone...my company were great and confirmed i could cancel imdediately.
You are still bound by the iva officially until the completion certificate arrives which in my case took 3 weeks but many say months. Once the payments stop you feel free though. The certificate is a set of paperwork that confirms by your IP to the local register that all has been completed as agreed and satisfactory...it does not look like a certificate or say that on it. My IVA was also 6 years and dropped off my credit file 1 month after my final payment but again this can take months depending on the effieciency of your company. It came off the insolvency register within a month. So all can take from a few weks until a few months but at least when the payments stop and completion process is underway, you feel great. Well done

Lincsdebt

Thanks Memberme, that's great. Well done to you on completion.
I can't wait for the end of August, this extra year has been particularly difficult to cope with.
When my IVA was extended, the standing order was amended to finish with the August 2016 payment anyway. But I will speak or email with them when the last payment has been recorded as received.

memberme

Hi,

if it is thew last payment and they're happy i would cancel from your end. I had a coop account that permitted me to alter and cancel online. If you don't call your bank.

best wishes