Have received completion certificate. What now?

backhoe

After six long years, I've done it. Its finished. The IVA is done and dusted. I received my completion certificate today (and will be celebrating tonight!!

So please help, what do I do now? I guessing I have to check my credit score but after that I'm lost.

Thanks in advance.

mwarby

Well you'll be on insolvency register (as completed) for three months, which will have an impact

After 6 years your IVA should have dropped off your file as should the old accounts

In reality I expect some accounts will have the default date wrong and still show, and these will still show a debt and various late payment and default markers. The end of the IVA should cause the account providers to do a final update to mark all these as settled (and maybe correct any errors in dates, if your lucky)

In my experience though the final updates take time to be processed and to show up in a monthly report. If you cane bare it and have no urgent need of a clear score, I'd leaving checking files and chasing until the new year. This way you'll only be chasing those who have out of date or erroneous information, and have had a chance to correct

You'll need your files from all three agencies call credit(Noddle), Equifax(clear score, but they don't show all details of closed accounts) and Experian. You should check default date is no later than start of IVA and that the accounts are closed as settled or partially settled with zero balance. If accounts aren't showing this is good as they have dropped off as they should. If there are errors you need to contact the creditor, this in the first instance is done through the credit reference agencies, but if creditor is stubborn you may need to go through the creditors complaint process, possibly to the regulator

Once your file is clean, all that's left is to start slowly using credit in a responsible manner, and in time your score will improve. Initially you'll have a similar standing to someone getting first credit, so limits will start low but should build over time

mwarby

This sticky should help too, just replace bankruptcy with IVA (pretty much)

https://forums.moneysavingexpert.com/discussion/677875

backhoe

Thank you both. That's a massive help. Am more than happy to wait till after Christmas to get it all sorted.

lexiej

Hi
Congratulations on completing. I have one payment due in November 2016. I was just wondering who you were with and how the completion process went in terms of the

lexiej

Sorry finger slipped. I wondered if you did a final review and how quickly the certificate was sent out. Hope you don't mind me asking.

memberme

Varies a lot.

I made my last payment and got the paperwork (not really a certificate) within 2 weeks and I was removed from insolvency register within 3 weeks. Mine was a 6 year IVA.

I agree it's good to leave credit checks for 2 -3 months to give time for most to drop off.

I've heard that cert's can take up to 6 months with some companies but PPI should not delay this now.

regards

mwarby

Mine took longer than I hoped (started as a full and final IVA) as one creditor wouldn't submit a claim, but they have to get 3-4 months and a load of prodding to exclude from the payout at the end (the debt was still written off, they just didn't get a penny!)

A full and final midway through could cause similar issues I expect, as things that may have been allowed to drag creditor claim wise, now have to be sorted quicker than expected

backhoe

My last payment was August 2016 and I got the completion certificate last week. I was with Aperture (previously Grant Thornton). They are still trying to claim a previously refused PPI claim, and I'm just going to let them get on with it. I've got what I wanted so now to move forward (after Christmas, lol) and never get into a mess again.

ontheup1972

My IVA completed in August 2015, and I did not get my completion certificate until July 2016.

Eleven months.

Freeman Jones - useless. Although in the end they got me through the IVA I would not recommend them.

Wasn't just the length of time it took to get the completion certificate out which was the problem, but the constant problems I faced during the IVA due to their incompetence - the amount of payslips they claimed they did not receive was unreal. Every year I'd get breach letters because they'd claim i hadn't sent my wife's payslips in for x, y, z period, or I hadn't sent in my accounts for this year or that year. I can honestly say I sent everything they asked for on time. It was 5 years of constant strain.

10 months after I had made my final IVA payment, and completed my final income/expenditure sheets etc and everything else they asked for to finalise things...10 months after...they sent me a letter out asking for my last 6 months income, and wanted me to complete the 6 monthly review which you would complete during a live ongoing IVA.

Needless to say I went ballistic at this unbelievable incompetence, and contacted them to ask what the hell they were playing at. To their credit, after that, everything was done in a matter of weeks.