What now?

greenbrucelee

I made my final IVA payment on 1st March (60 month IVA)

what now?

I haven't heard anything from payplan yet.

foxy-stoat

Give yourself a pat on the back and look forward to saving/spending the monthly IVA payment money.


You will probably have to wait for a few months while the completion certificate and final annual review has been completed.


File the certificate when you get it incase you need to produce it for a mortgage or anything.


Well done

greenbrucelee

Thanks.

What about rebuilding my credit? when can I apply for a credit card to do it?

Do you watch bottom by any chance? (just asking because of your name)

sourcrates

greenbrucelee wrote: »

Thanks.

What about rebuilding my credit? when can I apply for a credit card to do it?

Do you watch bottom by any chance? (just asking because of your name)

You've just got out of debt, and well done for doing so.

Don't go and spoil things by getting more debt, especially a bloody credit card, it's the start of the slippery slope again, steer clear of credit would be my advice.

greenbrucelee

do I not need to build up my credit rating though?

sourcrates

greenbrucelee wrote: »

do I not need to build up my credit rating though?

Only if you want to borrow again.

Paying bills on time, been on electoral role all helps.

memberme

you could get a Vanquis card straight away. I had one of those when I first finished my IVA. You will get it and it will have a very low credit limit so you cant do much damage. Buy a little on it every month but pay back in full as the interest rate is horrendous. A good credit builder if used properly.
Well done regarding the IVA.
I would contact your IP and confirm you're ok to cancel the payments and that'll remind them to get on with the processing. Some certs arrive after a couple of weeks , as with my own, but many take months, so I would call, just to ensure all is well and ask when you might get it.

foxy-stoat

greenbrucelee wrote: »

do I not need to build up my credit rating though?

What the meaningless number - taking out credit and paying it back is the normal way.

Lincsdebt

My IVA was with Payplan too and the last payment was August last year. Nothing happened immediately, but if you have an online account you will see that, rather than the next payment date and amount being listed, nothing will be there to pay. Believe me, that's a very satisfying thing to see straight away!

I had to sign a disclaimer that they could continue to seek out PPI payments, so they'll probably send you something similar if they've been looking into any PPI you might have had. I received my completion paperwork in October and the IVA disappeared from the register exactly three months later. It's a great feeling, even though they all seem a bit like baby steps to get there.

I got a Vanquis card, and pay it off fully each month by direct debit. My credit rating recovered pretty quickly to be honest, even though my IVA was for a sizeable sum. It is useful to have a credit card, even if you don't make much use of it (my latest bill is £26).

Congratulations on completing the IVA, sometimes it seems like it will never end, but you got there. Enjoy that feeling!