IVA Completion certificate came today

mrcactus

So a few months ago I decided to go for a sprout loan to pay off my IVA as for me it was the best thing to do. I can now do overtime at work and receive bonuses without having to give anything to my IP. So just have to wait a few weeks for the insolvency register to update. My question - do my details actually get removed from the register or do they just stay there for the next 2 years (when IVA would have ended) but marked as I've completed it?

MrFrugalFever

3 months after the discharged date your details get removed completely from the register. If they don’t you may need to contact them with a copy of your completion certificate as evidence.
you will start to see a lot of activity on your credit reports now for several months in relation to your discharged.

Aim to pay off Sprout loans ASAP as the interest rate is absurd!!

gd55

Here's my IVA completion timeline which may help:
Paid off end November as a full and final settlement.
Completion certificate received beginning of January.
Status on insolvency register and my credit report changed to settled/closed mid February

I believe the register entry will be removed after three months, and the IVA will disappear from my credit report six years from the start date.

mrcactus

MrFrugalFever said:

3 months after the discharged date your details get removed completely from the register. If they don’t you may need to contact them with a copy of your completion certificate as evidence.
you will start to see a lot of activity on your credit reports now for several months in relation to your discharged.

Aim to pay off Sprout loans ASAP as the interest rate is absurd!!

The sprout loans actually didn't really make a difference money wise.

I had about 27 payments left with my IVA at £160 a month. Switched to Sprout for £176 a month so wasn't really much added. Unless I've completely got the maths wrong on this.

MrFrugalFever

They have a standard process of lending 80% of what is remaining on your current IVA agreement (current IVA payments x months remaining) with 3 additional months of payments so depending on how much was owing the interest could push you well over what the IVA would have cost. That being said, by completing the IVA and entering in to the Sprout loans agreement you are officially released from the restrictions of the IVA and now bound by the Consumer Credit Act 1974, working in your favour as far as being able to make additional overpayments enabling rebates of interest accordingly.

Either way, I have made significant overpayments to my Sprout loan and chosen reduced term rather than monthly payment each time, I just want to be debt zero.