Quick advice re paying off IVA

Christologymum_2

My IVA is due to complete in March 2024 as it will have completed 6 years. 

However I still have another 6 months payments to make taking me to Aug 2024. I need to move house in the summer so really need this off my credit file asap, I can’t determine whether this will happen automatically at 6 years or whether it will drop off when the final payment is made, I know I won’t get the completion cert until after it’s fully paid. 

Anyhow due to hanging onto some Xmas money given to me by my parents and others and managing to save little bits of money set aside for car repairs not needed, also my parents have offered to give me a small amount due to gifting my brother some for a wedding gift , so I have the money available now to pay it off in a lump sum, approx £1000 so not a massive amount. 

I’ve contacted the IVA practitioner to explain that having being gifted some money for Xmas and parents offering a little bit more, I’d like to pay it off, now the problem is they will only let me do this by contacting my parents to do an identity check and also them send bank statements to confirm gifting me money, now because it was cash in an Xmas cards I don’t have a paper trial and also my parents don’t know I’m in an IVA and nor do I want them to know so asking them for this info isn’t an option. I didn’t say I’d managed to save a little as it’s only a small amount out of the £1000.

Is there anyway round this, all I want to do it get it settled and sorted and off my credit file for a fresh start. I can understand if I’d suddenly got thousands of extra money they need to know where it’s come from and would question how I’d got money but realistically we are talking about as small amount in the grand scheme of things, especially when in my budget I was always allowed save for emergencies so I guess it’s realistic that I could have accumulated a little savings. 

Should I just be honest and say I’ve saved some money over the last few years. 

fatbelly

Your Ip is acting correctly. If your parents can confirm that they are gifting this as a lump sum then the proposal of early settlement can be put to the creditors.

It's unlikely to be sorted out by March though. It's February next week!

I think you are better letting this complete naturally.

It's explained here

https://debtcamel.co.uk/iva-settlement/

The question about the credit file gets asked often, and there is some wrong information out there. The entry drops off on the sixth anniversary or whenever the IVA completes/is terminated, whichever is later.

You did well not to say you already had the money. They would have just asked you to pay it in under the windfall clause

Christologymum_2

Okay thanks so it’s going to come off my credit file in or around Aug when the final payment is made 

tbh I could prob persuade my parents to speak to them and confirm they have gifted money, or write a statement but there is no way I would ask them to provide copies of bank statements which is what they are requesting so I guess I just need to let it play out. 

Thanks 

fatbelly

Just be aware that insolvency practitioners are not known for speed. You may have to nag them for a completion certificate when this ends.