Life after IVA

When your IVA reaches its end, you will be given a Certificate of Completion by your IVA Supervisor. They will also inform the Insolvency Service so that it can take your name off the Insolvency Register.

Alongside your creditors, the supervisor must also tell a number of other organisations that your IVA has finished. These include the Department of Trade and Industry and the Court Service. You do not need to worry about letting anybody know that the IVA has been completed - it will all be done for you.

You will also be sent a statement showing the transactions made during the life of the IVA - the amount you have paid in and where the monies were sent each month once it had been received.

Any outstanding debts remaining with the creditors in you IVA will be written off and you will finally be free of them.

However, if you find that you need to take out credit again, then you will discover that it has had an impact on your credit rating - and the amount you are able to borrow. While most IVAs will last for five years, your file will still show that you have an IVA for six. This means there will be at least a year before you can really start again. Initially you will not be able to borrow large sums of money but, over time, this will increase as your credit rating improves.

It is advisable that one of the first things you will need to do is send a copy of your certificate to all the Credit Reference Agencies. This will allow them to update their records. Also keep an eye on the Insolvency Register. If your name has not been removed three months after the IVA was completed, you will need to contact them to let them know about the mistake.