What is an IVA Completion Certificate?

An IVA completion certificate recognises that you have successfully completed your IVA and that you are no longer legally bound by the terms of your agreement with your insolvency company and creditors.

It means you can start to enjoy living again, without worry or debt repayments, and you have the opportunity to start over financially and build up your credit rating sensibly and carefully. Read on to find out more about the IVA completion certificate and what this means for you.

How will I receive my IVA completion certificate?

Your IVA completion certificate will be sent to you by your Insolvency Practitioner, usually as a letter. At the same time, the Insolvency Practitioner will let the Insolvency Service know, so that they can remove you from the Public Insolvency Register. It can, however, take up to three months before you are removed.

You should receive your certificate within twelve weeks of the final IVA payment, after the Insolvency Practitioner has finished the administration of your IVA.

You will only receive your certificate if you have made all the agreed payments to your IVA.  If the Insolvency Practitioner believes there are Payment Protection Insurance mis-selling claims (PPI) that still need to be paid into your IVA, then it is possible for your IVA to be successfully completed with the Insolvency Practitioner assuming the role of Trustee. The Trustee’s role is to release PPI for the benefit of creditors. Once an IVA has been successfully completed, you will not be expected to make any further monthly payments.  

I still haven’t received my IVA completion certificate, what should I do?

If you still haven’t had your completion certificate in the post, then you should:

• Contact your insolvency practitioner directly, to confirm the delay.
• Comply with any requests they may have if necessary.
• Stay calm – but if you believe there shouldn’t be any cause for delay, ask to speak to a manager at your Insolvency Company, there may be good reasons as to why it is delayed.  

If you are still legally bound into the agreement, then any substantial money you receive as a gift or payout will automatically go towards the IVA and your insolvency practitioner must be notified. Keep this in mind while waiting on confirmation that your IVA is finished.

I’ve received my IVA completion certificate, what now?

Once your certificate is received you can be removed from the public insolvency register and then it is a case of waiting for the IVA to come off your credit report.

An IVA remains on your credit report for six years, from the date it was created or until your IVA is successfully completed if it lasts longer than six years. This means, if it took five years to complete your IVA, then in another 12 months it should be removed.

Keep a close eye on your credit report during this time, if you believe your IVA should have been removed then get in touch with the three main credit agencies, Experian, Equifax or Callcredit. They may be able to look into why it has not yet been taken off.

Once your IVA is gone from your credit report, you can start to rebuild your credit rating. Be sure to use small amounts of credit and pay this off in full and regularly, to prove that you can handle debt sensibly. It takes time and patience to rebuild your credit rating but it can be done.

Your IVA completion certificate is a symbol that you have effectively taken control of your finances and bettered your future. You should be proud when you receive that certificate and look forward to slowly and carefully rebuilding your credit score, ready for if you should ever need a credit product again.

For now, speak to a member of our helpful team at PayPlan who are available via phone Monday to Saturday, if you need any help with your IVA or have any questions.