How does my IVA end?
Following the introduction of your final IVA payment and/or full and final settlement figure the subsequent closure process can typically take up to 3 months before a certificate of completion is issued. During this time numerous administration matters are undertaken to ensure that all the terms of the proposal have been complied with and all funds have been received in accordance with the proposal or any subsequent modifications. Your case will be handled by a member of the closures team who will answer any queries or questions you may have regarding the closure of your individual case, and advise you when to expect your certificate of completion.
It is during this stage that any restriction registered on your property is removed and any disputes, such as any additional claims, are resolved.
Once all assets have been realised and all terms of the proposal or variation have been complied with, any claims not yet received will be requested from people you owe money to. This is a lengthy process during which time we allow people you owe money to a minimum of 25 days in which to respond and submit a formal proof of debt to us. If the requested information is not provided by people you owe money to within the given time scale, they may be excluded from the arrangement.
Once all claims are received and confirmed the final payment to people you owe money to is made (known as a final dividend). This means all of the remaining funds held by us are divided between the unsecured creditors included in your arrangement based on the level of their formal claim. The dividend cheques are then attached to the certificate of completion, final report and the receipts and payments account (further correspondence) and sent out to people you owe money to. This marks the closure of your Individual Voluntary Arrangement.
