Featured in...
Dashboard
Individual Voluntary Arrangement (IVA)

IVA Final Review – How to Prepare for Your Last Year

Scott Nelson Profile Picture Janine Marsh Profile Picture
By
Scott
Scott Nelson Profile Picture

Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

Learn more about Scott
&
Janine
Janine Marsh Profile Picture

Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Mar 5th, 2024
Could you legally write off some debt? Answer below to get started.

Total amount of debt?

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Featured in...
IVA Final Review

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Getting ready for your IVA final review may leave you with many questions. Don’t fret; you’re in the right place for answers. Over 170,000 people visit our website to get guidance on debt solutions each month.

This article will cover:

  • The purpose of the final review and why it is important.
  • We will guide you on what documents you need to get ready, such as bank statements, payslips, and tax forms.
  • We will also tell you when your last IVA review might happen and what could occur after this review.
  • Finally, we will share some tips to ensure your IVA final review goes well.

From July to September 2023, the Gazette reported that there was a total of 13,965 Individual Voluntary Arangements.1

Our team understands your worries very well, and we’ve offered guidance to many people in your shoes. Here are all the answers you need for your IVA final review.

Let’s dive in.

Could you legally write off some debt?

There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

When Will Your Last IVA Review Take Place?

The last review for an Individual Voluntary Arrangement takes place five years after it started. However, if you are able to finish your IVA earlier and make the last payment, you can apply for the last evaluation of your agreement ahead of those five years. 

The request will be processed, and the Insolvency Practitioner will evaluate your agreement for the last time. 

That does not mean you will be able to complete your IVA; the company will make sure that every last IVA payment has been made, and only then will they grant a completion certificate and allow the debtor to end the IVA. 

» TAKE ACTION NOW: Fill out the short debt form

Important Documents for Final Review

There are some crucial documents that you need to prepare before the last review of your IVA. I have listed the documents below:-

Bank Statements

Bank statements are a document provided by any banks you use regularly. It holds all the transactions that you have made through these banks, including all the funds transferred in and out of your account, payments, and charges – everything is listed in bank statements. 

Make sure you request bank statements from your bank when preparing for your IVA final evaluation

Payslips

Payslips are the record of your income. These slips are provided by an employer to an employee, and they have all the relevant details about income, tax, and other relevant details.

Payslips are important because they will help the firm analyse the income that you earned in that specific year. 

Tax Forms – P60

The P60 Tax form is a document that is provided to show the tax paid against your income. It is a really useful document to rebate tax. 

Wealth Statement

One of the most important documents that you would need to provide at the final evaluation is the wealth statement. This reflects all of your assets and liabilities at that period of time. 

The firm will probably be concerned with the liabilities you have, especially of your creditors.

If you had agreed to clear yourself off the debt from creditors, the wealth statement proves to be an essential document that is needed to evaluate whether you are truly clear of this debt or not. 

You can easily get a wealth statement drawn up by a professional accountant. 

How a debt solution could help

Some debt solutions can:

  1. Stop nasty calls from creditors
  2. Freeze interest and charges
  3. Reduce your monthly payments

A few debt solutions can even result in writing off some of your debt.

Here’s an example:


Situation

Monthly income £2,504
Monthly expenses £2,345
Total debt £32,049

Monthly debt repayments

Before £587
After £158

£429 reduction in monthly payments

IVA Case Study - Comparison between £587 of average previous payments to £158 of new payments after an IVA is set up.

If you want to learn what debt solutions are available to you, click the button below to get started.

Get started

Tips for Ensuring Your IVA Final Review Goes Well:

IVA is a tricky agreement for many people, and that is due to the fact that they don’t fully know the ins and outs of the agreement.

This is why it’s important to:

  • Ensure that you have all the necessary documents ready.
  • Update your budget regularly.
  • Keep all of your financial documentation organised throughout the year.
  • Check your credit report every couple of months.

Purpose of an IVA Final Review

The basic purpose of the last review is to determine whether the Individual Voluntary Arrangement has to be terminated because of the completion of IVA payments, or whether it shall be extended

The last review will look at all of the goals and aims that the agency had set at the start of the IVA. If those goals have been met, such as paying back all creditors, then the agency will have to make a final decision regarding the IVA’s completion. 

All of this shall be mentioned in your credit file

What Happens After an IVA Final Review?

The company evaluates all the terms that were listed in the agreement. They will then issue a final report regarding their verdict on whether to end the agreement or extend it for a period of time. 

If the firm decides to end the agreement, you will no longer have to carry the burden of the agreement. If the company extends it, they will do this for one more year in order to make sure that the last payment has been made and you are debt-free. 

This means that your IVA will last a total of six years (in the latter case). 

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

Natasha

I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.

Get started

Reviews shown are for The Debt Advice Service.

FAQs

When will my IVA final Review take place?
The last iva evaluation will take place after 5 years of the start date of your agreement. At times it can be conducted after six years.
Do I have to Keep in touch with my IVA firm After the Final Review?
No, you won’t have to keep in touch with your IVA firm after the end of your agreement. However, if the final verdict regarding the closure of your agreement has still not come, You might want to keep in touch with the firm.
How Much Time does it take for the Final Review to Complete?
It might take 4 to 6 weeks to get done with all the procedures of the last evaluation. However, it really depends on the firm you are working with and the resources they have. Sometimes things might get completed earlier.
Do I have to Pay for the Final Review?
Usually, the company will consolidate a total fee for their service instead of charging you separately for the evaluation. If you are getting a revaluation from a different firm, they might charge you for it. Where can I get my IVA reviewed? You don’t need to find a separate firm for the evaluation of your agreement, your existing firm will provide that service to you. However, I would highly recommend that you choose a firm which is authorised and regulated by the financial conduct authority of the UK.
Could you legally write off some debt?

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

References

  1. The Gazette – UK individual insolvency statistics: Q3 2023
Did you like this article?
Show your support ❤️
We're glad you liked the article! As a small team, your support means everything to us. If you could rate us on Google, it would be amazing. Thank you!
We are so sorry...

Is there something missing? We’re all ears and eager to improve. Send us a message and let us know how we can make our article more useful for you.

You can email us directly at [email protected] to share your feedback.

The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Debt Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.