IVA Final Review: Documents, Completion and Possible Extensions

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.

When Will Your Last IVA Review Take Place?

The final review takes place when your IVA is approaching completion under its agreed terms. It is not always exactly five years after it started: regular-payment IVAs commonly last five or six years, while lump-sum arrangements, payment breaks and agreed extensions can change the timetable.

Ask your supervisor to confirm your expected final payment, the information needed and any outstanding obligations. Do not stop payments simply because you believe five years have passed.

Paying the last scheduled instalment does not by itself confirm completion. The supervisor must check that you have met the arrangement’s requirements, including any additional contributions or assets due, and issue the completion certificate.

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Important Documents for Final Review

Your supervisor will tell you what evidence is required. This may include the following documents:

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

A P60 summarises employment pay and tax for a tax year. Your supervisor may request it to check income; it is not itself a tax-refund claim.

Wealth Statement

You may be asked for an updated statement of your assets, debts, income and expenditure.

Disclose changes and any windfalls, inheritance or other assets that may fall within the arrangement.

The review checks compliance with your IVA. It does not normally require you to prove that every original creditor has been repaid in full.

There is no general requirement to pay an accountant to produce a document called a “wealth statement”. Ask your supervisor exactly what they need before paying for additional services.

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 final review checks whether you have fulfilled the obligations in your proposal and any agreed variations. Successful completion and termination for failure are different outcomes.

If the obligations have been met, the supervisor can complete the arrangement and the remaining debts covered by it are released. If something remains outstanding, the supervisor should explain what is needed and any proposed extension under the terms.

An IVA normally remains on your credit file for six years from approval, or longer if it has not completed. Keep the completion certificate and check that the credit-file entry is updated accurately.

What Happens After an IVA Final Review?

Your supervisor will explain the outcome of the review and provide the required completion or other documents. Under the 2025 protocol standard terms, the completion certificate is due within 28 days of the later of the last payment due or completion of all the arrangement’s requirements. Other IVA terms can differ.

An extension is not automatically one year. Its grounds, length and any need for creditor approval depend on your IVA terms and the circumstances.

Keep in contact until completion is confirmed, and respond to any later questions about matters or assets that arose during the IVA.

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Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.

References

1. The Gazette – UK individual insolvency statistics: Q3 2023