IVA Final Review – How to Prepare for Your Last Year

IVA Final Review

Getting your IVA evaluated for the last time might be a big accomplishment for many people. But don’t forget to properly manage the things and documents you need in order to successfully complete your IVA agreement. 

To provide you with everything that you need to know about the last reviewing of your IVA agreement, I am here! 

Let’s begin without any delay. 

What is an IVA?

Individual Voluntary Arrangement is a debt control plan with legal significance and binding. It is signed among 3 parties typically, yourself, your creditors, and your Insolvency practitioners. 

The settlement is typically positioned so that you can avoid bankruptcy when you are not able to make payment to your creditors.

The insolvency carrier company works as an intermediary to handle your budget and pay your IVA payment back to your borrowers whilst charging a fee. 

What is IVA Review?

IVA review is conducted to look at the progress that you have made throughout the year. The statistics are used to further plan and manage the financial approach that the agency will pave. 

It is really crucial because the planning of the future is based on these reviews. 

However, the last review of the IVA does not plan for the upcoming financial strategy but it is conducted to see whether you have successfully completed your IVA or not. 

Purpose of Final Review

The basic purpose of the last review is to determine whether the Individual voluntary arrangement has to be terminated because of completion of IVA payment or shall it be extended

The last review will look at all the goals and aims that the agency had set, if those goals have been met, such as paying back all creditors. Then the agency will have to decide if the IVA is complete or not. 

All of this shall be mentioned in your credit file

When Will Your Last IVA Review Take Place?

The last review for Individual Voluntary arrangement takes place 5 years after the start of it. However, if you are able to finish your iva earlier and make a last payment, you can apply for the last evaluation of your agreement. 

The request will be processed and the insolvency practitioner will evaluate your agreement for the last time. 

That certainly 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 then only they will be granted a completion certificate and allowed to end the iva. 

Important Documents for Final Review

There are some really 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 one of the most important documents that you need to get before the review date. The bank statement is basically a record of all your transactions that happened through the bank. 

It will reflect the payment that you have made or the income you have received in the bank account.

You can get the bank statement by simply requesting your bank to issue it to you. 


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

Payslips are important because they will help the firm analyze 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

The most important document might be the wealth statement that you would need to provide at the final evaluation. The wealth statement reflects all your assets and liabilities. 

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 of creditors, the wealth statement proves to be an essential document that is needed to evaluate whether you are clear of debt or not. 

You can easily get the wealth statement made from a professional accountant. 

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What Happens after Final IVA 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 it for 1 year in order to make sure that even the last payment has been made and you are debt free. 

That means your IVA will make a total of six years in this case. 

IVA Closure 

After the IVA ends, you will be given a completion certificate and that will stick with you in your credit file. After that, you can start a debt free life and build your credit score again. 

You will not be liable for the terms and conditions of the IVA anymore. 

End on Restrictions 

Once you have received the completion certificate, that means that the restrictions that were imposed on your financial life by the IP or by the terms of the agreement are no more relevant. 

For example the windfall clause. Now you can steer your financial life by yourself, without any restrictions. 


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.

Wrapping It Up!

IVA is a tricky agreement for many people and that is due to the fact that they don’t understand the ins and outs of the agreement. Getting your IVA reviewed for the last time definitely feels like a relief. 

I hope this article helped you regarding the information of iva completion. To know more about it please, click here or you can write us to the given name email for more assistance. 


Do you know your debt free date?
Do you know your
debt free date?
  • Affordable repayments with an end date in sight
  • Reduce pressure from people you owe money to
  • Stop interest and charges from soaring