We’ve already detailed some of the things that happen at the end of your IVA, i.e., you receive your IVA completion certificate and you have the option to make PPI claims if you wish.
Other than that, there are some things you should keep in mind both when you’re nearing your last IVA payment as well as once you’ve made it.
Usually, it’s completely clear which IVA payment is going to be your last but in some cases, it might not be that clear. For example, you may have some payments outstanding if you’d had a payment break or if extra months had been added into your IVA due to an income increase. Hence, it’s always a good idea to keep in touch with your insolvency practitioner so you know when your last IVA payment is and you can plan accordingly.
Once you’ve made your last payment, you will have one final review by your IP. In this review, they will ensure that you’ve paid the agreed-upon amount in full as well as review your financial situation to make sure you have indeed paid the maximum possible amount you could afford to give. Once they feel that everything is in order, they will notify your creditors of the completion of your IVA and start making arrangements for the production of your IVA completion certificate.