If you’re like most people who have entered into an IVA, you’ve probably been counting down the days until the arrangement ends, and that’s perfectly understandable. But now that time is fast approaching, you may be wondering if there’s anything you can do to prepare for the end of your IVA. 



Maintain your IVA payments



This may sound obvious, but even though you’re excited about your IVA coming to an end, it doesn’t mean you can lose focus on maintaining your IVA payments in the meantime. You haven’t worked this hard to fall at the final hurdle. 

Your IVA payments will be taken right up until the final month of your arrangement, so for as long as you’re still in an IVA, making sure you continue to meet your monthly contributions should be your first and last priority. 

This largely means just continuing to do what you’ve been doing – you’ve made it this far after all.

Plan for how you’re going to use your extra cash



Paying money into an IVA each month is necessary to help you get out from under your debt, but you know better than anyone how difficult it can be to live under such tight financial restrictions.

When your IVA ends, those restrictions will be lifted. You’ll be left with a good chunk of extra cash. While that’s great news for you, you also need to be wary of falling into the same old pre-IVA money habits. That’s why you should begin planning how you will use your extra IVA budget. 



The good news is you’ve managed to survive without this money before; an IVA takes all of your income, minus essential expenses, towards your arrangement, so you should view your IVA money as a bonus and make sure you only use it for the things that are in your financial best interest – saving for a home, investing for your future, or taking an important step in life.

Begin rebuilding your credit score



If credit cards and payday loans left you with crippling debt in the first place, it’s possible you’ve now sworn off new lines of credit and have vowed you will never take on debt once you’re finished with your IVA.

While it’s easy to understand why people feel this way, it might not be the best route for you if you’re looking to rebuild your financial profile. 



Some of the biggest events in our lives can only be achieved by taking on new credit – think buying a new home, funding an education, or being able to afford your dream wedding. And if you’re to be accepted for this kind of credit, you’re going to have to rebuild your credit score.