If you’ve been in an Individual Voluntary Arrangement, you’ve stuck to the rules, and you’ve lived within your means, then you’ve already done the hard work. As you approach your final payment, you’re probably wondering what happens next. 



Your remaining debt is written off

The first, and best, thing that happens when your IVA is completed is your remaining debt will be written off. 

During the course of your arrangement, you’ve worked hard to put the majority of your income towards repaying your debt. Now it’s time for the payoff. 



Any remaining unsecured debt that hasn’t been covered by monthly payments to your Individual Voluntary Agreement will be completely written off. Your creditors will no longer be able to contact you for payment and you’ll officially be debt free (aside from any secured debt you carry, like your mortgage for example.) 

You’ll receive a certificate of completion



The Individual Voluntary Arrangement will be recorded, and a completion certificate will be provided to you by the Individual Voluntary Arrangement manager.

When your IVA is completed, you’ll be sent a Completion Certificate, which will confirm this. It verifies that you’ve finished the plan successfully and that your Insolvency Practitioner is no longer the Supervisor of your arrangement.

It’s critical to get your completion certificate since your IVA won’t be completely finished until you do. If you don’t acquire a certificate, any additional money earned may have to be paid into the arrangement until it is officially closed.



It normally takes six to eight weeks for your IVA Completion Certificate to be sent out to you, but we will make sure we get it to you as soon as possible. 

Your creditors will be notified



When you get your certificate of completion, we will also send a copy of your to your creditors. 



This demonstrates to creditors that you have successfully completed your IVA, your debts to them are settled, and that you no longer hold any responsibility for any of the debts included in the arrangement, so they shouldn’t contact you any longer. 

You can start rebuilding your credit score



As you’ll no doubt already know, being part of an Individual Voluntary Arrangement will damage your credit score. It highlights to lenders that you’ve had debt trouble in the past, and causes them to view you as a risk for future borrowing. 

The damage to your credit score isn’t permanent, but once you’ve officially been released from your IVA, you will have to put some work in to gradually improve your credit score. 

One of the best ways to do this is to take on a new line of credit. This might sound strange considering credit cards may have been one of the things that led you into debt trouble in the first place, but you can’t build up a positive credit history if you simply avoid credit altogether.



The most important thing is to be sensible, and deal with a lender you can trust. That’s where we can help. Creditfix launched its own partner network of financial services companies in order to help people like you rebuild their credit after an IVA.