Reaching the end of an Individual Voluntary Arrangement (IVA) can be a significant financial milestone. After several years of making agreed payments and keeping to the terms of your arrangement, you may be wondering exactly what happens next.
An IVA doesn’t necessarily finish the moment your final monthly payment leaves your account. Your insolvency practitioner (IP) will need to complete the formal closing process and confirm that you’ve met the terms of the arrangement.
Once your IVA has been successfully completed, you’ll receive a completion certificate and the debts covered by the arrangement will be dealt with according to its terms.
Here’s what you can expect at the end of an IVA and what you may need to do afterwards.
What Happens When You Make Your Final IVA Payment?
Your final scheduled IVA payment is an important step, but your insolvency practitioner may still need to carry out some checks before your arrangement can formally close.
They’ll check that you’ve made the payments required under your IVA and complied with any other obligations included in the agreement. Depending on your circumstances and the terms of your IVA, they may also need to confirm that there’s no outstanding income, assets or other money due into the arrangement.
If everything is in order, your insolvency practitioner can complete the closing process and issue your IVA completion certificate.
Don’t cancel your IVA payment or Direct Debit early unless your insolvency practitioner has confirmed that you can do so. An outstanding payment or another requirement under the arrangement could delay completion.
What Is an IVA Completion Certificate?
An IVA completion certificate is the document that confirms you’ve successfully completed your Individual Voluntary Arrangement.
Your insolvency practitioner will issue it once the required payments have been made, you’ve met your other obligations and the necessary closing work has been completed.
Keep your completion certificate somewhere safe. You may need it later if there’s an error on your credit file or a creditor incorrectly contacts you about a debt that was included in the IVA.
The timeframe for receiving your certificate can depend on the terms that apply to your arrangement. Under the 2025 IVA Protocol, the supervisor should issue the completion certificate within 28 days, starting from the later of your last payment due or the date you complete all requirements under the IVA.
Older IVAs may operate under different protocol terms, so check your IVA paperwork or speak to your insolvency practitioner if you’re unsure when you should receive yours.
What Happens to Your Remaining Debt after an IVA?
Once your IVA has been successfully completed and your completion certificate has been issued, you’ll be released from the debts covered by the arrangement in line with its terms.
That means you won’t usually need to continue paying any remaining balances on debts included in your completed IVA.
Some debts can’t be included in an IVA and won’t be written off when it ends. Any debts you took out after your IVA started will also normally remain your responsibility.
If a creditor contacts you about a debt that you believe was included after your IVA has been completed, check the details carefully. You can provide a copy of your completion certificate and contact your insolvency practitioner if you need clarification.
What Happens to Your Credit File after an IVA?
Completing an IVA doesn’t mean it will disappear from your credit report immediately. An IVA will usually remain on your credit file for six years from the date it started. If your arrangement finishes before the six-year point, it can therefore remain visible until that period has passed.
After your IVA has been completed, it’s worth checking your reports with the main credit reference agencies to make sure the information recorded about your debts is accurate.
If you spot incorrect information, you can contact the relevant credit reference agency or creditor and ask them to investigate it. Your completion certificate can provide useful evidence that the arrangement has ended.
Will Your Credit Score Improve after an IVA?
Your credit score may take time to recover after completing an IVA. The IVA itself and defaults associated with debts included in it can affect your ability to access credit while they remain on your credit report. Once inaccurate or outdated information has been corrected and older records begin to drop off, your credit profile can gradually change.
There isn’t a set amount of time it takes to improve a credit score. Your financial activity after the IVA will also play a part.
Practical steps after completion can include:
– Checking your credit reports for incorrect information
– Keeping up with household bills and other financial commitments
– Making sure you’re registered to vote at your current address, if you’re eligible
– Avoiding applications for credit you don’t need
– Keeping borrowing manageable if you decide to use credit again
You don’t need to rush into borrowing money simply to rebuild your credit history. Focus on keeping your finances manageable and giving yourself room in your monthly budget.
When Will You Come off the Individual Insolvency Register?
Your details won’t disappear from the Individual Insolvency Register on the same day your IVA ends.
For an IVA in England and Wales, your details will normally remain on the Individual Insolvency Register for three months after the arrangement has ended.
The register is separate from your credit report, so removal from one doesn’t automatically mean the IVA will disappear from the other at the same time.
Can Creditors Contact You after an IVA Has Finished?
Creditors shouldn’t continue pursuing you for payment of debts you’ve been released from following successful completion of your IVA.
Occasionally, records can take time to update or a debt may have been transferred to another company. If you’re contacted about an old debt, check whether it was included in your IVA before making a payment or agreeing to anything. If it was covered, you can explain that your IVA has been completed and provide evidence such as your completion certificate.
Speak to your insolvency practitioner if you’re unsure whether a particular debt was included.
What If Your IVA Doesn’t End after the Final Payment?
A final scheduled payment doesn’t always mean the IVA can close immediately.
Your insolvency practitioner may identify an outstanding requirement that needs to be dealt with first. Your IVA could also have been extended because of missed payments or another term within your agreement.
Contact your insolvency practitioner if you’ve made what you believe is your final payment but haven’t received confirmation that the IVA is complete. They should be able to explain what remains outstanding and what needs to happen before your completion certificate can be issued.
Keep making any payments you’ve been told are due until your insolvency practitioner confirms otherwise.
What Should You Do after Completing an IVA?
Once you have your completion certificate, take some time to check that your financial records reflect the end of the arrangement.
Keep the certificate and your final IVA paperwork somewhere secure. You can also check your credit reports and raise any errors you find with the relevant organisation.
It can also be useful to review your household budget now that your regular IVA payment has ended. The money previously allocated to the arrangement could help you build an emergency fund, cover upcoming costs or strengthen your monthly budget.
There’s no requirement to start using credit again as soon as your IVA finishes. Your priority can simply be keeping your finances manageable.
Need Help Understanding Your Options after an IVA?
Finishing an IVA can leave you with questions about your finances, particularly if you still have other debts or you’re unsure what you should do next.
PennyPlan can help you understand your financial situation and look at the debt solutions that may be available based on your circumstances.
For clear, practical debt support, get in touch with us today and take the next step towards getting your finances back on track.
