Iva completed. What to do now

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Hi Philip,

Thanks for your question. It can take up to a couple of months for all creditors and credit reference agencies to be fully updated with details of a completed arrangement. This is usually due to the number of organisations the information has to be passed to.

Upon completion of an IVA, final documentation is issued to the creditors. Most creditors use a third party company, usually one of four: The Insolvency Exchange (TDX Group or TIX), Grant Thornton, Eversheds or KPMG. These representatives are then responsible for updating their client, the original creditor. This is not done over night and is done on at least a weekly basis sometimes longer.

Upon receipt of this information, the creditors will have their own way of processing the information and updating their records and their accounts, in many cases writing off remaining balances etc.

After all of this is done, they will update the credit reference agencies, most do this twice a month in ‘batches’ of updates.

All creditors are different which may explain how some are updated and some are not.

The issue you are having with Capquest is unusual, upon further investigation today, they have confirmed they updated their records incorrectly, marking the file as though a termination notice was received, not a completion notice. You will be pleased to hear that they are rectifying this immediately.

You can forward copies of your completion documents directly to your creditors with a short note explaining what you are enclosing and a request to update their records and send notice to the credit reference agencies. Alternatively you could approach the credit reference agencies directly. However due to the above I would only do this after a couple of months as all should be updated within that time frame.

Thankyou that all helps