IVA Final Review – How to Prepare for Your Last Year

Getting ready for your IVA final review may leave you with many questions. Don’t fret; you’re in the right place for answers. Over 170,000 people visit our website to get guidance on debt solutions each month.

This article will cover:

  • The purpose of the final review and why it is important.
  • We will guide you on what documents you need to get ready, such as bank statements, payslips, and tax forms.
  • We will also tell you when your last IVA review might happen and what could occur after this review.
  • Finally, we will share some tips to ensure your IVA final review goes well.

From July to September 2023, the Gazette reported that there was a total of 13,965 Individual Voluntary Arangements.1

Our team understands your worries very well, and we’ve offered guidance to many people in your shoes. Here are all the answers you need for your IVA final review.

Let’s dive in.

When Will Your Last IVA Review Take Place?

The last review for an Individual Voluntary Arrangement takes place five years after it started. However, if you are able to finish your IVA earlier and make the last payment, you can apply for the last evaluation of your agreement ahead of those five years. 

The request will be processed, and the Insolvency Practitioner will evaluate your agreement for the last time. 

That does not mean you will be able to complete your IVA; the company will make sure that every last IVA payment has been made, and only then will they grant a completion certificate and allow the debtor to end the IVA. 

Important Documents for Final Review

There are some crucial documents that you need to prepare before the last review of your IVA. I have listed the documents below:-

Bank Statements

Bank statements are a document provided by any banks you use regularly. It holds all the transactions that you have made through these banks, including all the funds transferred in and out of your account, payments, and charges ‚Äì everything is listed in bank statements. 

Make sure you request bank statements from your bank when preparing for your IVA final evaluation


Payslips are the record of your income. These slips are provided by an employer to an employee, and they have all the relevant details about income, tax, and other relevant details.

Payslips are important because they will help the firm analyse the income that you earned in that specific year. 

Tax Forms – P60

The P60 Tax form is a document that is provided to show the tax paid against your income. It is a really useful document to rebate tax. 

Wealth Statement

One of the most important documents that you would need to provide at the final evaluation is the wealth statement. This reflects all of your assets and liabilities at that period of time. 

The firm will probably be concerned with the liabilities you have, especially of your creditors.

If you had agreed to clear yourself off the debt from creditors, the wealth statement proves to be an essential document that is needed to evaluate whether you are truly clear of this debt or not. 

You can easily get a wealth statement drawn up by a professional accountant. 

Tips for Ensuring Your IVA Final Review Goes Well:

IVA is a tricky agreement for many people, and that is due to the fact that they dont fully know the ins and outs of the agreement.

This is why it’s important to:

  • Ensure that you have all the necessary documents ready.
  • Update your budget regularly.
  • Keep all of your financial documentation organised throughout the year.
  • Check your credit report every couple of months.

Purpose of an IVA Final Review

The basic purpose of the last review is to determine whether the Individual Voluntary Arrangement has to be terminated because of the completion of IVA payments, or whether it shall be extended

The last review will look at all of the goals and aims that the agency had set at the start of the IVA. If those goals have been met, such as paying back all creditors, then the agency will have to make a final decision regarding the IVA’s completion. 

All of this shall be mentioned in your credit file. 

What Happens After an IVA Final Review?

The company evaluates all the terms that were listed in the agreement. They will then issue a final report regarding their verdict on whether to end the agreement or extend it for a period of time. 

If the firm decides to end the agreement, you will no longer have to carry the burden of the agreement. If the company extends it, they will do this for one more year in order to make sure that the last payment has been made and you are debt-free. 

This means that your IVA will last a total of six years (in the latter case). 


  1. The Gazette – UK individual insolvency statistics: Q3 2023

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