6 or 7 years?

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andrea1968

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Post by andrea1968 » Sat May 07, 2011 10:46 pm
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hiya all-quicky for those in the know.
Our iva modifications mean we have a 6 year iva and also have the equity release clause so most likely will be 7 years.
When would our iva drop off the credit files and the insolvency register.
Not that we will ever want credit again.
If all runs to plan-fingers crossed-our minimum dividend will have easily been achieved by the end of year 6.[:)]
full and final accepted January 2015

iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
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langerbridge

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Post by langerbridge » Sat May 07, 2011 11:27 pm
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As I understand it's 6 years from start date. I may have 7 years for equity release. I wonder what a credit report would look like at 7 years as the only keep 6 year history. I'm sure someone will know the answer but it may be tomorrow!
The road is 72months long starting September 2010.
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ginger3232

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Post by ginger3232 » Sun May 08, 2011 9:36 am
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My understanding an active IVA will remain on the report - its only when it is finished it will drop off
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kallis3

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Post by kallis3 » Sun May 08, 2011 9:39 am
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It will come off the register once it's completed but I believe it will drop off the credit record after six years regardless of how long it lasts for. I'm sure I read that on here a long time ago.

I do stand to be corrected though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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ginger3232

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Post by ginger3232 » Sun May 08, 2011 10:00 am
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The experian site - "does state minimal of 6 years or longer if arrangement indicates this" - the below leaflet seems to indicate it remains on report until its finish

http://www.experian.co.uk/downloads/con ... rsion1.pdf
Last edited by ginger3232 on Sun May 08, 2011 10:01 am, edited 1 time in total.
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kallis3

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Post by kallis3 » Sun May 08, 2011 10:07 am
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I did say that I stood to be corrected - I just seem to remember reading something a long time ago on here about it. It maybe that the rules have changed since then as obviously IVA's used to mainlhy for five years.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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ginger3232

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Post by ginger3232 » Sun May 08, 2011 10:10 am
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No problems - that why we are all here for - to learn/share information between each other - It means the forum doing its job !! [:)]
Last edited by ginger3232 on Sun May 08, 2011 10:12 am, edited 1 time in total.
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andrea1968

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Post by andrea1968 » Sun May 08, 2011 10:12 am
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thanks everyone!!!!!
full and final accepted January 2015

iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
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TheMatrix

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Post by TheMatrix » Sun May 08, 2011 10:13 am
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It's on your credit file for a minimum of 6 years, if the IVA is still running then it will remain on your credit file until such time it is complete, then it will drop off immediatly.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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andrea1968

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Post by andrea1968 » Sun May 08, 2011 10:16 am
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Sorry Ginger-just changed my signature and it moved my post to after yours!!!!!
Thank you all
Last edited by andrea1968 on Sun May 08, 2011 10:19 am, edited 1 time in total.
full and final accepted January 2015

iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
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ginger3232

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Post by ginger3232 » Sun May 08, 2011 11:58 am
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Didnt notice - away doing the dreaded house work !!! :-)
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kallis3

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Post by kallis3 » Sun May 08, 2011 12:15 pm
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Dogs walked - hubby doing lunch, step grandaughter playing with her toys until mum picks her up this afternoon and I'm on the computer! Sorted!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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ginger3232

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Post by ginger3232 » Sun May 08, 2011 12:20 pm
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House done - raining heavy here so dogs NOT walked.
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kallis3

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Post by kallis3 » Sun May 08, 2011 12:24 pm
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It's lovely here now - we had some showers but it's nice and sunny. Dogs are done for the day other than being booted out the back door when necessary!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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MelanieGiles

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Post by MelanieGiles » Sun May 08, 2011 7:30 pm
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Jan - I want your life! Can we swap places for a few weeks?
Regards, Melanie Giles, Insolvency Practitioner
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