Thank you all of for best wishes. Yes my IVA case will be close within 3-6 month and the reason for delay because of related PPI and IVA company processing issue.Just waiting for closure certificate.When my default mark will remove from credit file and when i can again start credit repairing?
Thank you Thomas. Please can you give me some explanation ;
Q1) why some people name still in insolvency register as I noticed their IVA started 2001 or before? Is the reason they failed IVA or they run out from IVA?
Q2) What's the different between IVA registered in insolvencylist and IVA register in credit file?
Q3) Once IVA removed from insolvency register and default removed from credit file will credit score change instantly?
Q4) Can I apply for credit card once Insolvancy and default remove from credit file? IVA will remain credit file 6 years ; can creditors still refuse for credit card after completed IVA and if it before 6 years?
Q2 - Insolvency register is statutory and is maintained by the Government. Credit Reference Agencies are commercial organisations.
Q3 - Credit scores are dependent on a number of factors but should start to improve.
Q4 - Companies can refuse anyone credit based on their own lending criteria and are not legally obliged to lend. People have found that once their name is off the Insolvency Register that it is more likely that they obtain a credit card but there is no guarantee.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thank you for your reply. I want to know normally creditors removed default mark from credit file once IVA completed; Will this default mark removed from start date of IVA or before or finished date of IVA? Will all default mark removed same time from credit file I mean once creditors put satisfied or part satisfied will it start from beginning default date?
1. Either the IVA wasn't/isn't complete or the register was not updated for some reason.
2. The Insolvency register states who is in an IVA or who is Bankrupt. The creditor file is an individuals personal credit rating.
3. Per LNE
4. Why do you need credit? The only reason I would ever recommend it is if you have a low limit and pay it off every month in full and on time and ONLY use it to start rebuilding your credit or for absolute emergencies.
Thank you Thomas for your kind reply. I don't really want any credit now because of I learned so many things during IVA journey but I want to improve my credit score because of I want to remain back my good credit score.
As regards the defaults, once you have had your CC and after 6 year mark has passed they should drop off automatically. This does not always happen however so you may have to send the creditors your CC and get them to adjust their records accordingly.
I have also emailed today Creditfix re full and final payment that a relative has kindly offered to pay.
As I am one of those caught up i na house due to the last property with only about 10% equity I have offered 36 months X £180 for remaining term of a 5 year IVA. I did not inclusive the 6th year as I do not have any equity to speak of with my property. Any IP wish to comment whether this would be looked upon favourably
Hi - sounds reasonable to me - they might need to see a valuaiton and redemption statement to show that there is no equity available for the extension to apply.
Lis just to clarify what is acceptable equity Are you allowed to keep a certain percentage. Ie if a house is valued at £325000 and your mortgage was £270000 Hence no chance to take out are further lending
Hi SUC - it depends on the debtors proposals and specifically how they are worded. Most have a standard clause about equity being less than £5k means an extension etc is not required. However the calculation of the equity can vary from arrangement to arrangement. Some say equitable interest, some say 85%, some say 85% LTV.
