F&F accepted, but what next?

[Annabel_25]

Hello Everyone, After 3 years of being in an IVA my F&F offer was accepted last week (yay!). I cannot begin to express how happy I am that finally I can see some light at the end of the tunnel.

Now it’s time to move in with my life and never to get in the same situation again.

I have a few questions if there is anyone on here who would kindly answer… I was told by my IP that it would take a few months for my completion certificate to get to me, but once I have this can I start the ball rolling to clear up my credit file? Or do I have to wait until the end of the term of my IVA? I have completed about 2 ½ years early so I am really hoping that I won’t have to wait 3 ½ years to get my credit history clear.

Thanks in advance for your help and if I can help anyone please let me know.

[Foggy]

Hi ansd congratulations !!!

I am afraid the IVA will remain on your credit records for 6 years from the date it started, regardless of the early finish.

[Shining]

Well done on acceptance of F&F. Your IVA as Foggy rightly says stays on your credit file 6 years from date of acceptance.

Paying your mortgage, phone contract and keeping your bank in order I do believe helps along the way x

[luluj]

Well done...you can start to clean up your credit fie by ensuring all defaults recorded are prior to the start date of your IVA...your IVA will stay on your record until the sixth anniversary of the iva starting

[Niobe]

Congratulations from me as well.

[allancsn]

Hi and well done.
The credit files will not really be clean for a full six years after the start date of your IVA. There is nothing you can do about that - after that all the defaults ect will start automatically dropping off and any that don't you can send evidence and they'll be taken off.

Your name will drop of the Insolvency Register fairly soon after your IP notifies the it is complete. It great notto appear on a public document.

You will have difficulty getting credit until the items covered by the IVA are taken off at the sixth year - may not be what you want to hear sorry.

It'll mean you'll have no IVA but can live without credit for a few more years. When banks, card companies and other assess and score a credit applications it is not only the credit agency files they take into account current salary, job security. disposable income and even post code are taken into account. They also have their own information on previous defaults that they have from their own old customer files.

Enjoy life without the IVA and credit companies breathing down your neck.
A Granite Visa - that you manage very carefully, a simple bank account for salary and payments and pre paid Visa for trips abraod and a pay monthly phone account will give you everything you need without anyone accessing your credit file and will add green ticks to the file over time.

You've done really well to get away from debt - remember the awful collection phone calls - and now you know the pitfalls of credit enjoy managing without it.

After the six years if you still need to borrow money you will be able to but my guess is you won't want to.

[kazzafunk]

Congratulations - it's a great feeling to be free of the IVA. We are now off the insolvency register and in the middle of getting creditors to correct their default dates noted on our record.

2 months after completion we have both been mailshot for a Vanquis card. I've got mine now. Only £500 limit and 39.9% interest so have set up a direct debit to clear the balance each month. I've had it 3 weeks now but haven't used it yet! It's in the back of my purse hidden and I'll just use it fuel and emergencies. I have also opted for no increases. I also buy things off Studio cards and pay monthly on that making sure the payments are made when the statements arrive and not the due date. With those and Brtish Gas and Orange appearing on my record each month I hope that in 2017 when the defaults and IVA drop off my rating will be good again.