Insolvencey Register

[snoogle]

Hi

I was wondering once an IVA is complete how long do you stay on the register for. Also once it drops off your credit file is there anyway anyone can tell you were once insolvent.

Worried about lifetime stigma

Snoogle

[kpw]

Hi
Normally you can have your details removed off the insolvency register once you have received your completion statement from your IP. Normally about 3 months after end of iva and final distribution to creditors.
Your details will remain on your credit file for 6 years starting when your iva starts i.e date of creditors meeting when iva was agreed. however you can notify them,Equifax and Experian, of your debts being settled by sending these credit reference agencies a copy of your completion letter from your ip and asking them to note it on your records.
After this I dont think your credit history is recorded anywhere that is accessible, but someone can probably give you a definitive answer

[OliverDowning]

3 months after end of iva and final payment to creditors.

As above. Stays on your credit report for 6 years from the date the IVA was accepted.

Make sure you send to Equifax and Experian a copy of proof which the IP will provide you with. The IVA and debts can then be shown as satisfied.

Be aware there is a difference between satisfied and cleared. Cleared means debt paid off in full which to a credit company is different to satisfied and therefore on there credit scoring, they may mark you down. hence why it is hard to obtain credit between years 5 and 6.

On the plus side, the amount you currently pay to your IVA will become your disposible income. If you are a homeowner, why not put this money aside, save it and pay it towards the mortgage when it becomes due. Afterall, by this stage, you have prooved to yourself you can budget!


No Fee IVA and Debt Management Advice. Do NOT pay upfront fees. Free Face to Face appointments, Just the facts 0870 0948040, www.insolvencynetwork.co.uk