i have just made my final payment and my iva is being passed for closure, what happens now, do grant thornton clear my name from the debitors list, will i now have a clean credit history
Did you do an additional 12 months in lieu of remortgaging? Your credit rating is shot for 6 years from the start of the IVA.
Once those 6 years are up it is down to you to clear your credit rating. Someone who has been through the process will be able to advise later as I'm not there yet myself!!
Your IVA will remain on your credit file for six years from the date of acceptance, regardless of when it finishes. GT will inform the Insolvency Register and you will be taken off. May be a few months though while they tie things up.
As regards your credit record, you need to check with all three agencies, Experian, Equifax and Call Credit to see what is held on there. If there are any defaults registered after the date of acceptance then you need to write to those creditors and tell them to remove the defaults.
You can start building up your rating again by making sure that you keep things like your bank account and mobile phone contract up to date. It will take a while for it to get back to normal.
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
no i worked overtime in the finale year of my iva, due to my cost of living rising (repairs to my car and my rent going up massively)but they failed to take this into account despite supplying my rent book and invoices for car repairs, and numerous phone calls
At least you've completed though Taff - that's the main thing.
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
You may well be - check with the credit refererance agencies to make sure. You'll still be on the Insolvency register at the moment.
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
A clean credit file doesn't mean access to credit remember. Your file will have very little on it for lenders to check up regarding payment history,so build up gently,or you will get refused a lot. Try a vanquis card or perhaps a catalogue but pay it off monthly.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi Plasticdaft,
in the five years i have been in a iva i have had a mobile phone contract and also paid my car insurance monthly. will they show a possive mark on my credit report never missed a payment on both over the five years.last iva payment today.
They will all help but as will your bank account, mortgage payments, but you will need to more or less start again once the six years are up.
As Paul says - you could try for a Vanquis Credit Card - high APR but if you pay it off every month then it won't cost you anything.
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
Phoenix - the mobile phone contract will show - however as Plasticdaft has mentioned there will be very little postive credit history on the reports - Unfortunately it will take time to build this. The iva will remain visible for a total of six years
Future creditors are looking at the way you handle credit. Dont expect main stream credit straight away - as lending polices have changed.
thanks everyone,
ive lived so long without mainstream credit its a wonder why i wanted it in the first place. but would be good to have a clear file. ive proved i can live without it for 5 years would be stupid to get back in that situation again. thanks for your input appreciated.
PHOENIX wrote:
Hi Plasticdaft,
in the five years i have been in a iva i have had a mobile phone contract and also paid my car insurance monthly. will they show a possive mark on my credit report never missed a payment on both over the five years.last iva payment today.
Don't think the car insurance shows up, as this is just like your other untility bills, but your mobile phone will show up as a credit agreement.
Just get your record cleared up - it's a step in the right direction and never know if you will need any again in the future.
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
