I agreed an IVA back in Feb 2010, and agreed to pay all the debtors in full rather than on a monthly basis.
I have a cert from the Court confirming this. I have now turned myself around. I need to set up a Ltd Company, but fear even though I have satisfied the IVA that I may not be able to open a business bank account.
I also cannot get a straight answer to whether I am still within the 6 year period for credit even though I have satisfied the IVA.
Anyone able to give me advice on this ?
Your IVA will still remain on your record for six years from the start date regardless of the fact that you paid it off early.
Do check your credit record with all three agencies to see what is held on there. You may find you still have defaults registered. If that is the case then write to the data controller for any creditors doing this enclosing a copy of your completion letter and tell them to remove the defaults.
As to a business account, you may well struggle to find a bank willing to do it.
Hopefully either an expert or someone with more knowledge than myself will be along later.
Thanks Niobe.
I had three creditors. My record shows all three with a balance outstanding. However two say satisfied the other in red default.
I've tried everything to get the default changed but the Company concerned have basically refused and told me to go forth and multiply !
What should I do ?
So basically Niobe I gain no kudos for settling in full straight away, and might as well just paid monthly ?
Would any potential creditors / banks not see that in a positive light ?
They may do but your IVA will remain on record regardless.
As to anyone showing you in default - contact the data controller with a copy of your completion letter - they have to remove any defaults after the date of original IVA acceptance.
Thanks guys glad I found this place. Getting straight answers has been like pulling teeth !
I will contact the Data Controller at Nationwide and try again.
Business accounts are notoriously difficult to set up in an IVA and after will depend upon the banks own criteria. Many banks have in house policies that they will not entertain you for 6 years AFTER the end of the IVA. This, of course, depends upon them knowing about the IVA, as 6 years from the START it will drop off your CRA files. However, your creditors will keep their own records for 7 years after your relationship with them ends. So, any bank that were creditors will know, as will, most likely, any in the same group of companies.
Some IVA'ers have managed to open business accounts whilst still in the IVA, but this takes several bites at the cherry and a sympathetic bank manager to override the automatic "No" the computer will give. I believe Barclays was one bank that have done this and Nat West have been known to buckle.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm sure I've read that CoOp, Barclays and Santander may do IVA-friendly business accounts as well.
I also came across a company called 'Foerster Business Solutions Limited' who claim to offer business banking to those in an IVA (in conjunction with Barclays or HSBC).
I set up a ltd company bank account just before my IVA finished. I had to provide lots of details proving that I was now in control of my finances (spreadsheets showing income and expenditure etc. and a written statement explaining my previous situation) and had a meeting with the business adviser. This was with Barclays and they gave me an account albeit without an overdraft facility (which I didn't want anyway). I was however provided with a cheque book, VISA card and all the other standard bank account features.
