I have just completed a six year IVA in early December last year, which started in December 2007. I am still waiting on a certificate of completion from my Practitioner and they seem to be dragging their heals with this and not giving me any satisfactory answers as to why it still has not been completed. On my Equifax Credit Report I still have three debtors showing bad history, HSBC x 2 and BMI Healthcare. These show that my last payments defaulted in February 2008 yet my IVA had already started in December 2007, so I don't believe that they should be on there? I phoned HSBC today and was told that they would stay on my credit file for six years AFTER the completion of my IVA, yet all the other creditors have now removed the debts that were originally shown on my IVA. Please can someone give me the correct advice as to who is right and how, if at all I can go about getting these final 'Spent' debts removed from my credit file as I wish to start looking at moving home and feel that this is seriously holding me back now.
Defaults do not stay on your credit file for six years from the completion of an IVA. Your credit files are updated six years from the commencement of the IVA, although the IVA will still show active until your IP has formally closed it down.
Do you know what exactly is causing the delay - presumably your IP has issued an annual report in February this year to you explaining the reasons for the delay?
Thank you for your advice. I did receive an annual report however there is nothing on it to explain why my certificate of completion could be delayed. The only thing I can think of is my practitioner appointed a third party company in August last year (4 months before my six year IVA finishes) to do checks on whether I was owed PPI, and this company are taking FOREVER, they keep sending me new requests even this week. I have asked my practitioner if this is why my certificate of completion has not been issued and they said they can still issue it even though the background checks are still ongoing because I signed a waiver. I didn't want to agree to this company doing the PPI checks at such a late stage in my IVA as I knew it would delay matters but my practitioner insisted I was legally obliged to accept under the terms of my IVA. Has anyone else experienced this?
No problem, Tony. On the PPI investigation front ... we have all experienced these delays and frustrations and some firms are handling it better than others. One day PPI will be but a bad memory and IVA's will, hopefully, flow smoothly again.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
OK, from reading many of the other threads I can see that it seems most likely the delay in my completion certificate is being delayed by Equity in Finance and their PPI Claims. However, I was told in no uncertain terms by my I.P that the ongoing claims WOULD NOT
WOULD NOT delay the completion certificate being issued, but now it appears it is. Did they bare face lie to me regards this matter? In theory I could be waiting another two years at this rate for EIF to do their checks. Does this mean I cannot move on or get a completion certificate? Is this legal? The more I read the more I am getting frustrated as I feel I have been deliberately misinformed and lied to by my I.P and now they seem reluctant to give me any satisfactory answers.
I feel strongly that there should be a finite period of time for IVA s to be allowed to kept open after all payments have been made. It cannot be right that peoples lives are put on hold after they have fulfilled their obligations under the terms of the IVA .
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
Defaults do not stay on your credit file for six years from the completion of an IVA. Your credit files are updated six years from the commencement of the IVA, although the IVA will still show active until your IP has formally closed it down.
Melanie, could you advise, if my credit files are updated 6 years from commencement, does that mean that now I am 8 years since commencement (and two years since my last payment) that I can have my credit file updated?
I only ask because I'm in a similar position to Tony - I finished payments on my IVA (2 years ago!) but have no completion certificate thanks to this ongoing PPI business. I went to open a standard bank account with my current bank today (I have a basic account only) and was told that I had been refused. Now I understand that my credit rating will take some time to repair, but I'm astonished that 2 years after payment and 8 years after inception, I'm still so heavily blacklisted??
I just want to start cleaning house while I wait (and wait and wait) for this completion certificate.
IVA Last Payment - December 2011
IVA Closure - fingers crossed!
Hi Nin, as the 6 year statutory period has passed, references to your IVA will be removed as soon as the CRAs get a copy of your completion certificate. The accompanying defaults will also disappear, provided they have been correctly dated with the commencement of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy - patience is just no longer a virtue I possess after this long! It's been so frustrating to have made it through successfully and then hit such long delays beyond your control.
IVA Last Payment - December 2011
IVA Closure - fingers crossed!
