Once an IVA is completed and I have the certificate of completion, how long does the IVA stay on my credit file ?? and if it is erroneously still on my credit file how do I get it removed ??
I ask this because there seems to be a degree of confusion in the industry and with Experian and the other credit agencies in regards to my personal circumstances.
I had a full and final IVA only, it was not a different IVA that then became full and final (I have never had a 5 year pay monthly IVA) as such my IVA was done and dusted within 3 months, fully done, paid, signed off, got certificate of completion, went on insolvency register and then came off it again once IVA was finalised and paid off etc etc etc.
Im given to understand from my IP that set up my full and final IVA that once it was completed and I had the certificate of completion that it would stay on my credit file for 12 month (which applies to everyone who has completed an IVA)
Unfortunately Experian, Equifax and Callcredit cant seem to understand the difference between my full and final IVA and a 5 year payment plan IVA and they are insisting that all IVA stay on your credit file for 6 years from the date they started.
This seems grossly unfair to me because I am in effect having my IVA kept on credit file for 6 years from the date of completion (not 12 months that applies to everyone else with an IVA)
please help
You have been misinformed by your IP. Any IVA, default or arrangement will remain on your credit file for 6 years from the start of the IVA, or date of default.
The 12 months you refer to are the 12 months after full term IVA's of 5 years --- 5 + 1 = 6, then it drops off. I completed mine in 2.5 years, but still have to wait until the full 6 years has passed for it to disappear.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Okay, so an IVA stays on credit file for 6 years from date of IVA start irrespective of when IVA is completed, so what was the benefit and what have I gained by doing a full and final IVA rather than a 5 year monthly payment IVA ??? (from my perspective I have gained nothing at all)
were in law does it state the time scales in regards to an IVA ie that it stays on credit file for 6 years from start date, and no provision is made in law in regards to the completion date of an IVA ??? I have thoroughly read through the insolvency act and associated law and there is no mention that I can find.
The reason for my confusion is thus
1 - My IP told me my IVA can be removed from credit file 12 months after completion.
2 - If I research Google for information and answers I find that there are multiple answers from multiple IVA companies, financial institutions, agencies and volunteer organisation and charities. time scales are stated as 5 years, 6 years, 1 to 5 years, 1 to 6 years, in regards to IVA staying on your credit file, there is no common standard answer.
3 - when using Google and other research tools all I get is mountains of info from above stated sources, but can find no mention of time scales dictated by law.
1) Your IP was wrong!
2)The tine scale is 6 years from the start of the IVA.
3)I do not believe that the time scales are dictated by law, rather by the practice of the Credit Reference agencies.
The benefits you have gained by doing a full and final is that, over the course of 5 years, your financial affairs are your own and not scrutinzed by a third party. You are free to earn bonus payments and overtime, without having to account for them and hand them over to your creditors, you can inherit without losing it to your creditors. You can afford holidays, to change your car, to repair the broken boiler ..... etcetera, etcetera.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
