We are almost there after 6 long years of an IVA. Have been looking through here over that time and whilst only posting once before have had some good ideas on what to expect, but do have a couple of questions now that I am coming to the end (hopefully)
We are lucky to be in a position to have a lot of equity in our house, which has built up over time and Select has helped us to come up with a potential full and final offer by releasing some equity (this is by a secured loan rather than a re-mortgage, which strictly speaking is not to the letter of our arrangement, but on balance this seems to be the best option for us to close down the IVA as we need to move house as soon as we can due to a growing family).
My question relates to the removal of my IVA from my credit file and cleaning it up afterwards.
I know from other posts that the IVA gets removed from credit file 6 years after the date of the start of the arrangement, however I am not clear on whether this is affected by the fact that our arrangement was a 6 year one (northern rock)? Does this mean that once the certificate is issued that the IVA would be removed immediately or would I have to wait 12 months?
Also I know that there are defaults being put on my credit file on a monthly basis through the IVA by the creditors and so show current defaults. Do these get removed as well, as my understanding from other posts is that these should only be showing from the start of the arrangement date as well?
Hi. The IVA, in your case, will drop off almost right away. The defaults will drop off 6 years after the default date ( which should be on or about the start of the IVA ). The loans only default once --- what appears every month is the current position ( still in default ) not a new default.
