Hello, I'm just entering my 4th year of my Iva, my Iva is to run for 6 years (one of my creditors wanted the extra year 😕) plus a likely extension of 12 months in lieu of equity, Meaning it will probably conclude after 7 years. My question is ,curiosity really, will the usual 6 year (from beginning date of Iva) removal of record on my credit file not apply and be extended an extra year or once I have my completion certificate will it be removed immediately? Or even in the 6th year? Which seems highly unlikely. Any advise would be great as I'm confused!
Your IVA will not be removed from either credit reference agencies or the Insolvency register until you get that completion letter.
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
Thank you Kallis3, so to clarify, once I have my completion certificate it can be removed straight away and I won't have to wait an additional 12 months like those who finish at 5 years as I've already surpassed the 6 year mark? Sorry I'm easily confused! And I'm researching lots now as contrary to a further post of mine, a third party offer for full and final didn't pan out and seeing as I'm now in for the long haul I'm all for soaking in any information about the process that I can. This site really is a godsend to all those in IVA's and all the peoples hard work to help answer questions like mine does not go unnoticed or appreciated by many I'm sure.
Yes -- the IVA will remain on file while it is active, even past the 6 year mark. It only drops off at 6 years if it ends before the 6 year period is up.
Yours will drop off shortly after ending ( if it goes on past 6 years). It will drop off the Insolvency Register up to 3 months after completion.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It will remain on the credit reference for six years regardless - as Foggy says, it may well be taken off the register swiftly or up to three months for the register.
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
I dont know who your IVA is with but its worth keeping up to speed on the cases where people are being told they have to take secured loans instead of the 12 months extra if they can't remortgage. At least that way if it comes across your doorstep/inbox you will know in advance if your IVA stipulates this (or not) and if you are actually required to do this, you might not be but it seems some companies are telling clients at that stage they have to take a loan, where there is a high possibility they don't. Forwarned is forearmed and knowng what protocols you are bound by and your agreement inside out will prevent any nasty shocks.
Last edited by longslog101 on Wed Sep 02, 2015 7:46 pm, edited 1 time in total.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Thank you Longslog101 I've seen a few people posting about secure loans and it has been a concern of mine, I'm with GT and recently looked back through all my paperwork and proposals as it worries me a little. As far as I can tell my proposal/agreement only states equity release or 12 month extension or if possible full and final funding from a 3rd party which I've taken to mean family and friends. I really hope they can't change that or in their view take 3rd party to mean secure lender as I was never spoken to or advised about this during the IVA set up. I'd be so disappointed with a change like like especially after a 6/7 year Iva and then saddled with a loan that runs for possibly many more years [:(]
