I have some specific queries please now my IVA is completed:
- I assume as per mentioned mentioned many times on this forum the IVA stays on my credit report for 6 years from date of approval regardless of my early settlement.
- Irrespective of the above, do the accounts for each creditor change from default to settled once creditors get their funds, or, do the defaults remain for the 6 years also despite the fact the creditors get their funds earlier?
- Does the fact my IVA is completed, and I am hoping the accounts mentioned above change to 'settled' mean any positive improvement to my credit report despite the fact the IVA is on there? The reason I ask is that in the near future, perhaps 6 months time I might want to set up a new business and therefore a business bank account. I will have my completion certificate but with the IVA still on my report have I still no chance of opening a business bank account?
On a side note is there anyone out there who post IVA has setup for example as a sole trader or a Ltd company and found certain banks to be more helpful in terms of getting a business account?
Defaults should go back to the start date of the IVA and any creditors that have continued to default should be written to enclosing a copy of your completion letter and told to remove them.
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
In relation to the business bank account, been doing more googling and it looks like I am really going to still struggle. Its a shame as despite my excitement of IVA completion the 6 year credit mark is clearly going to limit my professional business options to an extent.
I can't help with the bank account but I'm sure some of the other posters will pop on over the weekend and help out.
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
Yes setup 2 new business since IVA completed, one as sole trader one as a LTD. Sole trader simply opened a business account with cashplus (as I have a personal one from being in IVA and happy with it) has a max £5k balance I think from memory but I won't be keeping any money in it as I don't think its FSA protected (from memory reading small print) but provided the required facilities.
In the limited company I asked someone (relative)if they would mind being a director for me, I have a share holding but less than 20% - the bank forms in that case (high street bank) asked for any directors with holding greater than 20%. So they have setup ltd company bank account okay, and my sole trader invoices ltd for services provided.
Also didn't want a director (me) on the public records as a credit search on company would/ could reveal insolvent director when I was still on the credit register,
Once I have a year as sole trader accounts I will go to high street bank saying look here are my last years books please can I have a business account with no credit facilities please, see what they say.
Last edited by longslog101 on Sun Nov 29, 2015 1:51 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
The issue I have is that I may not be in the position to setup a limited company and have anyone else other than myself as a Director. I find it very frustrating these days that a computer is making a decision with no regard to my income (which is quite high), the circumstances of why I had an IVA in the first place and then the fact that my accounts for the past two years since I moved bank are perfect in terms of cash flow in the black.
Is there anyone out there who has setup a Ltd Co with only themselves as a Director and post IVA prior to the 6 year dropping off period been able to get a business bank account? I was hoping there would be a bank somewhere where I can walk into and speak to the Branch Manager hence keen on feedback from here reference any banks that have considered others on here in a similar position to myself.
I think you will struggle to get any bank or financial institution to allow you to set up a business bank account as a director of a limited company in your own name as you've been in an iva and purely because you would be deemed a high risk for them.
You've had some good advice from Lonslog and it's the same advice that I would give- 1 year trading as a sole trader with basic account provider with a view to moving into a ltd position after proving responsible financial management skills in running that account.
If your business is needing you to be limited to deliver to your clients, they could well find out about your credit issues by
checking online about you, which could affect your business and reputation before you've even really got started. Just some food for thought !
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
