Hi,
I started an Iva on Aug 18th 2016 but I rent privately and trying to find another place to let proved difficult with an Iva on my credit report. I have now cancelled the Iva, will it automatically be removed from my credit report?
Hi Dave the simple answer is no. If your IVA was accepted in Aug 2016 it will remain on the register for 6 years, unless you can prove some sort of defect and there is a court order in effect "annulling" the IVA. Why do you want to fail after such a short period? Do the reasons you entered the IVA in the first place not still exist? Have you talked to your IP they may be able to provide a letter supporting your rent application.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.
Have you thought about carrying on with private renting? Most of those landlords do not credit check you.
I'm afraid I have to agree that your credit record will be shot for six years and may well show up as failed.
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've contacted call credit and sent them proof of the cancellation of the iva and they confirm it will be removed in 28 days off my credit report. Will I have to do this with other credit agencies or will it automatically be removed from my credit report?
I am not sure how the credit reference agencies will work regarding the IVA but the defaults will remain there for six years anyway. Unless you repay your creditors their contractual payments on the due dates your credit file will be damaged and if you can afford this then it was remiss of your previous IP to put you into an IVA.
Can you actually afford to repay creditors or have you managed to source the money elsewhere because unless you do your credit file is not going to clear up.
Something doesn't add up here. If the IVA was accepted it should remain on your CRA files for 6 years, as will any defaults already registered by creditors. If the IVA gets entered onto the Insolvency Register, it will be reported to the CRAs as active ( albeit only for a few weeks)and, again, put on file for 6 years.
You might have just scraped through without it "officially" appearing --- only time will tell.
That all said, if it does appear you will not have solved your renting issues, nor have you addressed the problems that led you into an IVA in the first place -- what is "Plan B" ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I never paid into the iva, as only set it up 4 weeks ago. The iva is currently on on credit file hence why the letting agency will not accept my application.
I've send cancellation notice to call credit who adviced in writing will be removed in 28 days. I'm asking do I have to contact experian etc to ask them to remove iva from my credit report and do I contact insolvency dept to get it removed from register?
If the IVA was approved then there is a procedure for it to be closed. This potentially could take a few months and even when the IVA is eventually terminated your name could remain on the register for a further three months.
There is not a 'cooling off' period for IVAs as such so your arrangement will need to go into arrears, you will issued with notices of breach, a further meeting of creditors may be called and eventually the IVA will be terminated.
I do not know how credit reference agencies work but I cannot see them removing the IVA from your report while it is still live and listed on the insolvency register.
If the IVA was approved and is now going to be terminated it is going to stay on your record for 6 years.
Are you sure this is the right decision? You clearly decided it was the best way to deal with your debts and other alternatives, bky for example, were not for you - but if your IVA has/is failing you might well now find yourself facing Bankruptcy.
