We have completed our IVA as a one off payment in 2014, we have just found out that the Solicitors havent updated any of our creditors so we thought we were building our credit rating up but instead its still showing as an Active IVA, i have notified everyone but no one is responding what do I do?? Also I know the IVA stays on file for 6 years is this from the start of the IVA or the lump sum payment??
Speak to your IP about getting the IVA changed but remember that your credit record will be shot for the six years from the start of the IVA.
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
As said the 6 year clock starts ticking from the start of the IVA -- it should, however be shown as completed and you should be off the Insolvency Register at least. Your credit rating will be shot in any case while the IVA is there, whether shown as completed or not.
Have you ever had a completion certificate ?
I would be chasing the IP (a lot!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The iva will have a massive impact until it drops off the records 6 years after it started. Nothing you do will counter its impact until then unfortunately.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Your credit rating will still be shot until 2020 I'm afraid. 6 years from start date, regardless of the early settlement.
Your IP will have written to creditors about the closure of your IVA if you have had your CC - but even if they update their records it won't clear up your score for 4 more years.
I have found out today that if you pay a lump sum and clear the IVA within 28 days of it being agreed with Creditors the iVA gets written off your credit record and wont show, apparently its the same for CCJs too. Hmmm think I will start shouting as our creditors agreed payments on 23rd Jan 2014 and we settled that amount on 12th Feb ... 2 years later and still not sorted, Grant Thornton are awful
Your credit record will be shot for the whole six years regardless of when it is paid off. Lisa is correct
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
Tracy.77 .... unfortunately the advice you received of it being wothin 28 days doesn't show is not correct. Once approved it impacts for 6 years - as others have said 2020 is your year of freedom from your iva credit reporting. Until then you will be restricted in what you can do.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I'm not sure who told you that. If you have a CCJ and you pay it in 28 days I understand it doesn't show on your records. This is completely different from an IVA.
