www.iva.co.uk

Hi
I have been in an IVA for almost four years. I recently checked my credit report at Experian to look at how many accounts had been defaulted and was surprised that my IVA was not showing. In fact when I looked at the 'credit score' it gave me, I was assessed as a 'very good risk'!! I thought Experian were one of the big credit reference agencies?

Hi, that is surprising, never having checked mine I'm not sure what it should say, but I'm sure on of the posters will be able to advise x

I have deleted your other post Destiny as it was a duplicate and it is fine posted here.

I think the IVA is in a seperate section on there but not too sure about this. A lot of posters say their credit rating is shown as good but I think you would be unlikely to get any credit at the moment. Experian are a big agency.

I'd check the other two as well - Call Credit and Equifax.

A friend of mine has asked me to help her with her credit report & gave me access to both her & her husbands details.
I agree with Jan that it is more than likely to be in a different section of the report, as I found quite a few sections when going through my friends & her husbands.
Experian is the big one & Ive found it runs through a few different names, one called "creditexpert". But check all 3.


Jan, is it right that defaults dont drop off till 6 years from the default date even though they are settled?

Defaults will remain on your file for six years, but if they are on there post IVA acceptance, they have to be removed once the IVA is completed.

Otherwise I think they will stay there for the six years even though it is settled. Then they drop off.

Jan thanks for that & it was what I thought.

I had default notices coming after my IVA was accepted - will I have to do anything more when the end comes (fingers crossed!)

When the end comes you need to write to those creditors and tell them to remove the defaults.

No point doing anything before then.

Thanks again, its what I thought! Just remember all the default notices I got after the IVA had started!

I've had loads but not worried at the moment. Come completion I shall be writing loads of letters!

When my IVA is over I am never going to apply for credit again. If I want something I will just have to save for it. Work hard, save hard, spend little.I Should have listened to my father !

I think as long as credit is used wisely then there isn't a problem and you may want a mortgage in the future so it's best to clear up your credit record once finished.

Does the IVA stay on a year after completion?

I would be looking to write and clear my credit reports (I assume this would be to each individual organisation), but I was thinking it may be easier to wait for a lot to drop off. Most of my defaults seemed to happen after the IVA, but a couple were before. Not sure what I will do with some that are no longer in business but will come to that if not removed. 10 more payments and looking forward to the freedom.

Wed Jun 29, 2022 7:28 pmParki1979 wrote:

Does the IVA stay on a year after completion?

I would be looking to write and clear my credit reports (I assume this would be to each individual organisation), but I was thinking it may be easier to wait for a lot to drop off. Most of my defaults seemed to happen after the IVA, but a couple were before. Not sure what I will do with some that are no longer in business but will come to that if not removed. 10 more payments and looking forward to the freedom.

Have a read here, Parki..... https://www.iva.co.uk/what-does-an-iva- ... dit-record

Cheers Foggy that is a really informative read and pretty much answers all of my queries.

I want to start saving for a mortgage and to Build my credit, so I will be pro-active from the end as quite often pursuing things leads to quicker action.

Do you happen to know if Payplan are often quick to issue the certificate? I suppose things would be pretty much written off till the 6th year anyway, but I will probably need to chase them as I have zero contact with my Case officer, and just the odd message each year when I send my P60 and payslips in, and get my payments bumped up. I have had a lot of payrises for my hard work so it is hard to give a lot of it up, but the goal is for ten months time to have the improved situation.

Payplan used to be up there, among the faster firms. But, since they reorganised internally and then were hit by Covid before that change had bedded in, they do seem to have slowed down lately ! Not what you want to hear, but, as you say, while the IVA is on your credit reference files, your credit worthiness is pretty much dead in the water anyway.

Pay rises --- or parting with a chunk of them --- can be disheartening, but you are 'banking' these for that day when they will be all yours !