I completed my IVA in early and received a certificate of completion, however I am receiving mixed information about how long it will stay on my credit file? Is it 6 years in total or 6 years from the date I paid it off? Please help as my partner and I are thinking of buying our own home together in a couple of years and need to make sure everything is sorted. Thanks heaps.
It's six years from the date your IVA entered the Insolvency register,before it drops off the file and I don't think you have have much luck in getting a mortgage now. I am sorry to say this as your credit score which you can obtain now by joining Experian Credit agency would be very low.Find out what it is now anyway and how you can raise it...do try and see if you can get a Home loan;rather than go on a credit rating report. I am looking for subjects like yourself to see how well you can do cos' my turn is coming up.
Last edited by nomoremoney on Thu Oct 28, 2010 3:19 pm, edited 1 time in total.
No, it's six years from the date of acceptance of your IVA. It has nothing to do with register.
At the moment you are highly unlikely to be able to get a mortgage and you will need a hefty deposit when you do come to buy a house.
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
It is 6 years from when the IVA came into affect. You also need to check for any defaults registered after the IVA agreement date as these should either be removed or back dated to the date of your IVA agreement.
If you have a certificate of completion then the creditor also has to mark the account in some way to show that no more money is due, if you tell them to under your rights under the data protection act.
But you will have to write to each creditor to get these changed and there are some excellent templates on here to help with that.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
All I shall do when the IVA is up is get creditors to remove defaults after the date of acceptance. After the six years I shall make sure the IVA has gone.
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
Thanks for all your help. How do I get the defaults removed now that I have completed my IVA?
I have received my certificate of completion and also plan to wait until the 6 years are over before even trying for a mortgage!
Any creditors who default after the IVA has been approved have to remove those defaults. If there is a problem then send a copy of your certificate to any creditors who don't update.
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 had the same issues as you, what I suggest is joining equifax £6.99 a month, or free for a month, send a copy of your certificate to all 3 major credit agencies, check your credit file and if the defaults are not marked as satisfied (the date your IVA started) you need to contact the debtor direct, They have to settle the defaults but they may delay doing this why I have no idea. If all else fails get equifax to chase up the debtors which still default you and they can sort it for you as they did for me. Also the IVA will be removed 6 years from when you started it. Hope this helps, Good Luck.
I'd check your records before sending off your certificate. The agencies will only update after the creditors inform them that the defaults can be removed.
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
