First let me apologise if this post appears twice as I can't see it anywhere so I'm writing it again.
I entered into an IVA in June 2006. I got a full & final settlement in July 2010. I received my completion certificate in November 2010. I have a few questions.
1. I am still on the insolvency register 4 months after the date on my completion certificate. I used the "report error" button on my report page on the register website. Do I need to do anything else to have my name removed and how should it take before they respond and take me off?
2. Yesterday, at their instigation, my bank invited me to upgrade my bank account, from the very basic one I had during my IVA. The application was declined (it was a real- computer says no moment!) Presumably, this was because I am still on the insolvency register?
3. I also wondered if it was because of my credit rating. How can I check my credit score without paying a big fat fee and will doing a check further damage my rating?
4. What should my credit report be saying now I have successfully completed my IVA?
5. How long will it be before the IVA and related debts drop off my record altogether?
Hi hopessprings - your IVA will still show on the credit report - regardless for up to 6 years. the IP should have informed the register - however there has been many major blips with them updating the register..
As previously mentioned you bank with hold their own records on you - so if they are aware of your IVA it may be noted on their own data - once your IVA drops off a credit file - you may want to consider moving banks to start with a fresh account.
Only thing you can do - it check with your credit file to ensure any defaults are not registered after the start of of your IVA - you can ask them to change the date.
You can not quickly clean you credit report - only time and a few choice product may inprove your score
It will be June 2012 before your credit file is clean. When the time comes you can check by buying online statutory reports from each of the three agencies at £2 a go. It might be worth checking beforehand that all of your creditors have dated their defaults the date of acceptance of the IVA ( any that are dated later must be amended.
As for the insolvency register -- there appears to be a back log of some sort, as it's taking a few months for names to appear there as well as disappear.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
From the date of the start of your IVA. please dont be tempted to use one of these expensive companies that "clean you file" they can not - you can do this yourself for a few pounds. You IVA shows completed - all the associated debt will also drop off in 6 years.
Sounds good a clean - credit file - however because its clean and showing no activity - you may find to start with you will still denied any credit.
Thank you for your reply. This maybe an extremely dumb question, but you suggest that before getting statutory reports next June from each of the 3 agencies I should check my creditors have dated their defaults correctly........how do I do that? In the end I wasn't clear who my creditors were as my debts seemed to be sold on.
You'll also need to enclose a copy of your completion letter as well so they know you have definitely finished.
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 can only speak for Experian as it's the only one I used but if you are pulling your record up online then there will be a list of all of your creditors and it will show whether or not the account is in default and when those defaults were registered.
It should be the same if you get the information through the post and there will be a 'glossary of terms' so you know what each thing refers to.
It's £2 a time to do that and you need to check all three agencies - Experian, Call Credit and Equifax.
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
One final question then I will zip. Does checking my credit score either on line or through the post further damage my score as I understand that credit checks do that?
No, checking your score has no bearing on your record. You're not doing a credit check as such, just asking to look at your own information.
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
Hi again -- sorry -- have been shopping (with CASH !!! ) -- the others have answered the question, so I will not repeat what has been said. Checking your report will be recorded -- but it will be a "soft" search and will be of no consequence.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ginger, rest assured I won't be seeking to do a cosmetic cleansing of my credit report. It's just that being on the register and having a bad credit rating affects and impedes aspects of my work.
Compared to what people in Japan are facing today its a very small problem!
Good luck to everyone on their journey.
