Say for example my iva is in total all my debts 42k. Once the five years are up the outstanding amounts are written off arent they? will the debt son the credit report show as settled then?
Yes - at the end of the IVA term any remaining balances are written off. I am not too sure of the end process yet (got a while to go yet!). Someone will be along later with more experience in this subject but I believe you have to check there's no defaults registered after the IVA approval date. Everything should then drop off your credit profile 6 years after your IVA was approved.
No, its defaults registered by your creditors after the date of iva acceptance.
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
Doesn't matter. Until the date you complete the iva you will always owe the full amount to your creditors and they can continue to put defaults on.
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
When you miss payments to your creditors they will issue defaults against you which will show on your credit files.
Until your IVA is completed you will still be liable for the full amount that you owe your creditors. Only once your IVA is completed will anything be written off.
As soon as you have made your last payment then all remaining debt is written off. You can then contact any creditors who have continued to default you and they have to remove any defaults registered after the date of acceptance.
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
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
Annearchie, the details you gave your IP re your creditors and outstanding balances will be the ones in the IVA. I believe any other unsecured debts, ie car loan or sofa on credit from DFS, would also have to be added to the IVA. This should have been explained to you !
As others have said , until you have completed the IVA, you still owe the full balance to the creditors and yet can throughout add defaults for non full payment normally, onto your accounts. These can be wiped off after completing the IVA.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
During your IVA your creditors will continue to add defaults to your credit file as you continue to owe the full amount as others have said.
Once your IVA concludes and your creditors receive their money and you are issued with a completion certificate the creditors are required to remove any defaults that have been listed AFTER the start date of your IVA.
In my experience the creditors stopped defaulting you on your credit report after the first year or so in your IVA as they accepted you were in an IVA ......
Let us know if you need further explanation on this.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
CAn I just ask I thought that once entered into an IVA no defaults were allowed to be registered as they have agreed to accept your offer of repayment, am i wrong in thinking this?
