How long after an IVA is fully paid does your credit rating repair ?

[Racheld168]

How long after an IVA is fully paid does your credit rating repair.

[Adam Davies]

Hi

Six years from when it started regardless of when it ends

Regards

[Niobe]

Hello,

You will need to check your credit reference with all three agencies. Any defaults registgered after the date of original IVA acceptance need to be removed so you should write to the data controller for any creditor has defaulted you and tell them to remove those defaults enclosing a copy of your completion letter.

[TheMatrix]

Doubt they will actually remove the default, what they must do however is amend the default date to the date the IVA came into effect.

Point 47 of the following document gives the ICO guidance on this.

http://www.ico.gov.uk/~/media/documents ... 20DOC.ashx

[luluj]

The default dates will be amended to be the start of your IVA - any defaults recorded after this date should be amended.

Your credit rating will improve on the 6th year anniversary of the start of your IVA although some banks retain their own records for longer and may still decline to offer you any support or financial services.

[trionon]

If the IVA is extended, will it continue showing on the credit reports beyond the 6 year mark until it ends, or will it drop off regardless 6 years after the original start date?

[ginger3232]

Minimim 6 years - so if your IVA lasts 8 years - the IVA will show active for 8 years

[sponge]

ALL

So are we saying asumming you have a 5 year IVA and the you get your CC a year later The IVA drops off as well as any stray defaults that were included in your IVA that still show as not settled or must they show settled and then drop off?

[Niobe]

Any defaults after the date of IVA acceptance have to be removed once you have completed. The IVA itself drops off after six years.

Any stray defaults then get in touch with those creditors enclosing a copy of the completion letter and tell them to remove those defaults.

[TheMatrix]

Defaults drop off your credit file 6 years from when they were registered whether satisfied or not.

IVA remains on your credit file for a minimum of 6 years. In order for the IVA marker to come off your credit file IT MUST BE MARKED AS COMPLETED. So if your IVA was to run for 8 years it would remain until the CRA is informed of its completion. The IVA Record is NOT AUTOMATICALLY DELETED after 6 years unless it has previously been marked as completed first.

[sponge]

Thanks. Although I see from an ealier they can still be a bit of a bother to remove after six years.

I was wondering if like getting your NOC as thousand start to come out of IVA's are the credit agencies are geared up to do the work. That's to say there's a revenue stream for them for you to have a look at it. But little or none for them to change it.

I'll have a punt that getting your NOC and record stright is going to get a whole lot worse and then not get better at all

Still there's always beer and curry

[stewpots]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by TheMatrix

Defaults drop off your credit file 6 years from when they were registered whether satisfied or not.

IVA remains on your credit file for a minimum of 6 years. In order for the IVA marker to come off your credit file IT MUST BE MARKED AS COMPLETED. So if your IVA was to run for 8 years it would remain until the CRA is informed of its completion. The IVA Record is NOT AUTOMATICALLY DELETED after 6 years unless it has previously been marked as completed first.

I assume any 'default' drops of after 6 years from the date its marked as a default.

Some of my credit cards entered 'default' before the IVA or should they all 'drop off' 6 yrs after i entered the IVA.

I have had a F&F accepted so am waiting for completiton certificate. But still over 4yrs away from the 6yr marker.

[Niobe]

Defaults from IVA date of acceptance and before will drop off after six years.

Once you get your completion letter then check the agencies - you can then get any defaults registered after that date removed. The IVA won't drop off until after the six year date but the rest should hopefully have disappeared.

[TheMatrix]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by stewpots
I assume any 'default' drops of after 6 years from the date its marked as a default.

Some of my credit cards entered 'default' before the IVA or should they all 'drop off' 6 yrs after i entered the IVA.

I have had a F&F accepted so am waiting for completiton certificate. But still over 4yrs away from the 6yr marker.

Yes defaults drop off 6 years from when they were first registered. If the default date is after the start date of the IVA you can write to the creditor concerned and ask that they amend the default date to the start date of your IVA.

It's unlikely you'll get a creditor to remove any post IVA defaults, a far better tact would be to ask that they amend the default date as per the ICO guidance note on same.

[Grumple]

Just be aware that some banks do not play fair and though they shouldn't do it they can re register defaults against you.

We completed our IVA in Sept 2011, duly wrote to all creditors to update their records and change all default dates to 5/2006. Over the next few weeks all the defaults were amended. Fast forward to May 2012, all the defaults disappear off our credit files and we feel like we have finally achieved our goal.

Fast forward to today 5 defaults between us with Lloyds TSB all reappear with incorrect default dates of 7/2006. This shouldn't happen, after an hour on the phone to Lloyds and the credit reference agencies - we have had to put it all in writing again. It's an underhand tactic but I'm sure Lloyds are pleased with themselves. We had tried to sort all this out months ago because we have to move very soon and it would appear we will be screwed if we get credit checked.