Will the IVA still appear on credit records as its over the 6 years ?

[jimmys]

Mi IVA will hit the full 6 years in a couple of weeks. I made my last payment a year ago and was waiting on VAT, now PPI to be sorted.

My questions is what will happen to my credit record when I hit 6 years, even though the depts aren't maked as "settled" will it become irrilevent as the dates are over the 6 years that apear on credit searches.

Also will the IVA its self still apear on credit records as it's over the 6 years?

[Niobe]

Hi and welcome.

Have you had your completion letter yet? The IVA will remain on your credit record until that time.

If you have any defaults still showing then once you have your letter you should write to the data controllors for those creditors enclosing a copy and asking them to alter the default date back to the date of IVA acceptance.

[TheMatrix]

Yes the IVA remains on your credit file as long as BOTH these conditions are not met.

1) IVA has a start date of 6 years ago.
2) IVA is marked as completed at the CRA

If either of these are not so then the IVA remains on your credit file.

Defaults drop off 6 years from when they were initially registered, regardless of whether they are marked as Satisfied or Partially Satisfied.

You can get the default dates corrected, and removed if more than 6 years without the completion certificate if they are incorrect, you just cannot have them marked as Satisfied whilst the certificate is outstanding.

[sponge]

Maybe the defaults will drop off settled or not! Under statute the CR will only keep record for six years for the following reason:- If a creditor does not chase a debtor for six years from the last payment the statute of limitations kicks in and voids the debt rather it is no longer one and therefore does not exist.

Hence the reason why CR only keep the info for six years, they would be breaching an act of parliament otherwise

What I don’t know is if the IVA on public record disappears in the same net, under same auspice regardless satisfied or not, it’s the six year start date the CR will be looking for. Part of me thinks it should just by association to the defaults and part of me thinks not because you’ve being paying into it until say a year ago.

So a question who tells the CR about your IVA the court or the IR maybe I'm just barking up the wrong tree!!

[sponge]

That sort of answers that ta. Sooo say if you never get your CC I suppose statute would still apply in the sense six year post the last payment to your IVA so sort of circa 11 years? 5+6

Or no cc and you're on there for ever and ever and even longer than that?

[TheMatrix]

You raise a interesting point about the law and Statute.

My understanding is that it's 6 years with no contact. As you're contacted every year by your IP for your annual review, the clock would start every year.

If a IVA was planned for over 6 years then IVA in that respect would remain on the CRA file until marked as closed. Given the Statue law it's likely that it would not apply as the last contact with the IP would be in the final review then the 6 year time frame would come into affect, assuming no other contact, by which time hopefully you would have received the certificate anyway, making it irrelevant.

[TheMatrix]

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

What I don’t know is if the IVA on public record disappears in the same net, under same auspice regardless satisfied or not, it’s the six year start date the CR will be looking for. Part of me thinks it should just by association to the defaults and part of me thinks not because you’ve being paying into it until say a year ago.

So a question who tells the CR about your IVA the court or the IR maybe I'm just barking up the wrong tree!!

The insolvency service should tell the CRA that the IVA is completed, sometimes this does not happen as expected and you have to take the bull by the horns and act to clean up your files.

A IVA is different to defaults, the IVA can hang around for however long it takes after 6 years for it to be marked as completed, where as the default gets deleted after 6 years (+/- a couple of weeks depending on the CRA). Some IVA's legitimately last longer than 6 years the CRA has no way of knowing this in advance and takes it's que from the Insolvency Service.

The Insolvency Service is informed by the IP at the conclusion, when you get your certificate.

[jimmys]

Thanks all

So what we are saying is:

1- All the defaults should come off next month (6 years from start of IVA) except any that the start date was posted incorectly.

2- The IVA will remain until my IP sorts themselves out and issues completion certificate, of a further 6 years, whichever is sooner (if I didnt keep chasing them I wouldnt be suprised if was latter!)

I assume What it also means is I can not get any errors on my credit files sorted until point 2 is sorted?

[Niobe]

As you will have done six years then the IVA will drop off as soon as your IP sends the completion letter to the agencies.

[TheMatrix]

You can sort out any errors with your file at anytime during the IVA or at completion.

What you cannot do until you get the completion certificate is have the defaults marked as Satisfied or Partially Satisified and the Outstanding balance updated to Zero.

What you can do, at anytime, is have default dates corrected, must be no later than the start date of your IVA. Then of cause the defaults will be removed at the 6 year mark.

[TheMatrix]

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

As you will have done six years then the IVA will drop off as soon as your IP sends the completion letter to the agencies.

The IP will not send the completion letter to the agencies. The IP will inform the Insolvency Service that the IVA is completed and the Insolvency Service will inform the CRAs via a datafile of the completion. And again it's always worth checking this is done as it can be missed.

[sponge]

Problem being of course some posters who have made their last payment can't get their CC because of PPI claim. And those PPI claim being referred to the FOS mean they’re in for a very long wait a year maybe two! what a mess!

[TheMatrix]

I agree

[orchid5]

Me, being one of them grrrrrrrr, x