Get expert opinion. This is the place for new questions to be posted.
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Amanda.ks
- Posts: 1
- Joined: Tue Apr 02, 2013 12:49 pm
I am halfway through my IVA and most of my debt defaults are nearly 6 years old and will be removed from my credit reprt...am I still bound by my IVA?
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ClareSilver
- Posts: 597
- Joined: Tue Jan 15, 2013 2:15 pm
- Location: United Kingdom
Just because a default is removed from your credit report doesn't mean that you will not be bound by the terms of the IVA. You're bound by the terms for the duration of the IVA, not by the age of the default.
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
- Location:
Hi and welcome to the forum. Your IVA will remain on your credit report for 6 years from date of your creditors meeting.
Your IVA is for as long as your IVA is for you are bound by the terms and conditions of this until you receive your completion certificate in most cases.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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herbekj
- Posts: 553
- Joined: Mon Aug 17, 2009 4:09 pm
- Location: United Kingdom
And every months payment in the IVA effectively 'Resets' the Statute of Limitations' date on all the debts back to 6 years in the future even if the debt is now older than 6 years as any payment is considered an acknowledgement of the debt.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
