so what happens if the certificate of completion still hasn't materialised after a year? Iva started in 2007 november and still not finished due to PPI issues. SO will the public record vanish after the end of the 6th year or do I have to wait another year after the certificate?>>>??? AHHHH!
The IVA will remain on record until you get that certificate, it will also remain on your credit file over the 6 years if the certificate has not been issued.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My understanding it will continue to show until your 6th anniversary ..if you no certificate has been received then I would double check with your own IP ..it isn't fair if you are penalised beyond the 6th anniversary.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It is marked as completed AND
At least 6 years have passed since the start of the IVA.
BOTH conditions have to be true for the IVA to be removed from your credit files.
An IVA will only be marked as completed if the Insolvency Service inform the CRA that the IVA is closed, at which point you'd have a Completion Certificate.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
So the whole free in 6 years thing has been miss sold to many consumers. When will we start claiming on that then? Perhaps like ppi we all will benefit from a pay out of our own!!
To be fair, the credit reference agencies are reporting data which is accurate. You are subject to a IVA for however long you remain in a IVA, which some may last longer than 6 years.
Defaults are the only beast that automatically get removed at 6 years, satisfied or not.
A IVA can remain until it is marked as completed, which if it's not could be a very long time. Hence the need to check your file once completion certificate has arrived to ensure the public record entry for the IVA is shown as Completed.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
And there it is --- the 6 years thing is just a big lie.
If only the advertising of the IVA's were not so sexy and actually informed consumers of the risk of having a record for many, many years, perhaps some of us would have chosen a different route? Instead the catch phrases "free of debt in 5 years, returned credit ratings in 6 years" are all that a vulnerable consumer with debt up to their eyeballs is interested in hearing. Basic, sales techniques, basic manipulation.
"SOME" may last more than 6 years -- what does "some" mean - how many is some? Is this a quantifiable/measurable number? surely this is no different than saying " the best lager in the world". Is this not false advertising? I know that in my place of work, the words MAJORITY, SOME, MINORITY etc are all considered quantifiable by percentages and must be used with extreme caution to secure one's accountability.
