F+F Accepted - the future? Advice!!

[boznich80]

Great News.

Entered an IVA in April 2010 paying about £450 a month, with a dividend of about 49%. So there is hope out there for you all. Once my IVA had been accepted everything went so smoothly and really helped. I also gained an understanding of budgeting and appreciated everything I bought.

All went smoothly and then a family member was able to make a F+F offer for me! Excellent, so started process in October and variation meeting with my IP in December. Although my circumstances had not really changed my new I+E was just £300 a month (very surprised as this made me feel that I might have been slightly overpaying this budgeting in the previous 7 months or so!!

Anyway, I decided to be sensible + fair to creditors and offered the original dividend. The creditors meeting took place in January and was accepted - fantastic. We made payment straight away and my IP now says it will take about 16-20 weeks to clear and get my completion certificate.

However, i cam a bit confused about what happens next, help appreciated;

1) When will this clear from my credit record? For instance, if I joined a new company and they ran a credit check how long would my IVA be flagged?

2) Do I need to be doing anything else to clear the IVA from my records (credit record, insolvency register etc)?

3) If in later life I am asked a very open question, such as have you ever been made insolvent, is there a statue of limitation here? Also, under an IVA are you considered to be insolvent as this is a voluntary arrangement?

Thanks for any advice!

[luluj]

hi and welcome to a debt free life !

Your IVA will remain on your credit file for six (6) years from the date it was originally agreed - therefore it will automatically drop off in April 2016.

If asked on any forms etc then it will depend on the wording - if they say in the last x years then you would need to answer honestly. IVA's are a form of insolvency.

When you receive your certificate of completion, you can send this to the main credit reference agencies and they will work with your creditors to mark your record as successful - this will NOT remove it from your files though as I have said above that will automatically happen in 2016.

Good luck with your new debt free life !