Hi there just a small question after reading various forums im confused, extremerly confused :-
Here Goes--- I entered into an IVA some 5 Years back the Iva completed May 2010 and the six year anniversary will be Feb 2013 (not long to go) I was of the understanding when entering the IVA that it would remain on your credit file for 6 years from the start of the IVA and subsequently I have been aiming towards buyng a new home via a morgage mid 2013 to allow me to tidy up my credit file. I have however read that the IVA start and satisfaction dates remain on your credit file. Can you please clarify the above Im asking experts as you would know best.
The IVA will remain on your file for the full six years and then will drop off. There should be nothing left on there.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It's as Jan says but Equifax will add a note of correction with the dates on that you have to ask them to manually remove. Remember to check all the data is right with all three CRAs
"Just when you think that you can make ends meet, somebody moves the ends."
Hi guys thanks for the response however didnt quite answer my query robably my explanation.
My IVA started in 2007 therefore will it TOTALLY be wiped off my credit file in 2013 (subject to some minor tidyin)
Or will it totally come of 6 years after the satisfaction date (2010)
As Ive read the IVA agreement date and satisfaction dates are recorded and as such both elements remain on your file for 6 Years subsequently my file would be clear in 2016 and not 2013 as expected
As stated - your IVA will drop off your record aftrer six years from the date of acceptance.
You will need to check with the credit reference agencies to see whether there are any defaults registered after the date of original default.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
6 Years from the date of IVA acceptance assuming the IVA is marked as completed at the CRA. Otherwise it could remain on there forever!
You also need to ensure all defaults are dated on or before the start date of your IVA.
You need to ensure the same is done for all 3 CRA's. Has has been pointed out Equifax have an annoying habbit of putting notes on your file to say the IVA is completed. You have to tell them to delete such note and they should do that as information is found in the public information/court section of the credit report.
I understand that it may be difficult to get a mortgage from the high street after the 6 years is up though, due to the questions they ask on the application form about ever entering into an arrangement. This is unfair in my opinion as it means we are doomed for up to 25 years on getting any competitive decent rates for a mortgage and are forced to use a whole of market broker to get a mortgage which means higher than normal competitive rates available to people who have not been in IVA/BR.
Also bear in mind that old creditors will have their own records which they keep probably beyond the 6 years so applying to them for any form of credit may prove difficult even when the IVA is off the CRA as they will have their own internal data.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
The other thing, which I forgot about, is that it may stay on after the six years if you have had an extension for any reason. If that is the case then your IVA should drop off as soon as your IP notifies the CRA that you have completed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would definitely start now to make sure that every entry has the correct default date.
I've had a few "don't understand why that hasn't been corrected" even after 3 sets of the IVA acceptance and completion documents have been sent to them.
Hi
Thanks everyone for the comments it seems it will take a while to get on the straight and narrow after completing an IVA. I have updated my file with both Experian and Equifax and to be honest never saw the IVA even in the court section. I did have a little work on my defaults which are now marked as satisfied or simular wording. I have also been accepted for a vanquis credit card after reading some posts on here. I wont use this for credit but just 1 car fuel fill up every month and the balance will be paid off just to start rebuilding. In terms of the morgage for the future do all lenders as have you been in an IVA as if they dont Ill aim for these guys as the way the market is Ill never get a morgage. Thanks for the posts I can assure you having been in an IVA when that completion cert comes through the relief is like winning the lottery so stick in there its worth it at the end..
Congrats on moving on from the iva And good luck with the mortgage. We have a resident mortgage advisor on here who has helped a few posters with less than pretty credit files. x
If you do need to look for a mortgage then try Ryan who posts on here - his details can be found under the 'Ask a Question' link on the left hand side of the page. He has helped several posters be able to secure a mortgage.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
