My partner's IVA failed because one of the creditors rejected. Since then he has paid all is creditors. However, the IVA is showing on his credit report and it's preventing us getting a mortgage. Is there a way to get this removed or does it still stay on his credit report for 6 years?
Just to complicate matters we have asked the IP for evidence that it failed in order to send to credit files however the completion certificate they have sent indicates it failed due to insufficient payments by my partner which is not the case. Is there anything we can do?
I am afrasid it will stay on record for the alloted 6 years regardless. As for reason for the failutre you need to get the IP to explain his reasons. A creditor rejected, the reason you gave, must have more to it ... what did they reject ? A variation asking for a reduction in payments ? That might be what the IP means.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The letter stated that there was a higher amount to be added to the debt which appears to be the IPs fees, so perhaps that's why. We are in conversation with the IP so have asked this question.
More importantly, are you saying that it doesn't matter if the IVA was rejected rather than failed, it still stays on the credit file for 6 years? That seems unfair given that it never took off and he has spent the last 2 years clearing his debts himself. It's worth noting that experian have removed it from his credit file, it's still showing on equifax though and they have indicated they require evidence.
Anon1234 wrote:The letter stated that there was a higher amount to be added to the debt which appears to be the IPs fees, so perhaps that's why. We are in conversation with the IP so have asked this question.
More importantly, are you saying that it doesn't matter if the IVA was rejected rather than failed, it still stays on the credit file for 6 years? That seems unfair given that it never took off and he has spent the last 2 years clearing his debts himself. It's worth noting that experian have removed it from his credit file, it's still showing on equifax though and they have indicated they require evidence.
Ah ... you mean it was rejected at the initial meeting ?? In which case it should never have been recorded anywhere -- it didn't exist ! Sounds like your IP might have jumped the gun if this is the case -- in which case they should do all they can to rectify the situation.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ok thanks that's reassuring. my partner has just emailed the IP to ask why the completion certificate is incorrect so fingers crossed they will sort it.
Hiya, we've received updated paperwork from the IP who agrees that it was incorrect and the completion statement now states that the creditors voted to reject an increase in the amount of unsecured creditors (basically the IP's fees were added and the council rejected this).
The IP is still stating that the IVA should stay on the credit report though. We are going to send the paperwork to equifax but do you think they are right? I'm appalled at the IP's work on this matter, the documentation is littered with typos and I can't see how they can get it so wrong. I'm hoping it means he's wrong.
As Foggy says if you are saying that it was rejected at the initial meeting then he never had an IVA - in which case the IP needs to remove all mention of the IVA from all 3 Credit Reports and also the Insolvency Register if it is showing there.
Regards
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
Accepted at creditors meeting. One payment made which was used to pay IP fees. The IP then raised the amount of debt based on their fees (of nearly £2k) and the creditors rejected IVA due to increase in debt.
Anon1234 wrote:Accepted at creditors meeting. One payment made which was used to pay IP fees. The IP then raised the amount of debt based on their fees (of nearly £2k) and the creditors rejected IVA due to increase in debt.
OK -- so there was an IVA. I am afraid, in that case, yes, it does stay on record for 6 years.
The reasons for adding debt (IP's fees) do not sound right .... fees would have been agreed at the first meeting and rejection of them being changed would have meant the IVA continues as originally agreed, not get failed. This needs further explanation by the IP.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ok thanks. I'll get my partner to respond to the IP. It seems so unfair that his credit is tarnished for 6 years given that the IVA didn't take off and he has repaid all his debts in full off his own back
Anon1234 wrote:Ok thanks. I'll get my partner to respond to the IP. It seems so unfair that his credit is tarnished for 6 years given that the IVA didn't take off and he has repaid all his debts in full off his own back
Anon1234 - please can you say which company it was, so those of us yet to choose have the option to avoid them based on your experience.
It may well be a one off and others are happy with this company.
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
Anon1234 wrote:Ok thanks. I'll get my partner to respond to the IP. It seems so unfair that his credit is tarnished for 6 years given that the IVA didn't take off and he has repaid all his debts in full off his own back
Anon1234 - please can you say which company it was, so those of us yet to choose have the option to avoid them based on your experience.
We do not have the benefit of sight of the full case -- it would be unwise to make a judgement on the firm based on this thread. However, it would be interesting to know the firm to see what, if anything, crops up in the future.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
