www.iva.co.uk

I recently got my credit report, and becuase of the iva, your credit file can affect you for up to 11 years, NOT 6.

Yes an IVA is removed after 6 years from starting it, but say for example you owed lloyds £5k and you defaulted and went in to an IVA for the full 5 years, then once the money as been paid to lloyds then they will put on your credit file satasfied, once a creditor as put on your file satasfied, then it is not removed until after 6 years.

It works the same way with a mortage, a 25 years mortage will still on record for 31 years and not 25

I think this is something that is under review James, as this should not be happening.

Hi
I think that James is correct on this point.
It is six years from the last update, hopefully Storm will pick this up and be able to clarify.
Something to consifer also is that if you settle your IVA early and write to each creditor asking them to update your file as satisfied will that entry sit on your file for six years ?? You could actually be making the situation worse
Regards

does this mean your credit file is impaired for 12 years ?

this is one advantage of BR over an IVA

This is very worrying.

I thought a year after the IVA it falls off and you start from scratch. This would be very bad news for people who have gone down this route and are thinking in 6 years they might get decent mortgage rates[:(][:(]

Maybe BR might be an alternative for some?????.

I have always had the understanding from this site it is 6 years from IVA being agreed, not last update on your file???

I always took it that 6 years after the iva begins then any defaults resulting from the IVA were wiped off the credit file. It would appear that this can be somewhat misleading in that if a company ammends the entry to read satisfied(after the iva is completed) would that be seen as a bad thing or a good thing??

Hi
My own opinion is to leave your credit file alone once you are in an IVA or more importantly after your IVA has concluded.
I seem to remember a post from forum expert Storm some time ago stating that creditors have a right to upsate your credit file throughout your IVA.
However in general an IVA will fall off your credit file, as will CCJs and defaults, six years after it has first been registered.
Regards

Entries hanging over for longer than six years are extremely rare, and this should not be taken out of context.

I assume this is why its not come up too often before.

Looking at the link, that doesn't refer to anyone in an IVA, it is where you make a settlement with your creditors yourselves.

I was always under the impression that any defaults after your IVA had to be removed anyway as they can't be entered after the date of approval.

If this were common, surely we would have a lot of posters on here complaining about it? We don't seem to get too many.

i confirm everything i have mentioned is correct i have spent alot of time over the past month lloking in to this

As we don't have too many posts on here complaining about their records not being amended, I won't be too worried about it.

I'm inclined to go with Melanie on this one.

Jan, a Law Centre solicitor in the city near to me said exactly the same as your post- just now. There is confusion somewhere.