www.iva.co.uk

Hi all,

I have two questions and I wonder if anyone could help me with my questions please!

1. I'm into an IVA for more than a year now and when I check my credit scoring "knowing it is poor" I can't see any footprint of being into an IVA? Is this normal?

2. Is this possible to pay off the IVA early rather than for 5 years?

Many thanks in advance!
Massy

Hi,

Your IVA should show up under court arrangements on your credit file.

You can pay early but your credit record would still be shot for the full six years and how would you manage to pay it off?

Noddle had my IVA up on the file, whilst Clearscore didn't ! I wouldn't depend upon the free results for anything important, but for now just be content that your score is trashed. After the IVA has ended ( 6 years regardless of paying up early) then get statutory reports and work from those.

You can make a full and final offer ( do not use the term "settlement") based on payments remaining, which you could round down a little.

The early 'pay off' would normally come from third party lump sum gift but per the advice above this will not repair your credit file any sooner than 6 years.

Thanks everyone! It was just a thought and I can see no point of payoff early then! One last question, I have managed to create a new account in Noddle and there I can see the IVA under "Public information showing as Voluntary Liquidation Cases (ref type IVA)" following by a few CCJ "Court name: County Court Business Centre" and they are all shown "Status Active" not sure if that is how they should be? I mean should those CCJ remains Active even though there is an IVA in place? and I think I have forgotten to mention to the IVA company about two of the creditors among those CCJ. Is that something that I should be concerned about? Not sure if I should get in touch with the court and let them know about the IVA or call the IVA company and let them know about missing creditors and CCJ?
Thanks for any help in advance.

The CCJs will show for six years from the date they were registered whether repaid or not. Any debts omitted from the IVA would be captured provided it was a genuine mistake and the amounts are not huge.

I would mention these things to your IP ---- the CCJs, I am afraid, you are stuck with. If they were in process while the IVA was being set up they might have been able to halt them had they known ( by "they" I mean your IVA provider). Hopefully the dates are such that they will drop off by the time the IVA goes too. The missing debts, as Michael says, could be included now, depending on the mounts involved and the reasons for leaving them out.