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Posted: Mon Mar 12, 2012 8:42 pm
by sonny100
Hi all,
Little confused about something...
Does an IVA stay on your credit report for 6 years after the start or the end of it?
Cheers
Posted: Mon Mar 12, 2012 8:46 pm
by vince666
in theory 6 years from the start date, although it practice it can be a little longer if there are delays in closure such as a number of us are currently experiencing.
Posted: Mon Mar 12, 2012 9:05 pm
by sonny100
Yes I've heard about those issues.
I had my F&F offer accepted today, thought that was the end but it looks like just the beginning of the struggle.
Posted: Tue Mar 13, 2012 1:01 am
by Broke of London
Congrats on the F&F! Some firms are closing cases again now so hopefully you won't be too badly affected. x
Posted: Tue Mar 13, 2012 11:52 am
by Shining
6 years from date of acceptance usually x
Posted: Tue Mar 13, 2012 1:21 pm
by Michael Peoples
Sonny.
Unless you pay your creditors in full and on time your credit file will be damaged. Even making the payments on large amounts of debt can be damaging as creditors do not like to see large quantities of unsecured debt.
If you have had a one off agreed today your credit file will be clear within the six year timeframe but had you struggled on you may never have managed to clear it up.
Posted: Tue Mar 13, 2012 1:54 pm
by kazzafunk
Too true Mike - It's almost a year since I first contacted you by email and I can't believe how my life has changed in that year!
I know we will have the IVA on record for another 5 years but boy is it a lovely feeling to have money left at the end of each month rather than too much month at the end of the money!!
Posted: Tue Mar 13, 2012 3:37 pm
by Imhotep
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sonny100
Yes I've heard about those issues.
I had my F&F offer accepted today, thought that was the end but it looks like just the beginning of the struggle.
You have no debt, you have retained your assets, you have successfully completed an IVA.
I guess my definition of struggle is different to yours [:)]
Posted: Tue Mar 13, 2012 3:59 pm
by s.b.w
I'm having the same issue, is it 6 years from the start of the end of your IVA. WHICH mortgage advice state it as being 6 years after sucessfully completing your IVA. which means your IVA stays with you for 11 maybe 12 years.... surely that can't be the case?
Shazzy
Posted: Tue Mar 13, 2012 4:34 pm
by Tina Shortland
Hi Shazzy if that is what the statement says in WHICH magazine it is incorrect. the clock starts ticking frmo the acceptance date of the IVA - i.e the start. It is usually 6 years or whenever the IVA successfully completes if that is a later date, regardless of whether a full and final up front or a monthly contributory IVA.
Posted: Tue Mar 13, 2012 4:35 pm
by Imhotep
Nah, it is six years from the date of approval. Any/all defaults applied pre-IVA should fall off as well. Any applied during your IVA should be removed upon completion.
Posted: Tue Mar 13, 2012 4:41 pm
by s.b.w
Thanks guys... great news.... you neverknow I might be able to get a mortgage!
Shaz x
Posted: Tue Mar 13, 2012 4:42 pm
by Tina Shortland
For anyone reading this forum new to IVAs - the time of formal acceptance and approval are the same thing
Re: 6 years from start, or finish...?
Posted: Wed Jul 10, 2019 6:34 am
by PeterRadcliffe
it is six years from the date of approval. although there is no set length written into the Insolvency Act 1986. In some circumstances, if you can offer your creditors a lump sum in settlement of your debts.
Re: 6 years from start, or finish...?
Posted: Wed Jul 10, 2019 7:06 am
by Foggy
Wed Jul 10, 2019 6:34 amPeterRadcliffe wrote:
it is six years from the date of approval. although there is no set length written into the Insolvency Act 1986. In some circumstances, if you can offer your creditors a lump sum in settlement of your debts.
Peter -- this post is 7 years old !