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Posted: Fri Aug 01, 2008 11:05 pm
by cameron.c
I'm close to finishing my IVA infact march 10 i'm concerned that i will not be able to get credit straight away when i finish what are the procedures for people completing IVA's to start repairing their credir rating. Step by step please. Thankyou
Posted: Fri Aug 01, 2008 11:07 pm
by Kazzy E
Hi cameron and welcome to the forum. As I understand it, you credit files are not clear until a year after your IVA has been completed. If I am wrong, I am sure one of the experts will put me right. Good luck, Kazzy x
Posted: Fri Aug 01, 2008 11:07 pm
by LoneRanger
Your IVA will stay on your file for 6 years from the day of your IVA was approved. Assuming your IVA was 5 years it will stay on your file for a further 12 months. You wont be able to do anything about until then.
Do you really want credit again![?]
Posted: Fri Aug 01, 2008 11:52 pm
by TheMatrix
While you are waiting those 12 months though, you can start making sure that any defaults have default dates no later than that of your creditors meeting.
You need to get hold of your credit file.
If any defaults have dates after your creditors meeting you need to inform the CRA that those debts were included within the IVA and that as such they were satisified on the completion of the IVA and the default date is incorrect and needs amending.
Otherwise some creditors could default you in year 4 of your IVA and you would have to wait effectively 10 years for this to drop off.
Hope that helps. Perhaps get hold of a booklet called No Credit, that may help