When the IVA falls off my credit report.....

[coachjambo]

Good Afternoon All!
I have a quick question and hoping for a good response if anyone can help answer it would be most appreciated...

On the 23rd June 2012 it will have been 6 years from the start of my IVA, so in effect then it should automatically drop off my credit file.

I am currently setting up a business with a business partner and will soon be looking into a business account. I wondered if after the 6 years, do i still have to declare ever having an IVA, or on the question 'have you ever been in an IVA?' can i select the NO button if there is no further record of it?

Hope to hear from you guys soon!

Thanks in advance

[ginger3232]

Yes - you do need to declare it - in some circumstances incorrect information can be seen as fraud.
Also dont forget previous creditors will have their own record which they can keep for a minimal 6 years after accounts close.

Also - you credit report will be clean - thats the problem there will be no postive credit history

[Niobe]

Hello,

It will drop off your credit file but if asked the question if you have ever been in an IVA then you will have to answer yes. A lot of creditors keep their own records for a lot longer than six years.

[ginger3232]

6 years minimal( Money laundering and PLC company ACT) however as Harpic as indicated this is minimal time

[coachjambo]

thanks guys thats really helpful. I have stillmanaged to have a clean mobile phone contract running throughout my IVA and current, i have also got a credit card i was accepted for 2 months back, so i can use a small amount and pay straight off, help the rebuilding so hoping it wont be too bad!
The list of creditors from my old accounts are still on but have the 23/06/2006 date on so they will also drop from my file next month, even if they keep their own records, i will be glad to see the back of them, sick of seeing them! ha ha

[TheMatrix]

Trouble with ex-creditors is they merge or join with other financial banks and institutions who had nothing to do with your IVA and then share records with them.

Regardless however if they ask the question "have you ever entered an arrangement with creditors" you have to answer yes. In my opinion it is a unfair question as it effectively means you pay over the odds for everything for the rest of your life and are penalised as such.

[mattyboy]

It's anyones guess as to how well institutions merge their databases and how long they keep records for, it's also unclear as to whether any of the banks that you kept clean financial accounts with during the IVA would have found out about the IVA when they updated the CRA, which thy usually do monthly. Hence I would advise total honesty, Peter Mandleson might be able to get away with mortgage fraud but I think they'd be tougher on the rest of us.

[coachjambo]

cheers guys!