I have been in an IVA for two years and settled it early. My final payment was over 4 months ago and have heard nothing apart from the IVA practitioner (Hanover Insolvency) saying it would take up to 6 months. At first I was shocked to learn this as have been through hell leading up to my IVA, then during it and once paying it off thought I would be free to try and get my life back on track after losing everything (car, house, business and family).
Can anyone advise on what I can do to get my completion certificate any also any other information please as I am unable to get any credit as little as a mobile phone contract
I have 3 CCJs in my name which were added just before I went in to the IVA and one of them was actually listed in the IVA so these are also playing a major part in my bad credit score.
So happy I just found this forum
Thanks in advance
Rob
It can take up to 6 months to get the completion certificate -- this is pretty standard and is actually built in to the time frames outlined in the arrangement. Sometimes it happens sooner, but, in the current pandemic situation with staff being isolated or sick ir often takes longer. There is nothing you can do to speed this up. In any event the IVA will scrap your credit record for 6 years from the start, even if finished early. Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks Foggy
So after reading the article you linked; it looks like I wont see an improvement in my credit status once the certificate of completion is granted?
I was hoping things would improve after this as its impossible to progress with life in general
I'm afraid not. It will remain for the full six years. Check and make sure that all defaults are dated back to the start of your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
So what are we supposed to do about obtaining any form of credit within the six years? Other than pay for things with cash which is pretty limited due to the cost of things. I cant so much as get a mobile phone contract, surely there are options out there?
I have been told that once I have the completion certificate I can remove the CCJs or have them marked as settled, will this not aid my situation?
You will have to be patient I'm afraid. Your IVA will say settled but will not drop off. There is nothing you can do about the six year date. We have all been there.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
In the normal course of events you would have been paying the IVA for 5 or 6 years anyway, so the issue of further credit in that time would not arise. Indeed many of us didn't get back into borrowing for quite some time after that even. Ending the IVA early does not alter the prescribed timescales. Once it is shown as completed and this CCJs are gone, things will start to improve marginally, but not to any great extent --- rebuilding trust is a slow process.
Incidentally, many of us managed phone contracts whilst still in the IVAs. I imagine it's those CCJs doing the damage.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unfortunately there is nothing to be done about the rules and regulations. At least now you are debt free.
We can only give general advice and nothing can be done about the six year rule.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Once it's off your record you can apply straight away but beware of making too many searches immediately as it can flag up as a warning to prospective lenders.
You can try to apply for a mortgage, preferably with a whole of market broker, but, if you are successful you will find interest rates are higher.
As to a car, there are a few firms out there but again, their interest rates can be extortionate.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Do you mean after the three years I have left of the IVA lifetime?
When I get the completion certificate and the creditors have all marked the debts as settled and subsequently have the CCJs marked as settled will that not improve my credit?
Your credit will be shot for six years from the start of the IVA regardless. 'settled' will stay on your file and will not improve your credit.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As Kallis mentions mortgages are possibly available once your iva is settled, but still on file if you have a high level of deposit available and your certificate of completion.
A whole of mortgage broker is certainly worth a conversation now so you understand where you are; what timescales you need to focus on and what level of deposits required etc.
Ryan from The Mortgage Expert (was Zebra) or Shaun both are forum experts and such brokers - am sure both would be willing to give you advice if you contact them using their forum contact details.
Thanks LuluJ - that is actually some constructive advice rather than the doom and gloom I had previously received from the other replied posts
I had jumped back in to the mindset of being no way out even though I had managed to get the thing settled and completed early
As feedback for future; people looking for help and advice and others in an IVA to talk to, it is worth looking at what options are available and to give some hope rather than purely blocking off the road until a 6 year + time scale, which for some may be too much to handle especially after having to resort to this option in the first place and imagine have suffered the same losses I have and more.
