Credit file and IVA

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IVAconfused75
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by IVAconfused75 » Thu Feb 22, 2018 5:42 pm
Hi. Just a quick question. What should your credit file say ONCE, your IVA is completed/Certificate?
Active or Completed.
Thanks.
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Foggy
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by Foggy » Thu Feb 22, 2018 6:21 pm
To be honest I cannot remember if a status is mentioned on the CRA credit files, but it matters not, as the thing being there is the damage, rather than the status. On the Insolvency Register it should be labelled as completed for the three months it takes for it to disappear.
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recovering
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by recovering » Thu Feb 22, 2018 10:22 pm
Foggy wrote:
To be honest I cannot remember if a status is mentioned on the CRA credit files, but it matters not, as the thing being there is the damage, rather than the status. On the Insolvency Register it should be labelled as completed for the three months it takes for it to disappear.

How soon after your final payment should it say complete on the register?
IVAconfused75
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by IVAconfused75 » Thu Feb 22, 2018 10:39 pm
I only ask, as I've looked at my credit file and it says my IVA is active. Now, anyone looking at that, would think I'm still paying money to my creditors and in a debt management plan.
Not good.
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Foggy
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by Foggy » Fri Feb 23, 2018 7:54 am
recovering wrote:
Foggy wrote:
To be honest I cannot remember if a status is mentioned on the CRA credit files, but it matters not, as the thing being there is the damage, rather than the status. On the Insolvency Register it should be labelled as completed for the three months it takes for it to disappear.

How soon after your final payment should it say complete on the register?


Mine was marked as completed on the Register within a couple of weeks --- that is an indication that they have been told by your IP.
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Foggy
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by Foggy » Fri Feb 23, 2018 7:56 am
IVAconfused75 wrote:
I only ask, as I've looked at my credit file and it says my IVA is active. Now, anyone looking at that, would think I'm still paying money to my creditors and in a debt management plan.
Not good.



It doesn't make much difference as most lenders will not see past the IVA itself being there and whether you are still making payments or not is irrelevent.
IVAconfused75
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by IVAconfused75 » Fri Feb 23, 2018 11:16 am
Just as well, I won't be going to any lenders in the near future and I didn't have credit cards or things on credit. At least not since 1997.
I was thinking more about buying things in full, which I've done for the past 22yrs. Shops will think I don't have the money to purchase there, just based on that and not on me or my individual circumstance.
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Foggy
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by Foggy » Fri Feb 23, 2018 11:20 am
IVAconfused75 wrote:
Just as well, I won't be going to any lenders in the near future and I didn't have credit cards or things on credit. At least not since 1997.
I was thinking more about buying things in full, which I've done for the past 22yrs. Shops will think I don't have the money to purchase there, just based on that and not on me or my individual circumstance.


If you are paying cash in full the shops will not see a credit record.
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Ryan
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by Ryan » Fri Feb 23, 2018 12:36 pm
As Foggy says if you aren't looking for any sort of credit then there's really no need to worry about what your credit reports do or don't say.

Regards
IVAconfused75
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by IVAconfused75 » Fri Feb 23, 2018 1:05 pm
Thanks for your info. Very helpful.
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kallis3
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by kallis3 » Fri Feb 23, 2018 1:28 pm
My shopping is mostly done by cash. As long as you pay your bills you will be fine.
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