Discharged IVA

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tutton1702
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by tutton1702 » Thu Jun 28, 2018 5:31 am
Hello people!

I am in need of some help. My credit file states that a Voluntary Arrangement was discharged: 7 June 2016.

I started the process and did not follow through with anything but the first payment (holds hands up).

The thing is that it does not show on any register including the Governments website whereas I know of people long ago that went through similar and are still on the system and I am looking to get it removed from my file.

The company who started the process was Harrington Brooks who have since gone and been taken over. I have contacted the new company but they cannot find any of my file.

So what would you guys recommend? Do I fight to get it struck off or do I have to wait despite not going through with it past the first payment?

I am rubbish with this sort of stuff and am clueless of what to do to get myself straightened out.

Thanks in advance
Mark
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Foggy
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by Foggy » Thu Jun 28, 2018 7:00 am
I am afraid that it will remain on your credit files for the full 6 years from the start date. You cannot fight it as this is standard ( and legal) practice -- the IVA existed, so it is recorded.

The reason you are off of the Insolvency Register is that the IVA was terminated by your IP --- those others you refer to were, maybe, not formally terminated but just left to lapse.
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kallis3
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by kallis3 » Thu Jun 28, 2018 7:27 am
Agree with Foggy - you cannot get rid of it and it will drop off after 6 years.
tutton1702
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by tutton1702 » Thu Jun 28, 2018 7:41 am
Thanks both. Thought it might be worth a shot for the sake of a few emails.

So, another question being. As the creditors were not paid off is it worth calling them up and offering a full and final settlement at a fraction of the outstanding?

I do not want to rock the boat more than I have to although it is about time I grow up and sort it out! :?

Again, thanks in advance!
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kallis3
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by kallis3 » Thu Jun 28, 2018 8:02 am
You can but try - bear in mind your debt may be higher due to added interest.
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Foggy
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by Foggy » Thu Jun 28, 2018 8:09 am
Some people will sit back and hope that the creditors go quiet long enough for the debt to become statute barred --- but it is a long wait and they could resurface at any time. Personally I think it is better to try to take some control and approach the creditors with a sensible offer (possibly based on the dividend they accepted in the failed IVA). You could try knocking them off one at a time. The danger is, of course, that they could turn around and demand full payment, having already thrown you one lifebelt which you tossed aside.
Alternatively, you could try another IVA with your new found maturity. Again, you would still need the creditors to accept a 2nd attempt (which isn't unheard of) . Might be worth a chat with a friendly IP (avoid the "factories").
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