Hi All- Once the IVA has been completed

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simon.ms

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Post by simon.ms » Thu Aug 05, 2010 11:48 pm
Hi All- Once the IVA has been completed, should all the credit accounts on my credit file be marked as settled with a nil balance.
 
 

MelanieGiles

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Post by MelanieGiles » Fri Aug 06, 2010 12:14 am
Your credit file should be marked with IVA completed
Regards, Melanie Giles, Insolvency Practitioner
 
 

simon.ms

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Post by simon.ms » Fri Aug 06, 2010 12:35 am
But will the individual accounts be marked as settled?
 
 

MelanieGiles

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Post by MelanieGiles » Fri Aug 06, 2010 1:54 am
I think that this will happen after the six year point - but other posters have better knowledge of the credit scoring agencies than I, so hopefully this will be answered for you tomorrow.
Regards, Melanie Giles, Insolvency Practitioner
 
 

s27

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Post by s27 » Fri Aug 06, 2010 6:53 am
My creditors slowly corrected the balances with settled or partially-settled once my IP had issued the IVA completion documentation. One or two kept registering a balance outstanding after this point, but once I'd sent off my completion certificate to them it was soon corrected. The one outstanding issue I have is that Cahoot registered an account as default AFTER the IVA had been agreed. I am currently still in correspondence with them and they aren't too keen to change it.
 
 

MP1965

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Post by MP1965 » Fri Aug 06, 2010 7:33 am
Yes the accounts should be marked settled or partial settlement with zero balances. IF creditors don't comply you need to keep badgering them!

They will then fall off 6 years from the default date as this occurred first & should have been the start date of your IVA.

I found that even though accounts were marked settled / IVA completed on my CRF, my credit score was still shot while the IVA still appeared in the Court Information.

Wasn't until everything completely fell off at the 6 year point that my score improved!
** IVA Completed **
 
 

simon.ms

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Post by simon.ms » Fri Aug 06, 2010 7:45 am
Thanks everyone for applying. I'm not worried about the score, just want my file as tidy as possible due to a potential new job.
 
 

Shining

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Post by Shining » Fri Aug 06, 2010 7:51 am
All the best with your potential new job simon. Hope it works out for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

plasticdaft

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Post by plasticdaft » Fri Aug 06, 2010 9:06 am
If companies are dragging their heels over this then contact the information comissioners office and make a complaint. Make sure the credit file people know that you are going to complain,this usually speeds them up!!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

SometimesTina

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Post by SometimesTina » Fri Aug 06, 2010 9:11 am
MP1965 wrote:


Wasn't until everything completely fell off at the 6 year point that my score improved!
Is this six year point from the date the IVA started
?
Best Wishes,
Tina x


Even trannies get in debt
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 9:21 am
Yes Tina from the start not when the IVA is completed. Your debts are defaulted at the beginning and these will all disappear after six years.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

dw1983

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Post by dw1983 » Fri Aug 06, 2010 11:19 am
I am paying my iva for 5 and a half years will this stay on my credit file for 6 or 6 and a half years
Iva completed
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 11:38 am
It should still be six years from when the IVA commenced.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Skippy

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Post by Skippy » Fri Aug 06, 2010 11:42 am
Michael, what would happen in the event that someone's IVA was extended beyond 6 years?
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 11:55 am
I would think the defaults would fall off as normal after the six years but the IVA would still remain on the register. Not sure how the credit agencies would operate if the IVA was still live but I cannot see how they could keep it on the credit file.

Pretty academic anyway since anybody in an IVA cannot get credit without notifying their IP and disclosing the IVA to the lender. This applies whether the IVA is on the credit file or not.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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