I am one year away from finishing my IVA

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Post by J.N » Mon Sep 20, 2010 12:49 pm
I am one year away from finishing my IVA accourding to Grant Thornton.

I am wondering what should I be doing now to start repairing my credit rating (as I'd like to buy a house in the next 3-4 years) and also, how long does it take before I am out of the 'black list' and I am considered 'worthy' again?


Adam Davies

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Post by Adam Davies » Mon Sep 20, 2010 12:52 pm
A record of your IVA will be off your credit file six years from the start of your IVA.
Personally I would leave your file alone and let the six year rule clear all adverse entries.
Do check though for any companies that have defaulted you months after the start of your IVA and challenge these as they sit on your file for six years and will make it difficult obtaining credit
Andam Davies


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Post by Shining » Mon Sep 20, 2010 1:41 pm
Well done on coming this far and good advice from Andy as above. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by kallis3 » Mon Sep 20, 2010 2:58 pm
Congratulations from me as well for getting this far.

Brilliant advice from Andy, and good luck for the remainder 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.


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Post by TheMatrix » Mon Sep 20, 2010 6:11 pm
Congrats on getting this far...

In summary the following is a guide to clearing up your credit file. You can see some sample letters in the clearing credit records: sample letter section of the forum.

Wait until you get your certificate of completion before doing anything. Until you complete the IVA creditors can continue to show your account in default.

Get hold of your credit file from each of the 3 CRA's

Check for anything which is not factually correct, e.g. default date after the IVA agreement date

Write to each creditors Data Controller, not customer services asking them to correct factually incorrect data.

Keep a record of all communications with the data controller, send all letters recorded delivery.

Avoid calling anyone from customer services, they are not as clued up with the Data Protection Act as they should be.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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