Full and final iva

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1
User avatar
Clairedd26
Posts: 9
Joined: Fri May 27, 2016 11:23 am
by Clairedd26 » Fri Sep 01, 2017 2:49 pm
Hi all,

I was accepted last week for a lump sum Iva and have a couple of questions you may be able to help me with please.

I've been told that the iva will still be on my credit file for 6 years even though the total amount has been paid, will my details still be on the insolvency register for this amount of time as well ?

I cannot obtain credit (I do not want to btw) while in the iva ? Is this for 6 years also ?

I know I have to wait for the completion certificate to come but is my ex partner that still lives in a joint mortgaged property free to remortgage or sell the property immediately or does he have to wait also for these certificates ? The iva is in my name solely he has no debt.

If I was to receive a windfall in the next 6 years would that need to paid in additionally ?

Sorry if they seem obvious but would like to know and cannot find out by the paperwork I've received.

Many thanks

Claire
User avatar
Foggy
Forum Expert
Posts: 23221
Joined: Fri Dec 17, 2010 11:14 am
Contact
by Foggy » Fri Sep 01, 2017 3:22 pm
Hi,
Yes, your IVA will be on your credit file for 6 years -- you will be on the Insolvency Register for up to three months after the issue of your certificate. It will be difficult to get credit at reasonable rates until the IVA drops off the credit files.
It is safer to wait until you get that certificate before selling the house.
Any windfall to get after the completion certificate is issued is yours. An inheritance you become entitled to between now and the certificate issue would be due to the IVA even if paid out some time in the future. Any PPI, whenever paid out belongs to the IVA, unless your IP decides he / she has no interest in it.
User avatar
kallis3
Forum Expert
Posts: 71638
Joined: Mon Mar 17, 2008 4:02 pm
Contact
by kallis3 » Fri Sep 01, 2017 5:39 pm
Agree with Foggy. It will remain on your credit record for six years but should disappear from Insolvency Register within three months.
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 20 guests