Does IVA ever end?☹
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You take out the IVA and follow the process thinking that at the end you have a fresh start. Basically that's how you get through the years. Then you complete.....wait for the certificate and it's done Or is it? I feel like you can never move forward. Off the register and defaults clear but now being advised that records can still be kept by your creditors and other agencies. Who and how long and more importantly why is this not explained to you at the completion stage so that you can move forward and make informed decisions.
I would welcome some insight
I would welcome some insight
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Note the word "can" not will, big difference, most creditors only keep records for 6 years, some more, but usually once it's off your credit file, it's gone for good.
I think whoever told you that was just explaning worst case scenario.
My IVA finished in 2014, after 6 years, I was accepted back by my old bank for a new current account and £1000 OD.
The same bank I had £16,000 worth of debt with previously.
You'll be fine, don't listen to innuendo !!
(Didn't take the OD by the way)I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
If a person owed me money, and then became bankrupt so I lost it ; I might be reluctant to lend to them again. However, banks are a business, and every loan is a risk ; but every pound they lend, makes money, helping them to recoup their loss.Off the register and defaults clear but now being advised that records can still be kept by your creditors and other agencies.0 -
Hi lexiej
First of all well done on completing your IVA, it’s a great feeling to be debt free. I agree with Sourcrates, new creditors (that you’ve not had debt with before) are only going to be able to check your credit history by looking at your credit file and the IVA will be removed 6 years after it started.
If you apply for credit through a company you had debt with in the past it’s possible that they may keep records longer than 6 years, but probably unlikely. If you intend to apply for credit in the future, just keep that in mind. Good luck for the future.
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Thanks Sourcrates and Susie for your helpful advice. Not sure about your point Geoff0
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