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How to set IVA up?

edited 30 November -1 at 1:00AM in IVA & DRO
14 replies 1.9K views
purple-pearpurple-pear Forumite
85 posts
edited 30 November -1 at 1:00AM in IVA & DRO
Hi,

Been a very busy bee on here for last week reading loads and coming up wit new questions everyday if someone can answer these few questions I will be very very grateful:
  • Has anyone any experience entering in to an IVA when the debts have been pased to a DCA? If so do thy sem to be ok with IVA'S as some creditors are better than others I believe at agreeing 2 them.
  • Also if debt is with a DCA on a payment arrangement and then settled how long does it take for credit file to be repaired?
  • Finally my partner has a defualt and has an arrangement with a DCA and from this has a defualt on his file. Unsure if this will stay on there for 6 years and then can be removed or will it stay on until the full det is settled
Anyone?? Thankyou very much for any answers.:o :D :cool:
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Replies

  • tealadytealady Forumite
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  • mbazmbaz Forumite
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    Hiya

    I believe any default stays on file for 6 years after debt is settled. Same with a payment agreement.

    I have no experience of IVAs but have a chat with a debt charity like CCCS first of all who wont be trying to make any money form you. A Debt Management Plan may suit you better and you wont risk bankrupcy.

    Thanks
  • CLAPTONCLAPTON Forumite
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    we really need to see your SOA and know your personal situation.. an IVA only suits a very small number of people.
    If your debts have already been passed to DCAs then F&F maybe more suitble.. but without the SOA its impossible to make an sensible recommendations except to speak top CCCS/Payplan/CAB
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  • moneysavingplumbermoneysavingplumber Forumite
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    Defaults last six years from the date of the default as far as I know, whether it's settled or not. If it's settled in that time then it will be marked as such on the file.

    I recently completed an IVA and Max Recovery have already removed 3 defaults from my Experian file, even though they don't have to until next November, and I didn't even contact them, I just wrote to Experian with my Certificate of Completion, and found them very helpful actually. My last default is from Wescot for MBNA and that was registered January '03 so that should be gone in a couple of months, which will just leave the IVA record until next November.
  • fermifermi Forumite
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    Defaults last six years from the date of the default as far as I know, whether it's settled or not. If it's settled in that time then it will be marked as such on the file.

    Yep. :)

    In an IVA the default date should be no later than the start date of the IVA, and the default should be marked as settled (or partially settled) no later than the completion date.

    If a former creditor (or debt purchaser) does not update the records correctly like this, then you can follow a similar procedure to the credit file clean up for bankruptcy here:

    http://forums.moneysavingexpert.com/showthread.html?t=677875
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  • Hi,

    • Has anyone any experience entering in to an IVA when the debts have been pased to a DCA? If so do thy sem to be ok with IVA'S as some creditors are better than others I believe at agreeing 2 them.
    the debt is passed back to the original creditor in most cases for them to vote on accepting or not.

    dca's are generally very amenable to iva's as if they have bought the debt they will have paid aroung 25% of it's total so will get all their money with an iva
  • So am I right in thinking that if IVA is turned down form original creditors and then I entered in to a DMP and debts were passed to DCA's that I could apply for IVA again or once u have applied and failed is that it u are unable to apply again? As one of my main debts is with barclays so thy would have the ultimate say. Does anyone have any idea what thy are like in accepting IVA's?

    Thankyou.
  • So am I right in thinking that if IVA is turned down form original creditors and then I entered in to a DMP and debts were passed to DCA's that I could apply for IVA again or once u have applied and failed is that it u are unable to apply again? As one of my main debts is with barclays so thy would have the ultimate say. Does anyone have any idea what thy are like in accepting IVA's?

    Thankyou.

    Hi there

    debts passed to debt collectors are often passed back to the original creditor to vote on the IVA proposal, this is the case when the dca is working "on behalf of" the creditor, when the debt has actually been sold to a dca, such as when you have been on a DMP for a while, it isn't passed back.

    Barclays are not a "problem creditor" and I have seen many IVA's accepted by them with no complications.
    Problem one's are typically HSBC, MBNA, Black Horse & Lloyds TSB.
  • Incidentally, even if your debts are not sold to dca's, you can re-apply for the IVA after 6 months - voting habits and criteria for IVA acceptance is changing regularly.
  • fermi wrote: »
    Yep. :)

    In an IVA the default date should be no later than the start date of the IVA, and the default should be marked as settled (or partially settled) no later than the completion date.

    If a former creditor (or debt purchaser) does not update the records correctly like this, then you can follow a similar procedure to the credit file clean up for bankruptcy here:

    http://forums.moneysavingexpert.com/showthread.html?t=677875

    An IVA will be evident on your credit file for 11 years after you start it.

    It will show on your credit file as long as you are on it (5yrs typically if no assets or can release equity) and then another 6 as with all credit history.
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