How to set IVA up?

fermi

insider66 wrote: »

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.

Nope. That is incorrect.

Defaulted accounts remain on your credit reference files for six years from the date of the default. That default date should be no later than the start of the IVA. If it is later then it can and should be corrected.

Again, the IVA will remain on your credit reference files for six years from it's start not its completion.

insider66

hi fermi
doesn't the iva completion date remain for another 6 years?

fermi

insider66 wrote: »

hi fermi
doesn't the iva completion date remain for another 6 years?

Nope. Not the last time I (and others) checked with the 3 Credit Reference Agencies or the Information Commissioner's Office anyway.

It's always possible for the goalposts to be moved, but I haven't heard of any change.

It is certainly the case that a bankruptcy order remains on your credit reference files for 6 years from the initial date of the bankruptcy order. It would be a very unfair practice for this to be extended another 5 (or more) years in the case of an IVA rather than full blown bankruptcy.

fermi

Just posted this this, which is the equivalent of the Post Bankruptcy cleanup on the bankruptcy board.

Link: Credit Reference File Clean Up Post IVA

That is currently correct as far as I am aware.