IVA FINISHED thank god "BUT"

The_Pudster

We have just paid our IVA off thank god so now we are back on level pegging arent we NO WERE NOT went to see about mortgage ha ha big joke. We were told that when we paid it off we were supposed to be clear .No chance it stays on your credit file from anything from 3 years to 6 years . We have an income of over 3000 a month no debts to pay no HP just paid car off so why wont anyone touch us we are in a far better off situation than 99% of people out there .Should we have gone bankrupt by the look of things yes we should have .Anybody got any ideas ..

althas

1st thing. CONGRATULATIONS on the IVA finishing

Now for the bad bit, sorry. From what I understand, the IVA reference remains on your credit file for a year after completion, then you can have it cleared (there will be many posts on how to do this). Your IP should have explained that as one of the downside at the beginning of the process

With bankruptcy, even when discharged, remains on your file for I think 6 years, but there are other repercussions of bankruptcy over an IVA, so you mat well have been worse off with that

I would think there is nothing you can do for the 12 months until you can clear your credit file, just lay back and bask in the glory of no debt (I can not remember the last time I did that), save up a huge deposit and think of your perfect house and what you are going to do with it

doelani

The_Pudster wrote: »

We have just paid our IVA off thank god so now we are back on level pegging arent we NO WERE NOT went to see about mortgage ha ha big joke. We were told that when we paid it off we were supposed to be clear .No chance it stays on your credit file from anything from 3 years to 6 years . We have an income of over 3000 a month no debts to pay no HP just paid car off so why wont anyone touch us we are in a far better off situation than 99% of people out there .Should we have gone bankrupt by the look of things yes we should have .Anybody got any ideas ..

Well done on getitng IVA finished.

Your IVA stays on your credit file 6 years from the daye your started, even if you finish it early. We finished ours early after 3 years but still shows for another 3, well 2 now as finished ours a year ago.

Can I ask did you finish IVA early ?

Have you recieved your completion certificate? It can take IP months to get claims in from creditors and send your completion certificate.

Have you checked copies of your credit files to make sure all your defualts are on or before date your IVA started, this is important as this is what makes teh debts drop off. You also need to check your debts are marked as " satisfied"

I know it probally seems it was all a waste of time but it wasn't, just may delay things liek getting a mortgage.

If you need to know anything please ask or pm me. I now have managed to get all our debts marked as " satisfied" all defaults except one ( still working on that one ) dated day IVA started and some defualts where even removed completely. It does take a little work but we know that when our mortgage is due for renewal we should be able to go back to a normal mortage as we had to get a subprime at a rediculous rate to pay IVA off early.

Good luck

The_Pudster

Yes we pais it off early and we are still waiting for our certificates Im actually going to phone Camb Duffy tomorow i will let you know the outcome tomorow .. The IVA was actually very misleading because they said when we paid it off we would have clear credit history etc MMMMM

Lost2

Congratulations on finishing your IVA and Good Luck on a debt free life :j

fiveyearplan

Congratulations - that must be a huge relief. Doelani is correct - it will stay on your credit file for 6 years from date it started. Also the credit clean up is very important. I'd leave it a month then start the clean up.

doelani

The_Pudster wrote: »

Yes we pais it off early and we are still waiting for our certificates Im actually going to phone Camb Duffy tomorow i will let you know the outcome tomorow .. The IVA was actually very misleading because they said when we paid it off we would have clear credit history etc MMMMM

Did you ring about completion certificate? It can take a while to get it , mine took form May to February :eek: as one of my creditors who was owed £7k just kept ignoring my IP request to put their claim in , they ended up being excluded and got nothing. I still asked them to mark account as satisfied and changed default date which they did lol

Hope you get sorted

The_Pudster

Phoned up this morning 14th july last response date from creditors then certificates will be sent following week asked IVA people about credit history they said wait till get cleared with certificates .WHAT DO I DO THEN ???????

The_Pudster

doelani wrote: »

Did you ring about completion certificate? It can take a while to get it , mine took form May to February :eek: as one of my creditors who was owed £7k just kept ignoring my IP request to put their claim in , they ended up being excluded and got nothing. I still asked them to mark account as satisfied and changed default date which they did lol

Hope you get sorted

Phoned today IVA people said 14 july was cut off date from people who we owe to then we get certificates following week hopefully .How do i go about clearing credit filr then ..

doelani

This will explain how to get your credit file sorted.

http://forums.moneysavingexpert.com/showthread.html?t=1286063

Basically you sent letter and copy of certificate of completion to each credit which is still showing balance and default date is after date IVA started. This can take a bit or orginising depending how many creditors you have.

Once default date are changed to date IVA agreed means they will drop off 6 yeras from that date, in theory lol

Just remember your IP or the credit reference companies cannot rememove defaults it has to be the company who orinally put the defaults on.