insolvency register andd iva

paulmx3

what is the situation if you have been in an iva for just ove 3 years yet still have not been placedd on the insolvency register and no record of the iva on a credit report?

peachyprice

I would hazard a guess that you're not in a formal IVA.

Do you have the paperwork that confirms it's actually an IVA. There are unscrupulous companies out there who lead people to beleive they are in an IVA when infact it's a DMP.

Nick700

Good afternoon,

The best thing to do is to contact your Insolvency Practitioner and ask them why it's not on the Insolvency register - the Insolvency Service have to register many thousand IVAs so it is not uncommon for one or two to fail to be registered.

The Insolvency Practitioner should then be able to check with the Insolvency Service and register it again - the Insolvency Service will probably assume the registration has got mislaid and still register it from the date your IVA was approved by your creditors.

Creditors and credit reference agences will take their information from this register so it should also appear on your credit file soon- IVAs normally stay on your credit file for 6 years from the date they were first approved by your creditors.

Hope this post has been helpful and let me know how you get on.

Nick

Nick700

Afternoon,

It is the Insolvency Practitioners(IPs) responsibility to register your IVA with the Insolvency Service, therefore if you are in an IVA and your IVA is not registered, it is best to contact your IP who will chase up to ensure it gets registered.

If your IVA is not registered, there is a possibility that creditors could question whether your IVA is actually a valid IVA.

Nick

peachyprice

paulmx3 wrote: »

the only thing is why should the ip be contacted over this,after the term of the iva surely the debts would just be listed as satisfied with no referance to the iva on the credit file.

The IVA should be shown on your credit file un the 'Public Records' section and would stay on there for 6 years from the start of the IVA, if the IVA isn't shown on there it can't be shown when it's satisfied and you therefore won't be able to chase creditors who have not updated your file as 'satisfied' at the end of the IVA. Not all creditors will do it automatically.

Charco_2

Three years ago you signed up to an IVA, you were looking for the protection it offers from your creditors as well as the opportunity to deal with your debts in a way that was affordable and convenient for you...

If your creditors are not hassling you then obviously something has been done to keep them off your back but without being registered as insolvent, you dont know if you're actually in an IVA or a glorified DMP.

If you leave it for two more years and then find out that you're not even in an IVA then your remaining debt wont be written off and you'll have to continue to pay them until all balances are zero. For my own peace of mind, i'd want to know. If you ARE in an IVA, you'll want proof that you've served your time when you stop paying in two years time - you'll not want the phonecalls to start up again. It wont be a case of re-ruining your credit file now, it should still be removed from your file six years after the START of your IVA.

Charco_2

Calm down, calm down! I work in insolvency and would never hide that fact.

paulmx3 wrote: »

it is an iva,with legal documents to prove it,it is a very reputable company with all documentation and reviews carried out to plan,chairmans reports etc. OK, it's an IVA, fine - I can assure you anyone who raised any doubts above is only concerned that you may not have been getting the protection you deserved when the "IVA" finishes (there are some less than reputable companies out there)

now much as i appreciate the views of the above it would be nice to get a response from someone not affiliated with an iva company with regards this. Regardless of who is affiliated to which IVA providers, you haven't mentioned who you are in your IVA with so people on here wouldn't know if they are defending their company or sticking the knife into a competitor!

also i feel that those who replied that are affilliated in some way to such companies should make it clear that they do have connections with certain companies.

it is fairly clear how many iva companies operate in that they are all for the customer when signing up but soon as documention is signed their role becomes all for the creditors in many cases,even a 50/50 split would be nice,but alas this is not shown to be the case.... IPs are in a heavily regulated industry, they are neither for nor against anyone. They have to bear in mind the interests of both parties when assembling a proposal. They defend the rights of the debtors who would otherwise be trampled by their creditors... similarly they make sure to achieve the best possible outcome for the creditors.
At no stage does this role change, once you agree the IVA by signing it, then all you're expected to do is pay in is what you've agreed! The IP negotiates a deal for you as NOMINEE and then as SUPERVISOR they make sure you maintain your end of the bargain!

ip's remember who pays your fees..... Creditors do, as proposed in the original IVA that you signed and thrashed out in the creditors meeting. Have you received an additional bill or fee from your IP? You pay what you can afford and the IP claims their expenses from what is received.

now as i have repeated on several occasions all is correct and above board apart from the omission on the insolvency register.

many people who have an iva will be unaware of this register and will not have internet access or even bother about checking the register.so what is the problem with it not being there,and,more importantly who cares if the fridge light is on or off when the door is shut.....

Letting your IP know will not have a disadvantage to you, it will just make sure you are protected. If your file doesn't contain this information then it's because your creditors haven't given them this info! (not the other way about!)

Nick700

Would you be able to tell us who you are in an IVA with Paul?

There may well be someone from that firm reading this forum who will then make contact with you and make sure your IVA is on the insolvency register and subsequently ensure it is also on your credit file.

Nick