IVA and selling my house

kiwi1

I am about to enter the final year of my IVA, and I want to know at what stage I can sell my house without losing the little equity tied up in it.

Also, does anyone know what happens about my credit history? Does the IVA show up on there for seven years from the start, or seven years from completion? Will the creditors mark the accounts as closed once the IVA has completed? What should happen? How soon is it worth trying to start rebuilding my credit file?

Anondebtadvisor

The IVA stays on your credit file for 6years from the date of acceptance and any defaults should fall off automtically after 6years.

Once you have completed your IVA and have a completion certificate you may want to start cleaning up your credit file.
Here are some steps for you to take to clean up your credit file post IVA.
ü Once you receive your completion certificate from your IVA Company, this is proof that you have successfully completed the IVA. The certificate will be signed by your Insolvency Practitioner and is proof that your IVA is now completed.

ü The Insolvency Service will mark your IVA as completed and update their records accordingly; you may want to check this has been done. Once this is done you can start the job of repairing your credit file.
How to repair your credit rating following completion of your IVA.
There are three credit reference agencies (CRAs) in the UK:
ü Call Credit, Equifax and Experian
ü You can get a one-off credit report from each of the CRAs online or by post for just £2.
ü When you receive the reports you need to check the details on all three, and compare each against the others.
ü The information on a credit report will only stay on there for six years.
It is important to check for any adverse information after your IVA started. For example any default notices that have been added since your IVA was approved should be backdated to the date your IVA was approved.
If you find any default notices added after your IVA was approved you should address these straight away by writing to creditors enclosing a copy of your completion certificate and a letter requesting the default be corrected to the date the IVA was approved.

kiwi1

Many thanks for that!:)