Post IVA - Slow going, really slow going!

hackettpso

I had to take out an IVA in 2006, which at the time seemed the best solution mostly driven from the fact i couldn't get my head around the perceived stigma of 'Bankruptcy'.

Anyway i managed to finish it early in 2010 but since then it has been so much slower than i expected to get things resolved and moving in the right direction.

I asked for a meeting with an account manager at Halifax as i still have the same easy cash account i had during the IVA - I asked about upgrading to a basic current account and i was told that they wouldn't even entertain the notion until it was clear of my file in 2016. They view IVA's exactly the same as bankruptcy!!

Since my IVA finished i now have a really good job which pays above the national average and was even contemplating moving away from renting and getting a mortgage - Obviously that is now not going to happen for at least another 2 years.

Bottom line i got myself into financial trouble due to having a young family at the time - It's my fault i appreciate that and i am not looking for sympathy - But due to a £19,000 debt it will have screwed me over from 2006 until 2016!. If i had known that at the time i would of sourced an alternative.

Moan over, will patiently wait another two years until i can put things into practice.

fermi

The IVA should have been clear from your credit file 6 years from the start in 2006, so 2012 at the latest.

Was the account manager basing his opinion on information he could actually see on your credit file, or was he just mistaken in his belief that it stay for 6 years from the finish rather than the start of the IVA?

Check your credit files to see what they actually show. The IVA shoudl be gone. So should any accounts/defaults from it, but they can linger if the lender in question has not recorded them properly.

longtermplanner

If the IVA is gone from your credit file, then think about moving to a different bank that doesn't know you had an IVA.

sourcrates

Have you had your certificate of completion OP ?
The IVA should drop off your file approx. 3 months after receiving this, or 6 years, whichever is the sooner, however, it will stay on the insolvency register, regardless of the 6 year limit, until removed by your IP, if this has not happened then you need to contact them to find out why.

hackettpso

sourcrates wrote: »

Have you had your certificate of completion OP ?
The IVA should drop off your file approx. 3 months after receiving this, or 6 years, whichever is the sooner, however, it will stay on the insolvency register, regardless of the 6 year limit, until removed by your IP, if this has not happened then you need to contact them to find out why.

Yes i received a completion certificate - IVA started May 2006 and finished early in April 2010.

Halifax account manager told me in no uncertain terms that they wouldn't touch me for 6 years after completion date - Hence the further two year wait.

Does anyone know of an institution or business i could approach to advise and rectify any potential issues? I sometimes think it is not straight forward enough for Joe Bloggs and as a consequence individuals never get full completion / resolution.