Paying off a IVA questions

Rjhsteel

We are in the possible position of paying off our IVA's, which are dealt with by PayPlan.
Once paid off, when would our credit rating improve?
Do we need any proof from the companies involved that these have been paid off?

Thanks

debtfree2016

Hello Rjhsteel
If your F&F is accepted you will receive a completion certificate (normally you would need to chase for this). You will find that your credit record will still show the account as defaulted but with zero balances (partial settlement). However the IVA will remain on your records for 6 years from the date it started. Because of this you are pretty much untouchable for credit. If you plan on a mortgage then an independent broker is your best bet but you would need a very large deposit.
The proof is the certificate, you can check the IVA register and will show as settled but that's it. If you register with Experian you can have 30 days free trial, I would suggest not starting it straight away but when you have check for the creditors to all show as £0 but as I said will have a default. If this is not the case you can speak directly to Experian and they will fix for you.
Hope the above helps.


One other thing is, there will be a charge on your property if you have one. Payplan will need to remove this after settlement.