IVA Complete, what happens next?

FinallyFree

Hi, Sorry it's long winded.

I took out an IVA in April 09 originally for 5 years but due to a pregnancy and relationship breakdown I had a 9 month payment break and slightly lower payments after this break, meaning it was extended to 7 years.

I finally completed this on 13th May 16 and received my completion certificate/letter at the end of May.

After much research online (I'm desperate to rebuild my credit rating) I looked at my credit files with Equifax, Experian and Noddle (I don't know if there's any others I should view?).

As it's over 6 years the only things showing on my file are my Lloyds bank account (all green ticks) an old 02 account (closed in 2011 no defaults on that) and obviously my IVA.
Everything else appears to have gone from my file.

I've contacted all 3 and sent them copies of my completion letter but so far Experian say they can't update my file because it's still showing as active on the Insolvency Register and I haven't heard back from the others yet.

My questions are:

1. Will it take the full 3 months to be removed (after waiting 7 yrs you'd think an extra 3 months wouldn't matter but it just feels endless lol)

2. Most of the debt I owed was sold on to other companies throughout my IVA who then sent me statements throughout. Just want to make sure that they can't try to claim anything off me now the IVA has finished since they weren't the original creditors?

3. Once my IVA is off my file would it be better to start with a poor credit history card to rebuild my credit or just any old card? How likely would I be to be accepted for a "normal" card?

If you made it this far thanks for reading

foxy-stoat

Well done for getting to the end.

I would make sure all the default dates are no earlier than 2009, they all should be off your credit file as they are over 6 years old. If you send a copy of the completion certificate to the insolvencey register that should be enough for them to update their records.

If you receive any more correspondence from anyone about the debts, just send a copy of the completion certificate and the last annul review statement, they should stop writing after that.

As for rebuilding, just apply for a credit card, either Captial One, Vanquis or your own bank and buy food and fuel on that and clear the balance when the statement comes in. You dont want to do any other spending on it and not build up a balance as the interest rates are like 40%. Do that for 6-12 months and if they try and put up the limits, just call them and get them to reduce them again.

After 12 months cancel that card and take out a "high street" credit card and go from there.

MUM40

We have just finished our Iva las pt payment May 16, so now looking forward to receiving our completion certificate and a new life ahead

National_Debtline

Hi there and well done on coming this far.

FinallyFree wrote: »

Most of the debt I owed was sold on to other companies throughout my IVA who then sent me statements throughout. Just want to make sure that they can't try to claim anything off me now the IVA has finished since they weren't the original creditors?

Anyone who bought debts that were part of the IVA would be bound by that IVA's terms and could not opt out of it. Any statements you were sent over the years were most likely just a matter of those creditors complying with Consumer Credit Act obligations. There's certainly no scope for them to claim anything from you now.


Dennis
@natdebtline

FinallyFree

Thanks for your replies

Well I heard back from Equifax and Experian (nothing from Noddle!) and they won't remove the IVA from my credit file even though I've sent them my completion certificate because it's still showing on the Insolvency Register. It just seems so unfair having to wait that extra 3 months for it to come off there and then I have to contact everyone again to tell them to check again. I just hope that when it does come off the credit agencies don't drag their heels in removing it from my files.

Soooo fingers crossed that in 30 days (not that I'm counting or anything :rotfl: it should hopefully finally come off the register! I feel like it's still hanging over me and I can't quite believe it's finally over until it's clear off my credit files.

ps MUM40 WELL DONE on getting to the end of your IVA too :beer: