Failed IVA

Dean67

I had an IVA which failed a couple of years ago due to the fact we couldn't raise the lump sum required in the final year. Obviously we still owe money and have had to make the decision to sell our house so we can pay off the debts, most of which have been sold off to debt collection companies.
Is there an average % figure of the debt amount that will be accepted to settle an outstanding debt . I know previously some of the companies have said if we can pay by x date they will accept a reduced amount, x date has long since gone but once the house is sold we will be in a position to clear everything.

Also how long does wil it take for my credit file to show the debt as cleared and paid.

fatbelly

On the final point, info on credit files is updated pretty quickly - probably within a week. However, your entries should be showing a default on or before the date the IVA commenced and that will stay for six years from that date.

There's a thread started by Weggy on debt-free wannabee all about full & final settlement offers. This post is from it and gives one person's examples of what he achieved.

http://forums.moneysavingexpert.com/showpost.php?p=69978335&postcount=1179

sourcrates

Dean67 wrote: »

Is there an average % figure of the debt amount that will be accepted to settle an outstanding debt . I know previously some of the companies have said if we can pay by x date they will accept a reduced amount.

Debt collectors regularly offer discounts for quick settlement.

The deal you negotiate depends on lots of factors, the time of year, (end of tax year a good time normally) how persistent you are, never taking No for an answer, did i mention be persistent ?

Dean67

fatbelly wrote: »

On the final point, info on credit files is updated pretty quickly - probably within a week. However, your entries should be showing a default on or before the date the IVA commenced and that will stay for six years from that date.

There's a thread started by Weggy on debt-free wannabee all about full & final settlement offers. This post is from it and gives one person's examples of what he achieved.

So in theory then none of the creditors from my IVA should be showing on my credit file as the IVA started over 6 years ago?

Dean67

Thanks for the link to the debt wannabe pages - some great info there.

National_Debtline

Hi Dean,

Dean67 wrote: »

So in theory then none of the creditors from my IVA should be showing on my credit file as the IVA started over 6 years ago?

An IVA shows for 6 years from the start date on your credit file and the defaults should all be prior to the start date of the IVA, so they should have now come off your credit file.


Laura
@natdebtline

Dean67

National_Debtline wrote: »

Hi Dean,





An IVA shows for 6 years from the start date on your credit file and the defaults should all be prior to the start date of the IVA, so they should have now come off your credit file.


Laura
@natdebtline

OK so I have now checked my credit file and nothing from the IVA is showing - however there is a CCJ on there which is business related and to be honest I wasn't aware it had been registered as a CCJ as we were negotiating with the company and they stopped responding to us, I still have all the original court paperwork with me here none of it is filled in...

My main point of this updated post is as stated in my original post - we put our house up for sale with the intention of paying of the outstanding amounts from the failed IVA and moving into rented property for a period, however the issue we have is that most agents won't entertain us because my credit rating is poor, does anyone know how I can get round or how I can rent a property with my history?