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Iva termination
mandapanda77
Posts: 11 Forumite
in IVA & DRO
I was misinformed and took out a IVA for my credit issues of just over £2000 and then it came to light that i should not have been accepted for a IVA so i have terminated this and received a letter stating this has been terminated and i have started to pay the money to the companies i owe to.
But this is showing on my credit score still i have sent over the relevant paper work to my noddle account, how long will this take to be removed....
But this is showing on my credit score still i have sent over the relevant paper work to my noddle account, how long will this take to be removed....
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Comments
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Are you sure it can actually be removed in the first place? Sounds like you had your meeting of creditors, it was accepted hence you were at some point in an active IVA; therefore it stays on your file for 6 years.0
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Ouch, there`s a case for mis-selling if ever i saw one, 2 grand ??
Although there is no minimum amount of debt for an IVA, because of the cost`s and fee`s involved, you would normally have £20,000 plus of debt to even consider one.
Anyway, to answer your question, unfortunately once an IVA is agreed, its a legally binding agreement, yours may of failed, but it will still show on your credit file for 6 years from the original date of your IVA starting........sorry to be the bearer of bad news.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
yes has been terminated i have the letters to prove this has been terminated and no IVA is active and im paying my debts off.0
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You should definitely make a mis-selling complaint to the company that sold you the idea that an IVA was the right solution for you..........clearly it was not.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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An IVA for £2,000 is a terrible idea! I can't believe any IVA company would do an IVA for that little amount.... is there a typo in your original post?
Otherwise as sourcrates says... there is definitely a complaint to be made!0 -
No it's correct and now I have termination confirmed trying to see if can get this off my credit score file0
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I know you’re saying you want it off your credit file but I don’t think it’ll be removed, sorry0
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mandapanda77 wrote: »No it's correct and now I have termination confirmed trying to see if can get this off my credit score file
It wont be removed from your file until 6 years have expired, as I said before.
Instead of wasting energy on something you cant alter, get a complaint filed for mis-selling of the IVA.
If found in your favour, it could be that removal of the entry on your credit file, is a part of the recourse you may be offered.
https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/individual-voluntary-arrangements/managing-your-iva/failure-of-an-individual-voluntary-arrangement/I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
mandapanda77 wrote: »No it's correct and now I have termination confirmed trying to see if can get this off my credit score file
Well credit report.
It will stay until the 6 years is up.0 -
Out of interest how much was your IVA payment each month? And was it for the usual 60 months?0
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