IVA credit file

ryan008

Hello looking for some help as I’m going round in circles with Equifax and pay plan.

in 2022 I signed up for a Iva it went to court and got it setup I never made one single payment and I cancel the IVA a day after it went to court as I managed to setup re payments with the companies I owed money to which was a lot more flexible than the awful company pay plan.

ive been struggling to even get phone contract etc and I’ve realised upon digging deeper into my credit it shows I have a completed IVA but it never went ahead!

Equifax are saying to provide a certificate of annulment so they could possibly remove this however payplan are saying they can’t provide this ?? All they can provide me with is individual letters they sent to creditors station I’m withdrawing from the iva?

many thanks 

fatbelly

Was it annulled? I have head of bankruptcies being annulled but not IVAS.

If not, then the credit file has to show whatever was accurate. If the IVA was granted but then cancelled it should appear on your report to show that you declared insolvency at that point.

I think Experian are getting confused and that completed is the only mark that shows an IVA is no longer in effect

ManyWays

IVAs aren't annulled.

There is a court revocation procedure but it is very rare. The Insolvency Service says "Where an application has been made to challenge the decision of a meeting approving an IVA, the court may revoke or suspend the approval or call for further meetings to be held. In this publication, revoked and suspended IVAs are included in the 'Terminated' category, however the total number of these is very small (less than 0.01% of all IVAs)."

Completed and failed/terminated IVAs all stay on your credit record for 6 years and only revoked ones are removed. I am afraid you have to live with this insolvency marker for a long while.