Nearly finished IVA

lordcockerspaniel

In 2018 I entered an IVA with Stepchange. It will finish in December, and my experience has been positive.

I have no desire ever again to enter into masses of credit, but due to breakdown of my current relationship, I’m looking ahead to being maybe able to rent somewhere in 2025.

Looking at my credit file, all my debts are now off it (I guess this is due to the defaults being six years or more ago). However VW finance are marking my file and their debt as unpaid every month and I cannot see a
default. Is this correct or something I should worry about? If it is incorrect, is it better to challenge it now, or when the IVA is finished. 

I’m at the point now after six years when grateful though I am for the help ending the mess I’d got myself into, I’d like to be able to restart my life. 

sourcrates

Yes do a credit file clean up, it should show as defaulted, with a default date prior to the start of your IVA.

ManyWays

Was the VW finance included in your IVA, car finance is often left outside?

lordcockerspaniel

Thanks for the replies. Yes I’m sure it was  I will check though. 

lordcockerspaniel

Just checked the documents and it was included. I’ll get onto them. I’m praying there’s only three months more…

RAS

Be aware that your provider may take time to issue your completion certificate.

lordcockerspaniel

I am right though in understanding that once it is completed, it should be removed from my credit file before too long? I’m just trying to understand how or if  I can move forwards next year. Thanks everyone for the replies so far. 

sourcrates

The defaults from your debts will be removed automatically after 6 years.

The IVA entry will be removed once your completion certificate has been sent, and your IP is satisfied with everything.

Your name will still appear on the insolvency register for a further 3 months after that.