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  • FIRST POST
    • mandapanda77
    • By mandapanda77 12th Feb 18, 5:18 PM
    • 11Posts
    • 1Thanks
    mandapanda77
    Iva termination
    • #1
    • 12th Feb 18, 5:18 PM
    Iva termination 12th Feb 18 at 5:18 PM
    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....
Page 1
    • Mermaid89
    • By Mermaid89 12th Feb 18, 6:17 PM
    • 48 Posts
    • 21 Thanks
    Mermaid89
    • #2
    • 12th Feb 18, 6:17 PM
    • #2
    • 12th Feb 18, 6:17 PM
    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.
    • sourcrates
    • By sourcrates 12th Feb 18, 6:21 PM
    • 14,042 Posts
    • 13,302 Thanks
    sourcrates
    • #3
    • 12th Feb 18, 6:21 PM
    • #3
    • 12th Feb 18, 6:21 PM
    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 Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • mandapanda77
    • By mandapanda77 12th Feb 18, 6:28 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    • #4
    • 12th Feb 18, 6:28 PM
    • #4
    • 12th Feb 18, 6:28 PM
    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.
    • sourcrates
    • By sourcrates 12th Feb 18, 6:57 PM
    • 14,042 Posts
    • 13,302 Thanks
    sourcrates
    • #5
    • 12th Feb 18, 6:57 PM
    • #5
    • 12th Feb 18, 6:57 PM
    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 Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • PrettyKittyKat
    • By PrettyKittyKat 12th Feb 18, 8:59 PM
    • 385 Posts
    • 400 Thanks
    PrettyKittyKat
    • #6
    • 12th Feb 18, 8:59 PM
    • #6
    • 12th Feb 18, 8:59 PM
    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!
    • mandapanda77
    • By mandapanda77 12th Feb 18, 9:29 PM
    • 11 Posts
    • 1 Thanks
    mandapanda77
    • #7
    • 12th Feb 18, 9:29 PM
    • #7
    • 12th Feb 18, 9:29 PM
    No it's correct and now I have termination confirmed trying to see if can get this off my credit score file
    • Mermaid89
    • By Mermaid89 12th Feb 18, 9:33 PM
    • 48 Posts
    • 21 Thanks
    Mermaid89
    • #8
    • 12th Feb 18, 9:33 PM
    • #8
    • 12th Feb 18, 9:33 PM
    I know youíre saying you want it off your credit file but I donít think itíll be removed, sorry
    • sourcrates
    • By sourcrates 12th Feb 18, 10:37 PM
    • 14,042 Posts
    • 13,302 Thanks
    sourcrates
    • #9
    • 12th Feb 18, 10:37 PM
    • #9
    • 12th Feb 18, 10:37 PM
    No it's correct and now I have termination confirmed trying to see if can get this off my credit score file
    Originally posted by mandapanda77
    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/
    Last edited by sourcrates; 13-02-2018 at 7:55 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • DCFC79
    • By DCFC79 12th Feb 18, 11:02 PM
    • 31,676 Posts
    • 19,976 Thanks
    DCFC79
    No it's correct and now I have termination confirmed trying to see if can get this off my credit score file
    Originally posted by mandapanda77
    Well credit report.

    It will stay until the 6 years is up.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • PrettyKittyKat
    • By PrettyKittyKat 13th Feb 18, 4:11 PM
    • 385 Posts
    • 400 Thanks
    PrettyKittyKat
    Out of interest how much was your IVA payment each month? And was it for the usual 60 months?
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