IVA finished - Not cleared from credit file

Harry_Hammer · 11 October 2018 at 11:08AM

We finished our IVA in June after 7 years of payments.
On checking our credit file 6 weeks ago, our rating was good and we had no record of the IVA.
We therefore put our property on the market after meeting a financial advisor. Yesterday our house had an offer we accepted and we have seen a home we want to buy.
On checking our credit files, the IVA is now on file and we have a fair rating which is going to affect our chances of a mortgage.
how is this possible?

sourcrates · 11 October 2018 at 11:17AM

Obviously an error.

Complain to your IP and your creditors, ask them to remove the entry.
Any problems go to the ICO.

Harry_Hammer · 11 October 2018 at 11:44AM

Response from IVA company

Unfortunately, your IVA has not yet completed. Whilst you have met all obligations as per the terms of your agreement, we have not yet issued your final report and certificate of implementation. We are in the process of signing off your final report and we anticipate your IVA will be officially completed in the upcoming weeks.

We will send a copy of your final report and certificate of implementation to all creditors and the insolvency service. Upon receipt they will update your credit records accordingly. The usual time period for creditors updating their credit files upon receipt of your certificate of implementation is 6 months. If you are unhappy with this time period you can chase up your creditors directly to ask they speed up this process.

We must take this opportunity to inform you that if your creditors have not updated your credit file then you must take this dispute up with them. We hold no authority when it comes to ensuring that creditors update their records. This is a regulatory issue.

In order to dispute your credit records, we recommend you contact your credit referencing agency and dispute the accounts that have not yet been updated. If you provide them with a copy of your IVA’s final report and certificate of implementation they should be able to uphold a dispute for you and get your credit file updated.

If the above resolution fails, you will have to revert to each creditor directly to ask they update their records accordingly. If they state they have not received the relevant paperwork you can either send them a copy of your final report and certificate of implementation or contact us and we will do the same.

If you are still unable to resolve the matter, you will need to contact the regulators for the individual creditors that have failed to meet their obligations as per the agreed terms of the IVA.

Once again, ensuring creditors meet their expected obligations is not within our authority. However, creditors are subject to insolvency law and regulations.

If you have any further questions do not hesitate to contact us.

sourcrates · 11 October 2018 at 12:47PM

When you said your IVA had ended, i assumed you already had your certificate of completion.

Harry_Hammer · 11 October 2018 at 1:04PM

Still doesn't explain why the IVa wasn't on my credit reference, but six weeks later it is!!!

PrettyKittyKat · 11 October 2018 at 6:07PM

If you haven't received your IVA completion report then it is still active.

Which credit reference agency did you check where it wasn't showing? Presumably if you were looking to sell your property you checked all 3? It would be best contacting them directly to enquire as to why it wasn't showing but now it, this isn't down to your IVA company or creditors but rather the credit reference agencies searching and compiling of the information.

ToxtethO'Grady · 12 October 2018 at 6:45PM

Your IVA will show on the Insolvency Register until 3 months AFTER it has completed so any credit reference agency will reflect this under Public Information on your credit report.

https://www.gov.uk/search-bankruptcy-insolvency-register

Harry_Hammer · 13 October 2018 at 6:28AM

Having spoken to Experian, the IVA was only entered onto my credit file between 25th September & 10th October!
The other two agencies are not currently showing any trace of the IVA on their file report!

Experian are looking into this and I have contacted the Insolvancy Register as well for information.

IVA finished - Not cleared from credit file

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