Credit rating - repair

[redhead]

If i am successful in completing my IVA 2 years early and receive my certificate from my IP that i am no longer in an IVA which i have been told to send a copy to experian etc to say i have now finished my IVA and to repair my credit rating. Do i still have to wait another 3 years for my credit rating to be repaired[?]???

I can just see in the far distance the light at the end of the tunnel hurray!!!!

[MelanieGiles]

Hi redhead

Your IVA will remain on record for six years from the date it was accepted by creditors, regardless of the time it is closed.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[ivoriva]

The IVA will remain on record for the full 6 years, but it will be marked as completed once the credit reference agencies know about it. That will improve your rating, but I wouldnt consider it fully repaired until it drops off completely. And even with a blank record, you still have to get credit and manage it well before you get the best rates etc.

[Oliver]

An IVA will show on your credit file for a period of 6 years from its inception regardless of when you complete the agreement.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

I agree with the experts above, eventhough you have completed you IVA early it will still remain on your credit report for 6 years from the inception date.

Best Regards. IVA Experts

[redhead]

Thank You all all for your input
I would like to say that these past 3 years have been a learning curve for me and if i have learnt anything from being in debt and in an IVA (which im glad i did) its IF I CANT PAY CASH for anything then DONT buy it until you have the CASH for it. I must admit i get so much pleasure now in saving and buying goods in cash knowing its MINE!!!!! and i am very smug about it too.


I can just see in the far distance the light at the end of the tunnel hurray!!!!

[Oliver]

I think Britain has become particularly accustomed to a "buy now pay later" society and that this problem has attributed somewhat to the high number of people in the UK living with debt difficulty.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[chris_]

How does the six year rule apply to my credit records as I am now 6 years and 1 month into my 5 year IVA!

Will my records show that I am no longer in an IVA ?

Chris.

[Oliver]

The record of your IVA should be removed 6 years after its inception. If this hasn't been done send a copy of your completion certificate to the credit reference agency.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

Redhead - It’s great to hear of the wisdom you have gained through your IVA experience.

I agree with you that saving up for something and then purchasing is alot more rewarding, however we are living in an "instant" driven society.

Best Regards. IVA Experts

[Davemw]

If you have a default on one of your debt taken over by your IVA should the default be removed?

[Storm]

No - the default reflects the final status for the lender.