Hi i wondered what people's thoughts would be on receiving the Completion Certificate right at the end when everything had been removed from the Insolvency Register:-ie after six years from the start of the IVA.
I was thinking it would be much fairer for this to happen as everyone would know when to expect it.
As at the moment every Insolvency Practioner has a different timescale.
I may be in a position to tell you from experience in a couple of weeks time.
The only problem I have got is that I still have defaults on my credit records that have been dated after the start of my IVA so without that all important completion letter there is not a thing I can do to get them removed.
I cant see me having a clean credit record on my 6 year anniversary so for that reason I believe IPs should complete IVAs as soon as possible.
At 6 years the IVA and any lingering defaults not corrected (as completed when your IVA at say 5 years is complete) are removed from your credit file is that what you mean?
Some IVAs are shorter than 5 or 6 years and many get closed down early so you could not keep them in their IVAs for six years.Furthermore, only some firms do seem to be slow at closing but clients of firms which close down promptly should not be penalised.
I believe defaults stay on your credit record for 6 years.
Any defaults that were included in the IVA should be dated to the day of the IVA commencment at the latest.
I have defaults listed on my credit records showing default dates later than May 2006 but the only way to correct these is by sending a copy of my completion certificate to the creditors who have incorrectly defaulted me but this will take time.
I would have liked to have got my credit record clear by the time my IVA dropped of my credit report but this is proving very unlikely.
Thankyou all for your comment, i simply thought, in an ideal world, how easy it would be for all involved across the iva industry to follow a standard procedure, but as in all walks of life when systems have to be put into place and followed there will always be winners and loosers.
i agree with you olydak and totally agree with Micheal's people, it sounds like some firms are being very selective in allowing closures and others seem to be dragging their feet, if one company can close their IVA's then why can't others? Perhaps there is a need for standard procedures across the board so that people know exactly where they stand regardless of which company they are with.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
I have been waiting since the 7th march for my completion certificate in IVA for 12mths I know people on here that have had there completion in ten days so Im just sitting waiting hope it wont be to far away I would hate to have to wait 6 years
Hi Parjay - email Mike Peoples (mpeoples@mccambridgeduffy.com) and ask him to see if he can find out when you will receive your completion letter. Don't forget mine was done quickly due to the small amount that would have been refunded re the vat issue (think it worked out at under £50).
Mike will help you if he can - you certainly wont have to wait 6 years!
Hmm, sorry but I got my certificate within a month of completion and was removed from the insolvency register shortly after and then applied for a Vanquis card as this was really needed (not for credit but for the job)
To suggest I should wait another year for the most important piece of paper im my life which I need as a legal document to clear my credit file where a creditor is incorrectly marking me in default is bizarre just because some IPs being slow.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
