Received certificate of completion what next?

[julie68]

Am do happy came home to my certificate of completion today, thank you GT but what happens with credit agencies do I have to write to them to update my records or is it done automatically?

[sponge]

Do nothing at all let the 6 year pass then and only then look to see whats left. You can get a free for life Noddle credit report just to give you an idea where you at for now

Most of the posts I have read get nothing but agro if you mess about with it as one poster nicely put it "it's like a scab don't pick or it will take twice as long to heal... euuugh And don't apply for credit the less lenders know about it the better they may share information. Naturally new lenders will be blind to it once it's all cleared after year six. Oh well done by the way just one more year to go but at least you should have some extra cash in your pocket

[sponge]

I meant 72 months must pass before your IVA etc drops off so not sure where you are in that calander?

[julie68]

Thanks for the advice although I don't know if I will actually bother with obtaining credit it will be nice to pay with cash and a bit scared incase I get in a mess again

[sponge]

I didn't bother either, happy with my debit card, saved a bit too with the YBS right next door to the nationwide - handy

[herbekj]

On receipt of your completion certificate, go to a bank machine, take out some money and have damn good night out.

[julie68]

Am just pouring my first glass of wine to celebrate

[TheMatrix]

I disagree with the suggestion to do nothing.

Sit and do nothing and after 6 years you may find the IVA is still on your credit file, if things do not get updated as they should.

You should at least...

Wait until the record has been removed from the insolvency register. Then........

Get hold of your credit report from the 3 Credit Reference Agencies, Experian, Equifax and Call Credit.

Ensure the IVA is marked as COMPLETED. If it's not write to each of the CRA's and ask them to update their records to show it as completed including a copy of the completion certificate.


You may also like to....

If any defaults have been put on with an original default date after the start date of the IVA you may wish to contact the creditor to ask them to amend the default date to the date you entered the IVA.

[stormsylv]

I agree.

The three credit reference agencies have a legal obligation to have the correct details showing on your credit file.

Although my name was removed from the insolvency register, Experian failed to remove the IVA from my records and I had to push them to correct my file which they did but it did take them close to 3 weeks and they have 28 days to act.

Personally I think that they took their time in the hope that I would continue to subsribe to their monthly service.

I would also like to add that is important to have your credit files in order even though you may have no intention of taking further credit in future because as well as credit cards you could find yourdelf getting refused for the likes of new bank acounts, mobile phone contracts, property rental/mortgage and even car and house insurance.

[ordinary_world]

TheMatrix and Stormsylv: many thanks for this advice ....I will follow this to help clear up my credit files now that I've received my completion certificate.

Will my details drop off the Insolvency Register automatically or do I have to request it?

[stormsylv]

Your IVA will drop off the insolvency register automatically so keep checking, one day you will find that when you search for your IVA your file will not be found.

Mine dropped off around a week after recieving my certificate but some take longer and others are sooner.

After recieving my completion cretificate I signed up for the free trials with Experian and Equifax as well as already being signed up with Noddle (the free service from Callcredit).

I then emailed a scanned copy of my completion letter to those three agencies asking them to correct my files and was very amazed that Noddle wrote to me informing me that the IVA would be removed within seven days which happened, so 10/10 for them.

Equifax emailed me a week later and removed the IVA from my file the day after and Experian (credit expert) took almost 3 weeks!!!

At least they are all clear now though.

[TheMatrix]

Word of warning about Equifax, they have a tendency, don't know if they still do, to put a "notice of correction" on your file to say the IVA was completed.

You don't want this, you just want it marked as IVA Completed. The reason I say this is these notices stay around until you ask for them to be removed and result in manual intervention when one is placed when a search is done by a company.

[ordinary_world]

Many thanks for this...much appreciated.

Best,