i am undertaking an extra year of payments in my iva due to not being able to release equity, do i still have to wait the year after finishing this for iva to dissapear off my credit file?
Your credit file will be damaged for 6 years from the date the IVA was approved and your name will remain on the IVA register for about three months after completion.
Hi Nikkit, it is only normally a year after IVA completion due to most IVAs being based on 5 years. If your is being extended for another year chances are the final payment will co-incide with the 6 year point however as michael says there will be an administrative period to wait and this can vary. As soon as you get your completion certificate check the records as your IP should have instructed them to clear the file. You can request it if not.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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