www.iva.co.uk

Hi,

I took out my IVA almost 18 months ago and when I did,I made an agreement to extend it to 72 months in place of being made to release equity in year 4.

What I'm looking for is a definitive answer on what happens to my credit file after my IVA expires. Conflicting information tells me that you are affected for 6 years from the start of your IVA but some people say that it's from the end. I just find it difficult to believe that your credit would be affected for 12 years in total.

Can anyone help?

It is definately from the start. So six years from the date of your creditors meeting, the entries placed on your credit file are obliged to be removed.

You may find that creditors default you after the date of the IVA being approved.

They are no allowed to do this, so once you have completed you should get a copy of your credit records and see what it says. There are three main agencies - Call Credit, Experian and Equifax.

If there are any defaults on there, write to the creditors and ask them to remove those defaults. I know it's a bit early, but Skippy has a very good template letter on her blog.

My IVA was approved a few weeks ago and I got a letter from Egg saying that they are aware my IVA was approved and attached was a lovely default notice under the Consumer Credit Act 1974. It basically said I had to pay £14k by 27th July! Work that out! If they are not allowed to do it why do they waste time sending letters that cost time and money - doesn't make sense to me. They must know the rules.

Hi
I guess they may have to default your account before writing it of.
I think that all banks etc write off the full amount of your debt from their bottom line once you enter an IVA. Effectively that debt is still owed by you until your IVA concludes.
Regards