www.iva.co.uk

Hi All- Once the IVA has been completed, should all the credit accounts on my credit file be marked as settled with a nil balance.

Your credit file should be marked with IVA completed

But will the individual accounts be marked as settled?

I think that this will happen after the six year point - but other posters have better knowledge of the credit scoring agencies than I, so hopefully this will be answered for you tomorrow.

My creditors slowly corrected the balances with settled or partially-settled once my IP had issued the IVA completion documentation. One or two kept registering a balance outstanding after this point, but once I'd sent off my completion certificate to them it was soon corrected. The one outstanding issue I have is that Cahoot registered an account as default AFTER the IVA had been agreed. I am currently still in correspondence with them and they aren't too keen to change it.

Yes the accounts should be marked settled or partial settlement with zero balances. IF creditors don't comply you need to keep badgering them!

They will then fall off 6 years from the default date as this occurred first & should have been the start date of your IVA.

I found that even though accounts were marked settled / IVA completed on my CRF, my credit score was still shot while the IVA still appeared in the Court Information.

Wasn't until everything completely fell off at the 6 year point that my score improved!

Thanks everyone for applying. I'm not worried about the score, just want my file as tidy as possible due to a potential new job.

All the best with your potential new job simon. Hope it works out for you x

If companies are dragging their heels over this then contact the information comissioners office and make a complaint. Make sure the credit file people know that you are going to complain,this usually speeds them up!!!

Paul

MP1965 wrote:

Wasn't until everything completely fell off at the 6 year point that my score improved!

Is this six year point from the date the IVA started
?

Yes Tina from the start not when the IVA is completed. Your debts are defaulted at the beginning and these will all disappear after six years.

I am paying my iva for 5 and a half years will this stay on my credit file for 6 or 6 and a half years

It should still be six years from when the IVA commenced.

Michael, what would happen in the event that someone's IVA was extended beyond 6 years?

I would think the defaults would fall off as normal after the six years but the IVA would still remain on the register. Not sure how the credit agencies would operate if the IVA was still live but I cannot see how they could keep it on the credit file.

Pretty academic anyway since anybody in an IVA cannot get credit without notifying their IP and disclosing the IVA to the lender. This applies whether the IVA is on the credit file or not.