Posted: Wed Mar 02, 2011 6:58 pm
Great News.
Entered an IVA in April 2010 paying about £450 a month, with a dividend of about 49%. So there is hope out there for you all. Once my IVA had been accepted everything went so smoothly and really helped. I also gained an understanding of budgeting and appreciated everything I bought.
All went smoothly and then a family member was able to make a F+F offer for me! Excellent, so started process in October and variation meeting with my IP in December. Although my circumstances had not really changed my new I+E was just £300 a month (very surprised as this made me feel that I might have been slightly overpaying this budgeting in the previous 7 months or so!!
Anyway, I decided to be sensible + fair to creditors and offered the original dividend. The creditors meeting took place in January and was accepted - fantastic. We made payment straight away and my IP now says it will take about 16-20 weeks to clear and get my completion certificate.
However, i cam a bit confused about what happens next, help appreciated;
1) When will this clear from my credit record? For instance, if I joined a new company and they ran a credit check how long would my IVA be flagged?
2) Do I need to be doing anything else to clear the IVA from my records (credit record, insolvency register etc)?
3) If in later life I am asked a very open question, such as have you ever been made insolvent, is there a statue of limitation here? Also, under an IVA are you considered to be insolvent as this is a voluntary arrangement?
Thanks for any advice!
Entered an IVA in April 2010 paying about £450 a month, with a dividend of about 49%. So there is hope out there for you all. Once my IVA had been accepted everything went so smoothly and really helped. I also gained an understanding of budgeting and appreciated everything I bought.
All went smoothly and then a family member was able to make a F+F offer for me! Excellent, so started process in October and variation meeting with my IP in December. Although my circumstances had not really changed my new I+E was just £300 a month (very surprised as this made me feel that I might have been slightly overpaying this budgeting in the previous 7 months or so!!
Anyway, I decided to be sensible + fair to creditors and offered the original dividend. The creditors meeting took place in January and was accepted - fantastic. We made payment straight away and my IP now says it will take about 16-20 weeks to clear and get my completion certificate.
However, i cam a bit confused about what happens next, help appreciated;
1) When will this clear from my credit record? For instance, if I joined a new company and they ran a credit check how long would my IVA be flagged?
2) Do I need to be doing anything else to clear the IVA from my records (credit record, insolvency register etc)?
3) If in later life I am asked a very open question, such as have you ever been made insolvent, is there a statue of limitation here? Also, under an IVA are you considered to be insolvent as this is a voluntary arrangement?
Thanks for any advice!