www.iva.co.uk

Hi,
I am 4 years and 3 months into an IVA. It is all up to date and the last payment is in September 2015. A relative has offered to pay the rest off now. At this late stage in the IVA is it worth considering this or should I just let it run to completion? I am thinking that by the time they reviewed it i would probably be less than 6 months away from completion. I understand all the markers will remain on the credit file for a further year. so don't see any positive benefits.

Also I have just had to get a copy of my credit file for a new property I am renting. I noticed that on some of my creditors it has settled. On some like first direct it shows as defaulted back in 2010 and some show the names of Max recovery and Pco holdings as a default I assume they bought the debt from Egg and MBNA,etc). Should I do anything about any of these now or wait until the IVA is completed and go back to make sure the records flagged correctly? IF so any tips as to how to go about this.

I agree that a full and final might be pointless at this stage as you rent anyway so there will be no extension for equity. You could ask the IP firm if they will accept the payments and close the file down without a variation but if not you may as well let it run.

Max and PCO do buy debts and are usually fine removing the defaults when the time comes.

Thank you. I assume you mean 'when the time' comes, to be the date of my last repayment?

No. Once six years have passed from the date of the original IVA.

At 6 years then, does all records of these IVA debts disappear. So when someone looks at my credit report, I have no debtors? Given that I wont have had any late payments in this 6 years period, what sort of credit rating would I have at this point and will I have the ability to build up to a moderate credit rating after a couple of years

Everything should have gone after six years except the likes of Sky and mobile phone contracts which you would have continued to pay. You would then look to the like of Vanquis to get a credit card and rebuilt your credit score.

Have a look here for clear up info:

http://pjgrecovery.com/clean-up-credit-rating.asp