www.iva.co.uk

Hi I have an Iva from 2011, I reduced payments in 2012 to 1p p.m. On the advice of The ip. Being an ostrich I continued with this payment rather than facing my debts full on. It's post five years of my Iva, what can I do to remove it from my file? I may have sold my house so could I make a offer of a reduced lump sum to clear it or could I wait till next year (6 years) to let it expunge naturally?

It will only "expunge naturally" at 6 years if it has been completed or formally terminated. There is a strong possibility that there will be a restriction on the title deeds and a sale could result in the IP getting the proceeds to pay towards the debt.

I am afraid it is head out of the sand time and speak to your IP to see what the current situation is.

Thank you, I shall contact them

Why did your ip advise payments reduce to 1p/month? Have they sent paperwork to inform that you have breached the iva? Have any creditors been in touch at all??

Paul

Rather sounds as though it has failed - was it an IVA or a DMP?

I haven't had anything from the IVA company. They advised to reduce it as I was struggling to make payments at the time. Rather unwisely, I kept this up and stuffed my head in the sand. A couple of creditors have sent me letters but not much in nearly three years. Can I make an offer to settle guys?

What can and cannot be done will depend upon the current status of the IVA -- if, by any slim chance, it is still open you cannot negotiate with creditors directly, but would need to go through your IP. If it has been terminated you can approach each creditor with an offer, but their response is firmly in the lap of the gods.

I would suggest that you check on the Insolvency Register to see if it is still showing as active on there.

Which IP company is it?

It is showing on the register when I checked a couple of days ago, Debt free Direct have advised me that it failed and was closed in Feb of this year. I have no creditors on my Experian credit file, the public record is showing an IVA though. How can I get this removed?

I'm afraid it won't come off until six years from the start of the IVA so you will have to be patient.

the iva started in 2011, if it failed this year will it be six years from now or the actual start date of 2011? How can I make sure it is removed?

It should be from the actual start date. You just need to keep checking the records.

You need to get the IP company to provide you with a letter of termination and also get them to update the agencies.

Thank you very much, I shall request a termination letter

I have found my termination letter from February this year, the six years will be up in June next year can I have it removed from file with this letter or should it be removed by debt free direct?

I have no list of creditors on my credit record file other than this iva

2017 it will fall off your credit report- give and take a few weeks.
It is your responsiblility to ensure you credit report is accurate.