www.iva.co.uk

we have had IVA now for just under 2 years (2 years in March this year) and 3 to go. My first question is: Is it normal to have very little contact with the company that organized you IVA? Second question is what does actually happen after 5 years? How does the credit scoring work and for example how long it will take after till I can apply for a mortage or something else similar?

I know a bit of credit reference as I have seen mine with all three companies as I am doing through a separation to settle debts.

Experian is the most used by businesses when checking consumer credit requests. Exp' does it own scoring but this isn't the same score as a mechant might assign you if you applied for HP or a phoneline. So EXP' could given you one score (a fee they charge to tell you) and the merchants can assign their own as they all have their views of a perfect customer for giving credit.

Afteryour IVA I think the default entries shown in red-only the last 36 months will change to Green as 'Satisfactory'and recorded against each debt and no more amount owning will show. Banks tell the agencies what to record and what you owned them every month.

However you credit score from merchants after this debt payment resolution would not then start as 10/10 or AAA or as 90% depending on the rating used..you have to rebuilt it again to score a reputable score -worthy of credit.

To do that don't have too many creditcards or have too many applications over a short time and refusals go against you too;do not have O/D it is recorded as debt;show you have some borrowing -HP etc but not as CC debts.

So it is not all over after the IVA if you want credit.But you'll get there

The less contact with your IVA provider, the better, it'll mean that they are happy with the progress of the arrangement.

These days IVA fees are very tight and there's not much scope for client contact other than the annual review and report.

At the end of the 5 years, if the IVa finished successfully, the Supervisor will send out a certificate of successful completion to all interested parties, your IVA will be taken off the government insolvency service IVA database, and a year later it will be wiped clean from your credit record.

Philip Beck - www.freeivaadvice.co.uk

Licensed Insolvency Practitioner and IVA specialist

My IP did tell me that unless I had any queries, which I was free to ask her, there would be no more official-IVA duties/contact until my annual review or unless circumstances changed.

I don't think there will be a general monthly e-mail/letter asking how things are going. IP's are very busy people who have plenty of cases to look after.

Chris

Visit my blog at http://cr15py.blogs.iva.co.uk

We have some clients that we do not speak to from one year to the next, and others who phone us all the time. Either way we are happy to be here to help, but only need to contact our clients when we have information to gather and usually just an the anniversary date.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp