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  • IVA failed but creditors gone from credit file

    Hi all,

    Im after some advice please. I had an iva back in 2007/2008. It failed and I have heard nothing from any of the creditors. My credit report has wiped all those creditors off as over 6 years ago but my IVA still remains on there. It says I owe £0. I called the Insolvency service last year to be told my IVA was logged as failed until 2011. I have checked the register but am no longer on it. So if my IVA is due to come off next year how does it work? Desperate to improve my credit as looking at moving house asap.

    thanks in advance

  • #2
    Re: IVA failed but creditors gone from credit file

    I think you will find that it will stay on credit agencies for 6 years and then it will no longer show. It can't be deleted as it was a financial event that needs to be recorded.
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    • #3
      Re: IVA failed but creditors gone from credit file

      It will drop off +6 years from the date of failure so in 2017.

      It's it's worse than a default in a way as it usually shows under "public data" like judgments & bankruptcy do.

      Just sit it out till next year.
      I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

      If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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      • #4
        Re: IVA failed but creditors gone from credit file

        Originally posted by t-p View Post
        I had an iva back in 2007/2008. It failed and I have heard nothing from any of the creditors. My credit report has wiped all those creditors off as over 6 years ago but my IVA still remains on there. It says I owe £0. I called the Insolvency service last year to be told my IVA was logged as failed until 2011. I have checked the register but am no longer on it. So if my IVA is due to come off next year how does it work? Desperate to improve my credit as looking at moving house asap.
        The IVA entry will say you owe £0 because it has failed so you owe £0 under your IVA agreement.

        However that's not the same as owing £0 to your creditors because these debts will not be statute barred unless your last payment to them (via your IVA) was in March 2010 or before. When did the last payment get distributed to your creditors?

        If your last payment was in 2008/9 then the IVA should have been logged as "failed" within a reasonable period of time after that - not three years later in 2011.

        Don't rock the boat until you're certain these debts are SB.

        Plan B x
        I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

        I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

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        • #5
          Re: IVA failed but creditors gone from credit file

          Thanks for the replies. My last IVA payment was 2008 2009 at the latest, that's why I was shocked that it didn't get logged it 2011. will I need to do anything next year? or will it come off? ive heard before someone say that I might need to prove its over 6 years to be taken off my file?

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          • #6
            Re: IVA failed but creditors gone from credit file

            Originally posted by t-p View Post
            My last IVA payment was 2008 2009 at the latest, that's why I was shocked that it didn't get logged it 2011.
            I'm shocked too.

            I think you should send a Subject Access Request to your IVA provider so you can see exactly what went on.

            If you need a SAR template letter to send then let us know.

            Plan B
            I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

            I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

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            • #7
              Re: IVA failed but creditors gone from credit file

              thanks for that. going to sound stupid, if I contact them im still safe from everyone that I owed money too? also the guy was always a bit of an arse and I never liked talking to him so not sure if they would help?!

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              • #8
                Re: IVA failed but creditors gone from credit file

                I'd not worry. Just sit tight until next year. Don't do ANYTHING silly now; as one wrong move could cause a whole world of discomfort. Especially being on the borderline of Statute Barred across the board.

                Trust me, wait it out. Don't make any contact with anyone.

                The reason it can take so long for an IVA to show as failed is because habitually they record it after the next anniversary. They're entitled to do that because on occasion they pay annual sums to creditors.

                However, as said throughout - I'd strongly urge you to sit it out. There's nothing you can do and fighting the date on failure to clear your credit file could well open a can of worms. What's one more year in the grand scheme of things?

                You'll struggle to get a mortgage until it drops off (it's automatic on the 6 year anniversary) however it shouldn't really affect any rental as you could argue it was settled / dealt with long ago. planB is your best bet on rental credit checks
                I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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