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  • Failed IVA

    Hi my Iva failed in 2012 and is still showing on my credit reference file - can anyone advise when this will drop off my file as it is showing as 110 months old?

  • #2
    Re: Failed IVA

    Most financial entries stay on your credit file for 6 years.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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    • #3
      Re: Failed IVA

      Originally posted by cymruambyth View Post
      Most financial entries stay on your credit file for 6 years.
      Thank you for your reply - does that mean that it will stay there for 6 years after the date it was deemed to be failed? So Iif failed in 2012 it will drop off 2018? Thank you so much for your advice - I am trying to clean up my credit file as I want to get a mortgage. Thanks again.

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      • #4
        Re: Failed IVA

        Originally posted by Jacspacs View Post
        Thank you for your reply - does that mean that it will stay there for 6 years after the date it was deemed to be failed? So Iif failed in 2012 it will drop off 2018? Thank you so much for your advice - I am trying to clean up my credit file as I want to get a mortgage. Thanks again.
        Indeed that's what it means. 6 years (2018) it'll drop off.
        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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        • #5
          Re: Failed IVA

          Thank you for that information - when i contacted Experian they advised that the Iva was still ongoing - does this mean that the Iva company have not updated their records? If so any advice on how I get this information updated? Thanks again for your advice ��

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          • #6
            Re: Failed IVA

            Originally posted by Jacspacs View Post
            my Iva failed in 2012 and is still showing on my credit reference file - can anyone advise when this will drop off my file
            It will drop off your credit file six years after the 'Letter of Termination' which can be some months after your last payment.

            That date ('Letter of Termination') will also be relevant for Statute Barred purposes.

            When an IVA fails the debts remain live and the creditors can still chase you and/or issue legal proceedings to recover them including the interest which was frozen during the IVA term. You no longer have the legal protection of the IVA.

            Annoyingly the money you paid into the IVA will be used to pay the Insolvency Practitioner's fees first so limited funds may have been distributed to your creditors.

            Did you have PPI on any of the debts included in your IVA?

            Were all the debts in your IVA still with the Original Creditor or had some of them been sold to a debt purchaser?

            Di
            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: Failed IVA

              Originally posted by Jacspacs View Post
              I am trying to clean up my credit file as I want to get a mortgage.
              When was the last time you were in touch with any of the creditors since the IVA failed?

              Depending on what the debts are/were it may make sense to send a CCA Request to any which decide to chase you just before they go SB.

              Don't do anything yet but post on your thread if you hear direct from any in the coming months.

              Di
              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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              • #8
                Re: Failed IVA

                I did not receive a letter of termination - I have found an old email from the insolvency practioner which said that there was a delay due to reclaiming of vat so the termination letter will be sent shortly. I only received communication from max recovery following the failure of the Iva relating to 3 mbna accounts - the other 2 creditors (intelligent finance and Barclaycard) have not been in touch - I have since made an offer to settle the max recovery debts which they accepted. The Barclaycard debt and the intelligent finance debt are not showing on my credit file - just the Iva is showing along with default catalogue and payday loans from 2013 - all of which are now settled and have a zero balance. The Iva is showing as zero but the credit reference agency said that as they have never been informed of completion termination it has to stay on- what should I do next? Really appreciate all the advice - I've been drowning in debt for so long and am now in a much better place trying to get back on track and evevtually get on the housing ladder ��

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                • #9
                  Re: Failed IVA

                  Maybe the next step is to establish whether the IVA provider is still in business (who was it?) and whether they issued a Letter of Termination and if so when did they do that.

                  If they've mismanaged your IVA then you may be able to make a complaint against them as explained by the CAB here > https://www.citizensadvice.org.uk/de...-practitioner/

                  I would think the best way forward is to make a separate post on each debt on this thread so we can see what's what. It would be silly to awaken any creditor who may have forgotten about you so don't contact them direct at this moment in time. You need to stay under the radar for the moment.

                  Have any of them sold the account to a debt purchaser?

                  Are you still living at the same address as you were when you were in the IVA?

                  As I said previously keep your eye on the mail in case any decide to resurrect the debts prior to them going SB next year.

                  Di
                  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


                  Comment


                  • #10
                    Re: Failed IVA

                    Originally posted by Jacspacs View Post
                    I only received communication from max recovery following the failure of the Iva relating to 3 mbna accounts - the other 2 creditors (intelligent finance and Barclaycard) have not been in touch - I have since made an offer to settle the max recovery debts which they accepted.
                    So you've settled the three MBNA accounts presumably with a F & F which prevented them selling on the balance?

                    Di
                    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


                    Comment


                    • #11
                      Re: Failed IVA

                      Originally posted by Jacspacs View Post
                      I did not receive a letter of termination - I have found an old email from the insolvency practioner which said that there was a delay due to reclaiming of vat so the termination letter will be sent shortly.
                      What was the date of that email?

                      Maybe send a Subject Access Request to the Insolvency Practitioner so you can see what really did go on (or not).

                      There's a template SAR here > http://forums.all-about-debt.co.uk/s...l=1#post495040

                      You may need to give it a tweak to suit your specific circumstances.

                      Di
                      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


                      Comment


                      • #12
                        Re: Failed IVA

                        I am still living at the same address as I was when still in the Iva - I moved whilst I was in the Iva and assumed that the Iva administrator advised of new addresses etc. The Iva was through Payplan as I was previously in a dmp with them. If I ring them will they be able to provide a copy of the notice of termination?

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                        • #13
                          Re: Failed IVA

                          The email from Payplan was dated may 2012? And yes paid max recovery for mbna debts to settle although they said that this would be recorded as partial settlement but no further action would be taken.

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                          • #14
                            Re: Failed IVA

                            Thanks planB.

                            Jacspacs - try not to worry
                            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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                            • #15
                              Re: Failed IVA

                              Thank you - I am trying not to worry (I've had so many sleepless nights worrying about by financial situation - wish I'd come across this forum years ago!

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