Information to help you deal with your CRF's

Moderators: TalbotWoods, JaneClack

By indy2005
#195645 Hi,

Just about to enter a F&F IVA. My question is what goes on the CRF, is it the defaults I received 18 months ago, or is it the fact I have entered an IVA at all that is likely to give me more problems in the future.

For example, If I enter an F&F IVA, I assume I am automatically discharged. Does the IVA stay on my record for 6 years, or the 2 defaults which I only have to wait 4.5 years to go.

Thanks

I
User avatar
By Yogi Bear
#195650 The IVA stays on your Credit File for six years from date it's registered, independently of any account defaults.

There's a factsheet issued by Experian which explains the effect of an IVA on your credit file in more detail:
http://www.experian.co.uk/downloads/con ... rsion1.pdf
By indy2005
#195651 Thanks...got quoted 14.9% APR on a 25 year secured loan today, just because I had two defaults. Can only be worse with an IVA tacked on there, unless I am being royally ripped off.

This document says

Once your IVA ends, the Insolvency
Service will let the credit reference
agencies know. The agencies will
then update the IVA entry on your
credit report to show it has been
‘completed’. The entry then stays on
your credit report for six years from
the date the IVA began. You might
continue to experience difficulties
getting credit and other financial
services because you were in an IVA

in the past. If you do manage to find
someone who will lend to you, it is
likely that they will see you as a highrisk
customer and they may charge
you a higher interest rate as a result.

Does this mean even after 6 years, the fact you have been in an IVA is going to cause me problems.

Also it states an IVA stays on the file from 6 years of date of arrangement , rather than completion. This seems odd to me.
User avatar
By Yogi Bear
#195655
indy2005 wrote:Does this mean even after 6 years, the fact you have been in an IVA is going to cause me problems.

Also it states an IVA stays on the file from 6 years of date of arrangement , rather than completion. This seems odd to me.

It's wiped off the file once the six years are up, so no-one's going to know unless they specifically ask: "Have you ever....."

Not really odd: it's the same as a default, a CCJ, a bankruptcy or any other negative entry. It's always six years from the date the event occurred, regardless of whether or when it was subsequently satisfied.
User avatar
By TalbotWoods
#195656 Except

Despite what the IVA factories tell you, an IVA is a legal form of insolvency, so the record of an IVA will remain at the Insolvency Service in Birmingham, which a lot of the maid street lenders subscribe to, so .....

Even in 10 years time if you are asked if you have ever been insolvent or bankrupt, you have to answer yes, if not they will find out.

So not matter what route you take it can effect you for years after it falls off of your CRFs, dependant on the criteria the lenders use.

Tim