Hello, my friends. I should be proud that I completed on 13/10/2010 and that the Insolvency Service marked me as completed on 10th November 2010. But I am so depressed and frustrated about the fact there is still so much fallout from all of this
1. I understand that the IVA falls off your credit file altogether after six years.
The problem is that the debts that were part of my IVA are still showing on there as defaulted, most of them satisfied.
There is a further problem that some of the debts in the IVA are showing with a default date of Jan and Sept 2006! I am horrified about this because
2. I need to replace my car and will need to get finance. There is no way in the world that it will pass the next MOT in Feb 2012. Thus there is no way I can wait until Oct 2012 to apply for car finance. I was turned down by Ford Credit already recently and am minded to try again in November/December when the defaults go
3. The issues of rebuilding credit. Naturally I don't want to go mad, I don't want credit at all if I can help it, but for a car it is unavoidable. Catch 22!
Would it be a good idea to apply for just the one credit rebuilder card with a small limit and manageable limit, so between now and December I keep up the payments and get a credit profile again? I already have it recorded on my Experian report that I pay my mobile bill on time and that my Co-op Cashminder account is in good order. Any advice as to who is likely to give me a credit card? I have an Experian score of 775, a pleasant surprise.
Any advice about those defaults that are the wrong date?
Sorry for the rambling but I am getting increasingly upset and frustrated!
Legally, the Data Controller has a obligation under the Data Protection Act to correct inacurate information at the CRA when they are informed of it.
So in the case of a default being registered after the IVA agreement date, they must either remove the default or back date it to the time the IVA was agreed.
Additionally, they should mark your account as 'No further money due' following the conclusion of your IVA.
Well done on completing but I can understand your frustration at not being able to get things sorted.
You need to write to any creditors who have defaulted you after the date of IVA acceptance, enclose a copy of your completion letter and tell them to remove those defaults. They have to do it.
As to car finance, you can use a company such as Dunctons as they will give you finance. However, you need a decent deposit and the APR is high.
You can apply for a card such as Vanquis as this will help your credit rating and make sure that all other bills are up to date.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As for credit builder cards I have heard Vanquis is one to go for. No need to peruse interest rates, which will be frightening anyway, as you WILL vbe paying it off each month. It would be easier to keep track of it you use it for only one thing, say petrol purchases (i.e something you would be spending anyway).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ginnyfizz - similar position to me ! I have spent this morning writing letters and attaching copies of the Certificate of Completion to all creditors listed having placed defaults on my records after the start of my IVA. As Kallis, says they have to amend these records as it against the rules not do - it is time consuming to do, but hopefully once done and 6 year anniversary arrives - they will all drop off !
I have recently used Dunctons to gain car finance to replace our oldest vehicles - this I did after the IVA completed and certificate received - we used our old car as a trade in deposit - we had to adjust our "wishes" for a car slightly - we were hoping to lease a vehicle that included th servicing costs, but due to IVA on our record we were not able to, however Dunctons have arranged car finance for us and the car will be ours in 4 years time having paid a monthly amount - or sooner should that lottery ticket come true !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Best to set up a direct debit for any credit cards & then there is no way you can accidently miss paying on time because the intesrest will soon rack up again if you do plus late charges.
I would never set up a DD for credit card payments and never would!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The only DD I ever did was for loans, never did it for a card and I would never do it.
My IVA payments are by standing order so I have control of that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I just noticed that there is another company in my area, ACF Car Finance, who are a showroom as well, who specialise in sub prime car finance.
Also on having another go at reconciling what is on my Experian report with the schedule of creditors that came with my completion certificate, something else has become clear
On Experian report = 2 accounts for Clydesdale Finance
On Schedule = only 1 for Clydesdale
Yikes! And then I went through a pile of statements from Max Recovery and found my answer. One of the Clydesdale accounts was handed to Max Recovery, but on my credit report it states that it is still Clydesdale. No wonder when I called Clydesdale a few weeks ago they only knew of one account.
So now I guess I have to ask both Max Recovery and Clydesdale to get their act together, as the two Clydesdale accounts are some of the ones that were defaulted on the wrong dates.
Thanks for advice so far, keep it coming, all gratefully received!
If your debts are all over the place, you can go direct to the credit reference agencies and they will approach the creditors for you.
Definitely give ACF a go and let us know how you get on. We always mention Duncton but would love to know of anymore. Partic if they are more competitive.
I believe, looking at my free annual credit report some time back Abbey sold my debt onto Max Recovery. Before doing so Abbey defaulted me after the IVA agreement date and still it still shows on the credit file.
I am of the understanding that if Max Recovery have taken over the debt, then they should be the ones to remove the record from Abbey. Im not 100% certain on that though, so might be worth investigating.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
That's right Ginger3232, actually it IS stated as Barclays on the IVA Schedule. I have already protested their entries and those of Nat West with Experian who are on the case and have marked the entries in question as having notice of correction requested.
But I guess it won't hurt to hound the creditors themselves, after all they'd do the same for me...
You should only ever do a 'Notice of Correction' if the information on the CRA is FACTUALLY CORRECT but you believe it creates a missleading representation.
If the data is inaccurate then insist it is removed.
Also be aware that these notices can hang around long after the defaults are gone too.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
