Defaults

[Spiderman]

Just a quick question...

Some people seem to advise that once I have decided to go for IVA I should not pay any creditors, not even a token payment. Obviously this may lead to a default. From experience I know that that a default remains on my credit file for 6 years after the debt is settled - does this mean that it stays there for 11 years? - 5 years IVA + 6 years after completion of IVA?

Thanks.

[Spiderman]

It's ok I've found the answer to this, and it seems to be in our favour - actions taken in the past, such as CCJ's, will be overturned - quoted from the Thomas Charles debt help leaflet.

[mikebdomain]

Hi Spiderman and welcome to the forum

Defaults are not like CCJs they will not be overturned. However, existing defaults run concurrent with your IVA and no more will be added once you enter an IVA. So the whole lot will stay on your credit report for 6 years and no more.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Adam Davies]

Hi
Some creditors have been known to default a year after bankruptcy/IVA,but it is rare.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

Tesco have defaulted me, but apparently they aren't allowed to once a person is bankrupt - I don't know if it's the same with an IVA. After having a row with them on the phone as they tried to get me to make a payment, I sent them a stroppy letter explaining how BR works and suggesting they train their staff properly - funnily enough I haven't had a reply!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[louiseh]

MBNA did threaten to issue a default to me up until my IVA was satisfied so technically if the last one is issued in the last month of my IVA it could total 11 years last one remaining for 6 years from last issue 5 years into IVA. I've been in IVA for nearly 4 months now, no additonal defaults that I know of, could have been an empty threat to put me off going through with the IVA.

[mikebdomain]

As long as you keep up with your IVA arrangements they can not default you - as long as the debt is included in the IVA. If they do you can get it removed - so your right, empty, unfounded threats.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Spiderman]

Thanks for the feedback everyone - we have decided we are definitely going through with the IVA, so feeling better already.

[mikebdomain]

Good for you Spiderman - make sure you talk to a couple of IVA companies, there are a few good ones on this forum who post often.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf