Well I completed my IVA a month ago and got my completion certificate within a week!!!! Madness I know!!! I have also come off the insolvency register!!! I had a look at my credit file today on Experian and I am classed as very poor which I expected. What I am confused about is that there is no mention of the IVA on there just a lot of red defaults. A few say settled but I think these are the ones that have sold out to Max recovery e.t.c most of them say default and then the amount. Should they say this for the next twelve months and then drop off or should they say something else? Also there is one in orange which just says three missed payment and is showing up that I still owe that amount. Even though it is part of the IVA. Hope this makes sense!
double check that that IVA has not slipped into the NOC section. You can phone up and ask for this to ben removed or it will stay there forever. Credit Records are kept for six years on IVA, defaults and the like (I think is akin to statute or some such thing) Post six years, things will clear up. Many ex IVA posters end up with quite high credit scores and ease of access to regular credit if required
As said as long as you have completed the 6 years then they should not be there. It was a mine field for me too. I wrote to every company that had a default on me some had put it on after the IVA which they can't do but they do. Apart from a couple they all removed it and the ones that didn't I complained and got money off them. Best of luck but do remember to check Equifax and Call Credit you will find some are on those and not Experian. PS remember to enclose a copy of your CC when you write to them.
It takes something like 6 weeks for your creditors to start updating your file:
But. You need to make sure that:
All accounts are marked up as settled ,satisfied or partially satisfied. ( this will prevent problems in the future with creditors phoning you up,,chasing you for money)
All accounts should have default dates starting around the time the iva was started.
The account that is showing up orange needs to be changed to the correct default date of when the iva started.
You can sign up for free to " noddle" - which is call credit.
& get your statutory credit report from equifax & experian for £2.
To get the info changed & accounts marked up as settled or satisfied you will have to send in your completion certificates & I sent in a copy of our final report proving that the debts were in the iva.
With our files I concentrated on experian. I've had all accounts marked up as satisfied & have had one default date changed to the correct date, because otherwise it would have been on there til 2019!! ( although we do have about 3 that are after the iva started but only by a few weeks so I have just let them be)
The creditors are legally obliged to correct any incorrect information but it can take a while!!
If you look around the forum, there are template letters that will help you. Sorry,, I don't have any links for these. But foggy & skippy will probably have them.
With us: experian removed the iva almost as soon as we dropped off the insolvency register.
Noddle have said they won't remove it til the 6 years are up. & equifax said that they would remove the iva from our files once our completion certs have been sent in. However it is showing up as "completed" with noddle & equifax.
In theory everything should drop off when the 6th year is up. I am yet to find if this is going to be true.
Based on my own experience: it's not been too problematic but it is a right pain!!! & it does seem to take a while to get to get things changed.
Good luck with it all!!
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
To be honest, rightly or wrongly, I've not done a lot in respect of my credit files since IVA completion. The 6 year mark comes on the 8th February and I plan then to blitz things in the hope of getting it all cleared up. In reality it may not happen like that but I'm hoping.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I made my last payment in October 2012 and got my CC in January 2013. I didn't look at my credit files till September. I noticed that four defaults had the wrong dates. Two of these rather insignificantly by days, but two by a longer time. I sent letters to these (using the pro forma on this site) but they were ignored. No replies were received. So I asked Experian and Equifax to chase the two companies - Lloyds and RBS as it happens. Lloyds almost immediately corrected the date of the default and it immediately dropped off. RBS however have consistently refused to answer either my letter or Equifax or Experian. (Callcredit just changed the dates themselves and they dropped off immediately). After a month of waiting for a reply, Equifax just deleted the RBS record. However, Experian continue to report it - now my only outstanding default - and say they are powerless to change it. So today I have made a complaint to the Information Commissioner. What is evidently not true is the Experian aren't allowed to change information held. Equifax and Callcredit both have. What is more galling is that I only paid for a £2 statutory report from Equifax, and yet have had excellent customer service. I decided to sign up for Credit Expert so I could see Experian's file whenever I wished. And yet I have had poor response from their customer service department.
My advice is act early to get the default dates sorted out. Earlier the better. They do just drop off automatically. Experian did not have a record of my IVA either by the time I saw the report. The other two did. Equifax was in a note remarking that it had been settled. They removed it once I asked. Callcredit's fell off six years after the start date.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
