If your credit file reflects default

[james.c]

IVA Kid, even though i did an IVA and still think they are good thing, going back for my situation and if i had do it again i would be better of going bankrupt, it would of cost me less, be finished by now and credit file would be quicker rather than an IVA

[ytsejam]

To be fair james, the consolation that some can be removed, when there is no real reason for them to be there in the first place is scant to say the least.

As I suggested, there should be more comprehensive rules for the treatment of a credit file under an IVA, akin to the BR rules, if the credit reference agencies are going to consider them the same but the lenders choose to abuse the lax of uniform treatment.

After all, there are probalbly *only* 200,000 IVAs in the country - a nice temp job for someone to correct all these erroneous and uncessary entries.

[james.c]

Does any of the experts on here know soem one high up at the credit agencys to see if this can be sorted out, or can they even be taken to court to sort some kind of legal ruling once and for all

[IVA_kid]

I agree it does sound like for certain people an IVA would work, for example to save some personal assets such as house, car etc. However, for someone like me who had no assets, I am completely gutted I did not go for BR now. The main reason I went for the IVA was because I was told my credit will be not impaired anywhere near as much as in BR. This is blatantly not true and I feel the product was somewhat misrepresented.

Right now, I would also be 20k better off

[flumpy dog]

hopefully if mels free later she might be able to advise

[james.c]

thats the main reason i did an iva, as i was told i should still be able to get a mortgage, could i get one - no chance

[ytsejam]

No-one can get mortgages at the moment, so I wouldn't suggest that was indicative.

Hopefully some-one can sort this out and clarify. IVAs must have concluded in the past and people returned to normal civilisation, so it might just be a lender back lash to the current economic climate

[Adam Davies]

Hi
I think that IVAs will be on your file for six years and there is no evidence that it will be any longer than that.
What is in question is the recording of default notices on your file.
If you receive a default notice on your file and you have not actually received a notice through the post then I think that you can argue that it is unenforcable and should be removed [there are many sites offering advice on this].
If creditors are going to record a default each and every month when someone is in an IVA and this will stay on the credit file far beyond the time that a record of the IVA falls off then this needs looking into urgently.
Regards

[sparklywatcher]

As I understand it Andy this is more about the defaults being marked as satisfied after the 6 years and this therefore showing as a default (albeit satisfied) for a further 6 years. We know we can get defaults off after 6 years but if creditors mark the credit file at the end of the IVA default satisfied this will show as a black mark for a further 6 years.

[Max]

Andy - what about the note of correction advice by Experian - is that pretty useless advice?

[sparklywatcher]

I understand the note for correction would be if defaults were put on after the IVA is agreed, however marking a default satisfied after IVA completion would not actually be incorrect would it, however the default would then be there for all to see for another 6 years

[flumpy dog]

groan im getting stressed hope they sort this out soon [:(]

[Max]

Not much of value then

[sparklywatcher]

I am very stressed by this information as well... thought I could see a light at the end of the tunnel, but am now wondering whether to bite the bullet and just go BR so at least in 6 years time I can start again.... really didnt want to but 12 years bad credit would basically mean I could never get a decent mortgage (am currently in council house) but was hoping to escape one day [:(]

[TheMatrix]

I agree with what Andy is saying above. I have received NO POSTAL MAIL giving a DEFAULT after my IVA was approved.

First Direct have defaulted me 12 months after my IVA date, and continue to mark my file in default every month.

Shown as DDDDDD etc on the file.

Now I cannot do anything at the moment, in fact it would be pointless, but once the IVA has finished and I've had the letter to say it has been completed satisfactory then I will use these letters to get ALL THEIR DEFAULTS removed.

http://www.learnmoney.co.uk/credit-card ... otice.html