IS THERE NO END?

[hara]

Dear all,

I hope one of the experts will be able shed some light on the issue below.

As the regulars know I eneterd in to IVA in july 06 and have just completed with a full and final settlement.

Now I have received a statement from Bank of Scotland Visa card for outstanding balance,though interest has been added.It has upset me and causing some anxiety.

1) I phoned them and was told that they are obliged to send one every year by law.But as I understand by law they are not to send any statements to debtor once IVA is agreed.So what is the rule.

2) Can they keep on sending despite an IVA is concluded?

3) what effect will it have on credit rating? If they keep on sending such statements there will be an end.

4) Once the IVA is concluded,as I understand the rest of the debt is written off.

5) Once I receive my certificate of completion will these statements stop?

6) I am worried that they may send a statement for ever,which means that theoritically,debt can continue for ever.

7) Importantly can they ask for money even after an IVA is successfully completed and a certificate of completion is obtained.

How do I deal with these statements.

9) If the law is that I should not be receiving these statements, why am I receiving these?

10) a few months ago Natwest had sent a statement as well

It is very distressing.

Hope to see some reassurance and importantly clarification.

Thanks.

hara.

[Max]

Indeed, I hope someone can answer that lot - important they are.

[kallis3]

Hi,

Yes, they are obliged to send one every year, but ignore what it says. The news about your full and final possibly hasn't got to them yet.

The remainder of your debt will be written off, and once the news has filtered down to the creditors, you won't hear any more from them.

Shred the statements, they can't come after you for any money once your IVA is completed.

Your credit rating is going to be shot until 6 years after the IVA was agreed. You may find you have defaults on your record after your IVA was agreed - you will need to write to those creditors and tell them to remove those defaults.

[Max]

That answers that - TG!