Iva complete - credit score default or settled?

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Post by Clarky27 » Sat Feb 08, 2020 3:54 pm
Hi all. We started our IVA in sept 2014 and got our CoC last week(so relieved). Have been checking credit file and most are in default but one who was included in the IVA has change it to settled this year after previously being in default every month and they say it will be on credit file for the next 6 years, is this correct? Are they meant to stay in default and then drop off or all move to settled and be there for another 6 years?


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Post by Foggy » Sat Feb 08, 2020 5:28 pm
The status: 'settled', 'partially settled', etc. is irrelevant. What is important is the date the account was formally defaulted: the 'date of default'. This should be on or before the start date of the IVA itself. Defaults, along with everything else: status and history, will drop off 6 years after the 'date of default'. If the account has not been formally defaulted, but just marked as in arrears it will remain there for six years after it was marked settled. You need to contact the creditor and demand that the account be defaulted as of the start of the IVA, so that it drops off in time.

Have a read here, where there is a template letter to use: https://www.iva.co.uk/what-does-an-iva- ... dit-record
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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