Post IVA Credit History Issue

[yorkcityfc]

Hi,

I finished my IVA early over a year ago now and have previously recieved some fantastic help on this forum. I have checked my credit file at credit expert (experian) today and have found some things i'm not sure of.

I have 2 items that were covered by my IVA on there that have been satisfied by are showing up as default. I have a screenshot here (I've hidden any personal details!):


[img]H:\Head%20of%20Department\1.jpg[/img]

As you can see two are still saying default. Should these not be classed a completed / satisfied? When I expand on them I get this information:

[img]H:\Head%20of%20Department\2.jpg[/img]

Basically i need to know if this is correct. If its not how do i sort it? Its been well over a year since the IVA was satisifed. I was hoping mty credit record would start to improve but it hasn't and I'm thinking this may be why?

I hope someone can help, thanks in advance!

[yorkcityfc]

Hi again,

Here is the text from above without the pictures - formatting seems to have gone wrong!

I finished my IVA early over a year ago now and have previously recieved some fantastic help on this forum. I have checked my credit file at credit expert (experian) today and have found some things i'm not sure of.

I have 2 items that were covered by my IVA on there that have been satisfied by are showing up as default.

As you can see two are still saying default. Should these not be classed a completed / satisfied? When I expand on them I get this information:

Basically i need to know if this is correct. If its not how do i sort it? Its been well over a year since the IVA was satisifed. I was hoping mty credit record would start to improve but it hasn't and I'm thinking this may be why?

I hope someone can help, thanks in advance!

[kallis3]

Hi, just write to the data controller at the creditors concerned enclosing s copy of your completion letter and tell them to remove the defaults registered after the date of iva acceptance.

[Buckles]

Hi, I can’t see your credit report and I don’t think you can add attachments on this forum.

Details on credit files can be held on record for up to 6 years from the point it is put on so it is possible that some of your debts will show on the file as defaulted. If your IVA is now completed then those debts should be marked up as satisfied.

As you finished your IVA over a year ago the creditors have definitely had plenty of opportunity to update your credit file. You can contact each creditor that is not showing as satisfied and ask them to update the file. They may just update the credit file or they may ask you to send proof that your IVA has completed so a copy of your final report will be needed. If the creditors refuse to update your file you can try going directly to the credit reference agency and requesting that they update your file. I’m not sure if they will but if you send a copy of your final report it may help.

Also remember to check the other major credit reference agency, Equifax as well. You may have information on this credit report that needs updating.

I’ve found it easier to use a company that checks all major credit files for you rather than writing to each agency individually. I’m not promoting any particular company but I used www.checkmyfile.co.uk and I was very happy with what I got. It’s expensive for the full report at about £20 but the detail and ease of use makes it worthwhile. I’m sure there are a lot of other equally good sites out there that you could use and that might be cheaper. If anyone else knows of any please let me know?

[Buckles]

One other point. A few clients who have completed their IVAs have told me that they have contacted creditors and asked them if they would remove the default from their credit file completely. Some creditors have agreed to this request. They are under no obligation but I suppose if you don’t ask you don’t get!

[MRBLUESKY]

My 6 years is up next month and although all but one of my creditors are showing accounts closed and satisfied,there is one showing a balance with the account status showing unknown,ive been assured by credit file company that all the defaults balances etc will drop off next month,so in the new year i am going to post all my credit details to show how accurate the info is.

[orange]

i finally got round to checking mine and it still shows some of the credit we had in our iva ? do these remain on your file long term or drop off? .my file says settled ,need to check my hubbies next has he was on most of the credit we had too,oh and no mention of the iva either

[TheMatrix]

Sorry long post but may be useful...

All defaults will drop off 6 years from the date marked as "Original Default Date" on your credit file

If you approach the CRA for them to remove a default, they will then ask for permission from the creditor to do this. They will not take it off your file unless the Information Commissioner tells them to or the creditor agrees.

Once you have a IVA Completion Certificate, you should send a copy to the CRA and ask them to update the IVA record to show it as Completed. In order to confirm this they will check with the Insolvency Service first of all. I also believe a update file is issued from the Insolvency Service to the CRA's for these updates both off and on the credit reports too.

It is VERY important that you get the IVA marked as completed, as the record of the IVA could well stay on your credit file for much longer than 6 years. 6 Years is the MINIMUM, the IVA record remains on your file until such time the CRA has been informed by The Insolvency Service that it is completed, and a period of at least 6 years have passed from it's registration.

You could try getting defaults removed, but given the IVA will remain for 6 years I see little point. A much better approach would be to get the defaults updated if they are incorrect. The following is what should be updated in terms of defaults.

You'll need 3 reports to start out with as each of the 3 CRA's Experian, Equifax and Call Credit have their own data, which could be different.

Ensure that all Original Default Dates are ON OR BEFORE the date your IVA came into effect.

Ensure that the balance on the default is marked in such a way to show that no money is due. - This prevents the debt from being sold on at a later date, even if it was included in the satisfied IVA and will stop the hastle of having to prove this to them.

Ensure that the defaults are marked as Partially Satisfied, or Satisfied on the date of your completion certificate.

In terms of the IVA register, your IP should have sent a copy of the final report and certificate to your creditors and Insolvency Service. This triggers the removal of your name from the public register and I believe the update files going across to the CRA's.

Your IP will not clear up your credit file, that is down to you.

[orange]

i dont understand my credit report ? its says settled on some stuff ? what do defaults look like? where would it show iva .to me it looked ok although just tried to get car loan and rate of interest 32% so i dont understand it any help good

[orange]

thanks matrix so will any others drop of after six years.do you know whether they would know that we were in an iva by these been shown on the cedit report

[TheMatrix]

The IVA will show under court information if it's gone from your file then the answer is no. No one will know about your previous IVA except...

If you go back to a previous creditor, they may have internal records which they may keep. The only way you'll find out is if you ask them. This can be done under Data Protection Act, and is known as a Subject Access Request. It costs you £10 maximum, and if you ask for everything, the creditor is obliged to send it. Costing them a fortune no doubt in administration too

What you really want to see is all your previous accounts marked as settled.

Defaults will more than likely show as seperate records and are marked with a BLACK D on your file. you wont miss them, as good data will show up as nice GREEN ticks.

HTH