IVA warning

[MrW]

Hi, I started my IVA back in April 2009 with Freeman Jones, I never missed a payment and in May 2014 I completed my IVA, a year later I received my completion certificate.
I signed up with experian and watched each of my creditors drop off one by one after 6 years had past, I seen on the TV a free service offered by Noddle I signed up and was horrified when I seen their report did not match experians.
On Noddle's reportI had a loan from Nemo finance which was included in my IVA, but this loan information is staying on my record and will not be removed for another 5 years.
I have asked Nemo to remove this information as it is having an adverse effect on my credit score, Nemo are refusing as they say they can keep the record 6 years after my 2015 settlement date. I have also asked Experian, Noddle, Equifax, Freeman Jones to remove this information and failed now the case is in the hands of the financial ombudsman, which I know will fail too.
Why?
Because Nemo finance never registered a default against my name, on my credit report Nemo finance month by month have reported AP (arranged payment) even though their settled date (IVA completion certificate date) is 2015, this information will now stay on my credit report until 2021, 12 years after I entered into an IVA
Nemo finance have told me that by not registering a default against my name they have placed me in a better position with my credit report.
This is a laugh because now 7 years after my IVA started I can't even increase my overdraft never mind rebuild my credit score.

I wish I never entered into the IVA with Freeman Jones, I wish I had become bankrupt.
I wish I could warn everyone who is thinking about entering into an IVA, that even after your IVA finishes the nightmare doesn't!

[Foggy]

Thank you for your post reporting an unfortunate situation.

I fail to see how Freeman Jones, or, indeed, IVA's in general can be tarred by the actions of a rogue finance company.

What, I believe, should be more closely monitored and regulated are the credit reference agencies themselves for reporting misleading information.

[MrW]

Thank you for your reply, all the credit reference agencies all tell me that Nemo Finance are treating me unfairly, but they cannot remove the information held by Nemo finance without their consent.

[lifenoteasy]

Complain to the information commissioner.

[MrW]

Freeman Jones tell me they can't help me,
Experian, Noddle and Equifax do not have the power to change my report without Nemo finance's permission.
The financial ombudsman are likely to reject me, (because it's not claim related)
The financial regulator, does not deal with individual cases,
Everyone is telling me that this cannot happen but no-one can tell me how to put things right.
I'll try contacting the information commissioner tomorrow, but I'm not going to hold my breath.

[kallis3]

Hi,

Get in touch again with Nemo and enclose your completion letter - tell them to remove any defaults as you are going to escalate your complaint.

[MrW]

Hi I tried that back in January, and spent plenty of hours since on the phone with them trying to reason with them, but to no avail.
I honestly thought Freeman Jones would have sorted this for me, but guessed wrong!

[kallis3]

Unfortunately it's not down to FJ to do this.

Nero are wrong though as any incorrect information should be taken back to when the IVA was first taken out, not when the IVA was completed.

Have you written to the Data Controller at Nemo directly?

You have to threaten them with further action. You could also threaten to involve the press - Tony Hetherington in The Mail on Sunday is usually good at sorting this sort of thing out.

[Foggy]

I agree with Lifenoteasy in that you should be contacting the Information Commissioner.

Page 7 of the information commissioner's office [ICO] report says defaults must be registered no later than the time the IVA was approved.

The links below should be helpful:

http://www.scoronline.co.uk/sites/defau ... _final.pdf

https://ico.org.uk/concerns/handling/

Nemo should have registered the default as soon as they became aware of the IVA. It is different in a DMP as a creditor can leave it marked in arrangement and not register the default but they must in an IVA. I am sure the ICO would come down in favour of the OP as it is a formal insolvency and must follow a process.

[Lisa Thomas]

I agree with the others you need to escalate. FJ will not be able to help you - its a personal issue.

[MrW]

Some excellent advice from Foggy, (many thanks) I will try the ICO the links you provide have provided me with more information than anyone has given me. Even this morning I have been in touch with them and the financial regulators and both agencies could not give me the information you have. In fact the financial regulator gave me the phone number for citizens advice.

I note in the first link from the ICO page 6 as follows,

"Apart from being 3 or more months in arrears there are other circumstances which may lead to the recording of a default:
1. Property such as a house or vehicle has been repossessed or handed back with no indication to pay a remaining balance.
2. The provider takes steps to cut off a service.
3. The account is in arrears and the provider receives an indication that you have left your
address without notifying them.
4. Evidence of fraud.
5. The account is or has been included in a bankruptcy, CCJ, Individual Voluntary
Arrangement (IVA) or similar."

The above includes the word "may" I can't find anything that states Nemo finance must issue a default against me.
And that is my main problem, if the ICO rule that Nemo's interpretation is correct i.e they hold information that I was in an arranged payment and my settlement date was 2015, then I will have the IVA record for 12 years.

[lifenoteasy]

Nemo is closed to new business but are part of the principality building society group.

If need complain directly to them.

[Lisa Thomas]

http://www.principality.co.uk/contact-u ... o-complain

[MrW]

Hi I've contacted Principality, they are not prepared to get involved with any case related to Nemo finance.

[kallis3]

You are definitely going to have to escalate this.