www.iva.co.uk

I am currently working my way throgh an IVA. Is has been running for a year now and all is going ok with it. However, one of my creditors, Lloyds, is about to enter a default on my record. They should have done this back in October last year when the IVA was originally setup I believe.

My understanding of an IVA is that after 6 years it is gone from your credit record, once you have conpleted it. However, if your creditors wait a number of years to enter the default, your credit rating will be screwed for an extra couple of years. For example, if Lloyds waited for 3 years instead of 1, then my credit rating would show the IVA for 6 and then the default for another another 3. All together your credit is destroyed for 9 years instead of the 6 I originally had counted on. Is this correct as it seems very unfair?

Thanks for any help.

Jacqui

I dont know, sorry. But with the LLoyds thing i noticed that when our IVA finished all the other creditors had updated the file to satisfied apart from LLoyds...i wrote to them about it and heard nothing...it was still on there nearly a year later. I wrote to the credit file people and they sorted it out.

Maybe they are just too busy counting there profits to take the time and update peoples records.

I aint bitter honest...

These Banks are just pure evil...what's the point in defaulting someone years after when the arrangements are made.....yuo should write to them as it is not standard practice?

Tesco are trying to default me and I have been BR for nearly 6 months. It's extremely unfair that they can screw up people's credit ratings for longer than necessary - not that I want credit again, but one day I'll need another car, and I do intend to repair my credit rating one day!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi skippy

I must be a bit dum I dont know why but for some reason I assumed all action from your creditors would stop once you were BR including defaults, as you say not that we want to build a debt empire again, but would be nice to know we have a clean slate in 6 years.

Pippa

You're not dumb Pippa - Tesco are and I don't care if they read this and know exactly what I think of them! Yes, defaults and letters are supposed to stop once you are BR - perhaps someone should explain that in words of no more than one sylable to Tesco and Littlewoods.

Sorry, I'll get down off my soap box now! As you can tell this is bugging me!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi
This is a worrying trend.
I would be interested to hear Storms view on it
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thanks for the replies. It just seems unfair that after 6 years you can still be tainted by the default for another few years.