I completed my IVA 2 years early with a full and final payment.
I have received the paperwork from the variation meeting showing the F&F is complete, which I assume is the completion 'certificate'?
What I really want to know is who should I be contacting to tidy up and sort out my credit score and rating, what I need to send them, and generally how to get the rating 'on the up'!!
Experian and Equifax are the two big hitters and they are very helpful. When my BR discharged I asked for certain items to be changed and they really went out of their way to help. Removing associations and helping with the wording on entries until I could get my discharge certificate from the courts.
You can sort your record very fast if you are sensible. I have one credit card, a catalogue and a new iphone 4 contract. All are paid in full every month. Not to get in a hole again but to have the record improve month on month.
Your IVA will stay on your credit file for 6 years from the date of your creditors' meeting. Before you do anything else you need to check your credit files from the three main agencies, Equifax, Experian and Callcredit. If any accounts have been defaulted after the date your IVA was agreed then you can ask the data controller from those companies to remove the default, which they must do.
Who do I deal with first? The 3 Credit Check agencies, or the companies I had the accounts with?
What information will they need/want/require?
Are there any standard letters out there with the correct terminology on that I can print off??
Best to go to the agencies first. You will probably have forgotten some creditors and your credit file will be a good list to work from. They also give you the correct addresses to contact the creditors to have entries changed if necessary.
As Scott says -- go to the agencies, you can get your statutory reports online for £2 a pop.
There was a great letter posted on here a while back (sorry -- can't remember who penned it) for getting the defaults corrected:
(NOTE ADDRESS BELOW IS THAT OF THE DATA CONTROL OFFICER FOR SANTANDER WHICH IS NOT THE SAME AS THE CUSTOMER SERVICE ADDRESS)
Data Control Officer
SANTANDER UK PLC
2 TRITON SQUARE
REGENTS PLACE
LONDON
NW1 3AN
Dear Sirs
Re: Account Number [FROM CRA FILE]
After consultations with both the Information Commissioner and the Credit Reference Agencies, I am writing directly to you to request that you formally update my credit files in accordance with the Data Protection Act.
I entered into a Individual Voluntary Arrangement on [IVA AGREED DATE] and subsequently completed the arrangement on [IVA COMPLETED DATE], and Abbey was included within the IVA. For your convenience I have attached a copy of my Certificate of Completion.
Currently the information that you have recorded against my name with the Credit Reference Agencies is factually incorrect.
• It is requested that if you intend to default the account, the default entry date must be dated [IVA AGREED DATE], in accordance with the Data Protection Act.
• It is requested that you mark the account in some way as to indicate that no further monies are due and the account is now paid, in accordance with the Data Protection Act.
I also request that any search you carry out is deleted after correcting the information held at all three credit reference agencies.
The Information Commissioner has indicated that I should allow you 28 calendar days from the date you receive this letter to comply, during this time you are requested either to update the Credit Reference Files correctly (of all three Credit Reference Agencies) or notify me in writing the reasons that you refuse to.
After the 28 days have elapsed the Information Commissioner has requested that I inform them if your company fails to update the records so that they may take any necessary enforcement action against your company.
I have copied the relevant completion certificate to this request.
Yours faithfully
YOUR NAME
Enc:
IVA Certificate of Completion.
ICO Default Guidance Note V3 02/08/2007
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
