Just noticed that any company can subscribe to the insolvancy database by paying £1410 inc vat and they get an xml with everyone's data in back.
This seems a bit crazy as surely the banks are going to subscribe to this and store the insolvancy data against us so making things like mortgage searches harder as you'll have to answer it honestly when asked have I been in an IVA.
Seems stupid - dont want to start and age old debate of being honest once we're completed and in year six we've paid our dues and shouldnt be treated any differently. It does seem unfair that people can subscribe to this and it's also how I keep getting spam letters in the post no doubt from companies saying my iva has been missold!
Anyone can look at the Insolvency Register for no fee at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Understand that but what im saying is if you a subscription user you have raw access to the data in xml format. You'd then import this into your own banks database server like sql server, then you can use it at while to perform searches on.
If they never delete this data they have when you were on the insolvancy register, etc on an iva which is unfair when it's fully paid!
I have no idea about this at all and hopefully one of the experts can help.
I've not heard about anyone having to pay for information at all. Once you have completed an IVA/DRO/BR then your information will be deleted from the register.
One of our posters has said today that the information may be held for two years but then it's deleted.
I cannot see it being held ad infinitum.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If the company has the xml file ie. the bank whats to stop them not deleting the data from their servers for 5 years after the iva for example. They can then use this at will data to credit score and underwrite any loans, mortgages, etc.
Seems extremely dangerous to me, ok standard data retention laws exist which the information commission can force but banks are known for keeping things longer until the regulators get involved =)
I don't think that many companies will be wanting to shell out money to be honest.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I can see what your getting at. You will never really know what the banks know about your beyond your credit reports. Only way is to apply for a mortgage and ifs rejected, apeal for an answer as to why.
I doubt that many companies will use this as it cost them. We have had nobody post about having problems due to this before.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I also see where you are coming from and hope they don't do it. However my Bank know anyway because my standing order pretty much spells out to them what I am in and I don't care as far as I am concerned it shows the bank you have been in trouble financially done something about it and got back on track.
Also if throughout the IVA your bank sees how well you have managed within your budget with no credit available to you it can do nothing but improve your chances of a future mortgage as it proves you have learnt from your mistakes or had bad luck and fought through it without running to bankruptcy and hiding from your problems.
Also what better evidence of living to an available disposable income could they need?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I also see where you are coming from and hope they don't do it. However my Bank know anyway because my standing order pretty much spells out to them what I am in and I don't care as far as I am concerned it shows the bank you have been in trouble financially done something about it and got back on track.
Also if throughout the IVA your bank sees how well you have managed within your budget with no credit available to you it can do nothing but improve your chances of a future mortgage as it proves you have learnt from your mistakes or had bad luck and fought through it without running to bankruptcy and hiding from your problems.
Also what better evidence of living to an available disposable income could they need?
The banks wont see it like that though all they see is "youve had problems with debt. Your two risky to lend to" even years after your iva completes, you still have to declare it on the mortgage application form. And if you do get a mortgage. Double figure interest rates!
We have a poster on here who has just got a mortgage - ok the interest rates were high for the first year but they will come down next year.
I disagree that you won't be able to get credit once the IVA and defaults drop off your record. There are certain things you can do to build up your rating.
We will be able to get back into mainstream credit lending at some point.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I never said that wouldnt be able to get credit once iva has finished. My iva finished dec 2010 i applied to a vanquis credit card last month and got accepted. I will be trying to repair my credit rating best i can and hopefully when the iva drops off my file i would like a mortgage with my girlfriend as we want a home togethor. i read alot of forums that state you will always have to declare you were in a iva in post 6 years on mortgage applications even though there should be no record of it. But no one to blame but myself for getting into a situwation where i needed a IVA just hope there is life after IVA
