I think a year after the IVA ends you will need to write to the credit referance agencies and submit proof of IVA ending IE certificate, they will then remove all defaults from the credit file, not 100% on this but pretty sure its not automatic
You need to obtain a copy of all the three reports - look at them, make sure that NO defaults have been placed after the start of your IVA (if there is you need to write to the Data information Officer at each company - enclosing a copy of your IVA certificate)asking fot them to be removed
If you dont and there is defaults listed after the start of the IVA - they will NOT Drop automatically.
Stephendl - you are there then - the rest unfortunately is time.
I am sure you havent forgotten but after 6 years - you have NO credit history - perhaps bank account/mobile phone/ credit card - it is only then you credit with start to rebuild - it takes time honestly
Yeah ive got a Vanquish CC, santander current account with debit card, o2 mobile contract, on electrol role. I have other CC that are settled on there that are still regestering. Other settled mobile phone contracts that will run into 2014 before there wiped so apart from the IVA and Default i still have history on there which is all green, i only ask as me and my girlfriend will try and secure a mortgage in january, between us weve managed to save £45,000 deposit so want my credit file to be in as clean as posible hers is glowing lol
You still may find it difficult - to get main stream credit - as often the "have you in the last 6 year been in a debt arrangement" question will appear on the application form - if you answer NO - and they find out you risk being done for fraud + getting the application thrown out.
Perhaps when the time comes use a whole market broker - be upfront and honest.
Dont use ANY of your previous creditors /as they are allowed/have to hold their own records for a minimal of 6 years after accounts closed
Thanks for your responce, with regards to using creditors if for instants i wanted to use santsander for a mortgage as i have my santander current acount with them, when i was in my IVA a standing order was coming out of my current acount for the course of the iva, i take it they will have this information on file and hold it for 6 years after IVA? Santander was never one of my creditors
My IVA lasted 6 years so my defaults have started to fall off automatically, the only ones that are still left on are those posted after the date of the IVA arrangement. Need to clean them up. Just waiting for certifcate before I write. One is due off on 30th July so that will go soon, I have another for 3rd September, and one for the 31st October. These should never have gone on as my IVA Agreement date was 12th July.
If you have an active account - they will retain all the info - so if you told them about your IVA - it will be down there somewhere.
Also a lot of companies have merged etc - so you may find information being shared between them
As a lot of mortgage products come with product fees /booking fees - you want to be sure sure the application proceeds ok - hence a whole broker agency -
You dont want to be paying money out on fees etc - only to have mortgage applications being refused etc
Any defaults registered after the date of IVA acceptance should be removed otherwise it will take another six years to be rid of them 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
