Do I need to send completion certificate to credit agents and High Court to be updated ?

[Stanley.np]

Hi there, I hope you can answer me the following questions.

I've just finished my IVA and received the certificate last month.

In order to have a clear picture of my financial statue and I've requested my credit report from the three main credit agents, Callcredit, Equifax and Experian.

My question is, do I need to send my IVA completion certificate to them to update my default accounts to satisfied ?

I understand that the default accounts will come off automatically after six years.

Also I have a CCJ showing as “ACTIVEâ€￾ on my credit reports and what it mean by that, would that mean there is a impact when I applied credit or mortgage in the future ?

Again do I need to send the certificate to the High Court to be updated ?

I want to improve my credit rating and it seem I am not going anyway without your help and advices.

Thank you.

[ginger323232]

Stanley - the CCJ will remain on file for 6 years after the date added - this will drop off automatically - whether paid or no. The IVA does NOT cancel out the CCJ, it just prevents it being enforced

Get copies of you credit reports from all three agencies - and then check to see if all defaults are dated on or before the start IVA date - if these are dated later they will not fall from the credit report on the six years mark. ensure account are marked settled or partially settled

[Foggy]

Hi Stanley -- your IP should have supplied the CRA's with copies of the completion certificate -- but it would do no harm to send them your own copies.

[ginger323232]

sorry foggy - i was editing when you posted - sorry !!

[Foggy]

No worries, Ginger

[sponge]

There's little to do and some say sending in CC and like cuases more grief than it solves. But on that turn of six years be ready to clean up your CR. Your CR rating goes pretty epic overnight once all defaults and and IVA has gone. Just note that equifax put your IVA out of PR into the NOC section, just give them a tinkle (the UK call centre) not errrmm the other one and they'll remove over the phone

Then it's pretty much happy times. For example my Exprian is 982 in the excellent segment (anything > 970) once it was cleaned. One poster has got 996 which just about busts the scale. And whilst lenders do have their own criteria (even down to post code) it gives you a good idea where your at

[Stanley.np]

I've just sent the certificate to the three main agencies today and I am hoping they will update my credit file...

If I entered my IVA after the default accounts and they should mark as 'Satisfied' is that correct ?

For example; My account default in 2007 and 2008, and my IVA started in 2010 would it mean those accounts is been satisfied now ?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sponge

There's little to do and some say sending in CC and like cuases more grief than it solves. But on that turn of six years be ready to clean up your CR. Your CR rating goes pretty epic overnight once all defaults and and IVA has gone. Just note that equifax put your IVA out of PR into the NOC section, just give them a tinkle (the UK call centre) not errrmm the other one and they'll remove over the phone

Then it's pretty much happy times. For example my Exprian is 982 in the excellent segment (anything > 970) once it was cleaned. One poster has got 996 which just about busts the scale. And whilst lenders do have their own criteria (even down to post code) it gives you a good idea where your at

[ginger323232]

No the defaults will remain for six year (2013 + 2014) - regardless of the IVA the original accounts are in default due to not continuing with the original agreement. What they cant do do/should not do is add further defaults to the accounts after the 2010 IVA date, But your IVA will remain on file till 2016

[kittyface]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ginger323232

No the defaults will remain for six year (2013 + 2014) - regardless of the IVA the original accounts are in default due to not continuing with the original agreement. What they cant do do/should not do is add further defaults to the accounts after the 2010 IVA date, But your IVA will remain on file till 2014

Sorry to hijack this thread (and apologies for long post) but it is on the same topic and might help anyone else having similar issues with their credit files and the advice GT give them...

Ginger, would you think the following advice from GT was correct? I still don't, but can't get a response from them.

I checked my credit file after completion and sent this email to GT:

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>I recently completed my IVA and upon checking my credit file with Experian a few days ago, I noticed that although one of my accounts was agreed in 2006 for [amount 1], they are still updating the account on my file (last update was last month) and the amount has now risen to [amount 2 - 2x amount 1].

I was under the impression that as the creditor (Natwest) had agreed to be in the IVA in August 2006, the default amount would be frozen at that point and no charges would be added and it should be showing as 'satisfied' or at least 'partially satisfied. In fact, as 6 years has passed, I think it should be removed altogether. However it just shows as a delinquent account with almost double the agreed balance.

Can you advise please? I know I need to contact them to make them change the date of the default to the date of the IVA, however I'm not sure if you would deal with the fact that they haven't stopped the account as agreed and that they are claiming that the amount owed has risen.

So two issues, Natwest adding charges and the default dates being a few months later than the IVA start date.

I got a reply from Claire who said that the Natwest issue was something I would need to sort out with them myself (which is another story) but then surprised me by saying the following about the default dates.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>I am writing to advise your creditors are within their rights to add Defaults to your file up to the point at which your IVA successfully completes.

While creditors have accepted the IVA, you are technically in default of the original credit agreements. Some creditors will not add additional defaults following the approval of an IVA but some creditors, this is a automated action.

I didn't think that sounded right, so having checked online, I replied with:

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>
Hi Claire,

Thanks for the response. Sorry to be a pain about this but I've found several different forums commenting about cleaning up your credit following an IVA, for example:

"Another important thing to look out for is any adverse information after your IVA started. Ideally you should have a clean bill of health as any issues would have been registered with the CRA prior to the start of your IVA, but if they’re showing and you’ve got issues listed after your IVA started you should address these straight away.

Your IVA will show on your credit file for six years from the day it started. So if your IVA was five years long it will only be listed on your credit file for a further 12 months.The idea behind asking creditors to correct the dates on default notices is to make sure that these too will be gone within 12 months"

This implies that it is expected that creditors included in the arrangement will not add any default notices following the commencement of the IVA.

So, Clare explicitly states that creditors can add default notices right up to completion, so in my case, I could have a default notice placed on my credit file in July 2012 for one of the accounts covered by the IVA, rather than the August 2006 start date. Um....ok.

I requested clarification as all the advice out there seems to contradict this. Of course I've had no response at all to follow up emails I sent on(10th December & 19th respectively).

It doesn't really matter how many times people stick up for GT on these forums - if they consistently give us misinformation and bad service, they are not doing their job properly. My advice would be ask them the question, then go away and check everything, at least twice!

[ginger323232]

Kitty face - They can and do add defaults all the way through the IVA - once you have the completion certificate. However defaults after Iva Start date can be challenged and removed. They have to be or they will sit there for six years, write to the Data information officer (not customer services) enclosing a copy of the certificate - There is a template here on the forum you can use. If this does not happen escalate the complaint to Information commissioner

[kittyface]

Brilliant, thankyou GT could have clarified that in 2 minutes if they'd replied to any of my emails!

[ginger323232]

Did you find the template ?