Completed IVA, received Completion Certificate

[runiuksp]

I've completed IVA early by F&F. I've just received Completion Certificate and I'm wondering what are the next steps now...

Should I write to every lender with a copy of the cert to remove any defaults recorded after IVA start date?

Thanks

[Adam Davies]

Hi
My personal opinion is to let your credit file sort itself out with the automatic six year rule.Your IVA will be on your file for six years from when it started even though you have concluded yours early, so just let it fall off naturally along with all other creditor payment details

Regards

[sponge]

some posters try to tinkle round with their CR but as Andy says just let the six years pass, can be more agro than its worth. It won't make a jot of differnce to your CR, your sort of stuffed until six years is up. About the only call you'll have to make (generally) is to Equifax they have a habit of putting your IVA in your Notice of Correction on your CR. But use the UK call centre number just post six years and they will clear it on the spot.

Also don't listen to any old chestnut about getting a vanquis card and improving your CR. Your CR repairs itself once all trace of your IVA has gone

[Ox1987]

Curiously how well do they repair once all trace has gone can it ever go back to pre IVA/debt levels

[ClareSilver]

Once the record of your IVA and any defaults have been removed, that's it basically. However, having no form of credit will also give you a low credit score as well. The best thing to do to try and 'repair' your file once all traces of the IVA and defaults have been removed is to start with a mobile phone contract and ensure it's paid every month. You may also wish to consider a small, manageable overdraft with your bank and ensure it's paid back. This will help you long term.

There are a lot of companies out there offering to 'repair your credit file', however there's no need to instruct anyone to do it for you, you can do it yourself, it just takes time.

[Foggy]

You don't have to fiddle with your record post IVA for it to heal -- however, you DO have to check it and make sure that any defaults registered are dated on or before the date of acceptance of your IVA, otherwise the IVA will drop off but the defaults won't !

When all correctly dated defaults and the IVA have dropped off you will have a CLEAN ( not good or repaired) credit record. This will show lenders you have no credit record at all ( just like when you left school).

You do need to build up some sort of history to give lenders confidence that you have and can handle credit responsibly. As Clare says, small things like mobile contracts, properly run bank accounts ( if your bank reports to the CRAs) all help the cause.

[runiuksp]

Thank you for the replies.

So what should I do to get those defaults removed?

Thanks

[Foggy]

They will drop off 6 years after the date they were entered. If they are ( and they should be ) included in the IVA the lender must date them on or before acceptance of the IVA once the IVA is complete.

You will need to send a copy of the completion certificate to the data controller for each company, with a request that they re-date or remove the offending entry.

[sponge]

When you have finished your IVA post six year (on the axe almost) your credit rating repairs itself….no really it does. You see if you've run your current account well which you should have with no overdraft on a cash account you get many green ticks on your CR that along with car insurance on DD a credit agreement in itself, you'll see that your credit rating will be well into the 900+/1000 as many posters will testify post six years, mine for example is 982 some posters have even higher! For example Kelly R.23 just passed her six year mark walked into a regular high lender and got a regular mortgage.

And no you don’t need an overdraft of any sort, words fail me..


Posting amended by admin to remove comment that may have been deemed as disrespectful

[runiuksp]

Does anyone have a template letter that I can use to write to them?

Many thanks

[Foggy]

James Falla has an excellent guide to post IVA clean up on his BeatMyDebt website:

http://www.beatmydebt.com/iva/improving ... er-iva.htm

He has also produced this template (to save re-typing it can be dowmloaded from the "Useful Documents" link on the page linked above):

Your Address
Goes Here


The Data Control Officer
Name of Creditor
Data Controller Address


Dear Sir

Re: Account Number xxxxxxxxxxx

After consultation 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 was subject to an Individual Voluntary Arrangement (IVA) which commenced on <Date your IVA started> and subsequently completed on <Date of Completion>, and <name of creditor> was included within the IVA. For your convenience I have attached <whatever evidence you have of the IVA - this would normally be your IVA Chairman's report - and your completion certificate>.

Currently the information that you have recorded against my name with the Credit Reference Agencies is factually incorrect, and despite several written requests to your customer services department, as yet your company has failed to correct the entries as required.

• It is required that if you intend to default the account, the default entry must be no later than <Date of your IVA>, in accordance with the Data Protection Act.

• It is required that you mark the account in some way as to indicate that it is settled or satisfied, in accordance with the Data Protection Act.
• If you have sold the debt on, according to the Information Commissioner, you are still liable to ensure that both you and the new holder are aware and that as the originator of the information it is your responsibility to ensure that it is corrected.
The Information Commissioner has indicated that I should allow you 28 calendar days from the date you receive this letter to comply with the above requirements. 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 look forward to hearing from you.

Yours faithfully

[ClareSilver]

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

Clare Silver and I'm not being rude what a load of old tosh you are posting. When you have finished your IVA post six year (on the axe almost) your credit rating repairs itself….no really it does. You see if you've run your current account well which you should have with no overdraft on a cash account you get many green ticks on your CR that along with car insurance on DD a credit agreement in itself, you'll see that your credit rating will be well into the 900+/1000 as many posters will testify post six years, mine for example is 982 some posters have even higher! For example Kelly R.23 just passed her six year mark walked into a regular high lender and got a regular mortgage.

And no you don’t need an overdraft of any sort, words fail me….

Excuse me??????? This is not always the case, it may be for you and other post IVAers but not for everyone! There are no hard and fast rules, each case is different and you cannot assume that every single person who successfully completes and IVA will have a squeaky clean credit file post IVA! There are other factors to be taken into consideration, you cannot assume that every case is the same.

Words fail me....

[sponge]

what other factors?

[Foggy]

I agree with Clare here --- as a general rule, post IVA, assuming you have checked and dealt with any errant defaults you will have a blank credit file -- you might well have a great score (which many lenders ignore), but you have no history.

Yes, it all helps with a well run bank account, insurance payments and even some utilities arrangements --- but not all of these report to the CRA's --- if they do, all the better. But to advise all and sundry to merely sit on their hands and wait for nirvana to arrive is, in itself, with all due respect, tosh!

You must do what needs to be done -- but you need to find out what that is first .. not just sit back and wait, in the hope that you ( as you seem to have been) are one of the lucky ones.

[sponge]

Foggy lenders don’t ignore your credit score, they cannot see it, that’s just for you. The credit agencies then tell you why you have that credit score and the sort of lending that maybe open to you

Where you get this idea of a blank post IVA is beyond me. If Kelly.23 just post her 6 year IVA can get regular mortgage straight off the high St, then your claim of blank just post IVA cannot exist, unless blank is a cracking lending criteria!

I thought as you did whilst in my IVA, a reactive feeling maybe and just after my CC I thought lets clean this lot up, as you do and then I didn’t and instinct kicked in, just wait do nothing no credit no nothing.

To be fair (not case specific) the general global opinion I have seen posted, of those that have been in IVA’s that have finished and have high CR, the tune is the same …wait.