My understanding was that when an IVA was completed the creditor owes nothing whatsoever to the credit company. MBNA are reporting that even though my IVA has been completed and the account is 'satisfied', they have put a 'warning flag' on my credit file saying 'partial settlement' - is this permitted under the regulations?
I do not know the regulations but if they did not receive all of their m,oney back surely they are entitled to note that when they mark the default as satisfied?
If the IVA is mentioned on your credit file it will make no difference anyway as a partial settlement is much less of a black mark than a formal insolvency.
It will not matter, the IVA is on your credit file for 6 years from the date of your creditor meeting. That would be the big red flag and what would drive any decision made.
The main thing is that you ensure all your default dates are updated to the date of the creditors meeting if they are after that date and you show your completion certificate to all the credit reference agencies so they can mark the IVA as satisfied.
If you get all the defaults back dated then EVERYTHING will drop off your credit file in 6 years all at the same time.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
One of my creditors is defaulting me every month, I'm not bothered at the moment, but as soon as the IVA is completed (which will probably be six years if we can't remortgage)then I shall be writing to them and anyone else who has done so in the meantime and telling them to remove the defaults.
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
Yes, creditors are entitled to mark your file as partially satisfied. Most of mine have now been updated to that and I have no problem with it as they didn't actually get paid in full.
