www.iva.co.uk

My F&F IVA completed in February of this year. have contacted all my creditors and asked them to mark the defaults on my credit file as satisfied. All but one creditor has updated my credit file to reflect this. The last creditor (a mobile phone firm) has refused to update my file and does not respond to any further letters from myself. Do they have to update my files as the debt is now finished ?

Hi
I do not think that they HAVE to do this I'm afraid.It may be worth contacting each of the credit reference agencies.
Your IVA will be on your credit file for 6 years,the same time as your defaults so it will make very little difference if you have them updated or not
Regards

Thanks for the reply. I thought that it was law that once the default had been satisfied it had to be shown as such. Otherwise what is the point of them been shown as satisfied ? My problem is that my fixed rate mortgage is due to finish next year and I have been advised that if I could get all my defaults shown as satisfied it would help my case a lot.

I don't know if it's the same after an IVA as it is after BR, but if my creditors refuse to mark my file as satisfied I can write to the Information Commissioner, who can then make them do it.

Thanks for the reply. I thought that might be the case but was not 100% sure. I will try contacting the mobile company once more then I will contact the Information Commissioners office. Thanks again.

Let us know how you get on. I'm still in the process of writing to my creditors and so far the only one who hasn't played ball is Barclaycard. I'm still waiting for replies from the others, so I'll order my credit files in a month or so and keep my fingers crossed!

Just remember that if your debt was sold on you will have to contact the firm who bought the debt and ask them to update your credit file. Most of my debts were sold on and the only other company which took a lot of calls to get sorted out was Natwest loans.

Barclaycard told me that they would update the file, but when I checked they hadn't done it and the same debt is also apparently owed to Max Recovery. I've written to both of them now, next stop is the ICO!

As said ,you may have finished the IVA early,defaults marked cleared - but the IVA judgement still be 'live' in the file - lenders will see that irrespectively. I am in an IVA and would not consider a FF because of this very techncality as you still be 'frozen' from the constricted mainstream lending market unless yu approach a specialist broker/lender like Bright oaks or something

NBNA wrote:

As said ,you may have finished the IVA early,defaults marked cleared - but the IVA judgement still be 'live' in the file - lenders will see that irrespectively. I am in an IVA and would not consider a FF because of this very techncality as you still be 'frozen' from the constricted mainstream lending market unless yu approach a specialist broker/lender like Bright oaks or something

Have been advised by a couple of mortgage advisers that despite the IVA, my credit file is still quite strong. I even passed a credit check a month or so ago for a new mobile contract. So have been advised that I stand a fairly good change of getting a high street rate which would be even better if all the defaults were marked as satisfied.

I know my credit files are shot to pieces, but I have a contract mobile phone and 2 bank accounts that report to the credit agencies, therefore improving my credit score. I know it's possible to get a full bank accoutn a couple of years after discharge from BR, so that's why I want all the defaults marked as satisfied or partially satisfied as that will improve my chances.

I think that people sometimes forget that you need a decent credit rating for the everyday things in life like mobile phones and banks Skip.

We don't all want it for new credit.

I, for one, would love to make a F&F if I had the money so that I could be totally debt free regardless of the fact that my record will still be shot until the 6 years are up.

Exactly. I've got a contract mobile phone at the moment, but I haven't got a particularly good deal, and I'd like to change networks. I can't do that with defaults over my credit files.

whichway now,

I think unless you test the waters and actually try to get a mortgage no one will know for sure if you credit will stand the test.A phone contract is the thin end of this wedge....

I have no faith in none mainstream lender brokers and their overwrought exuberance babble and prevarication on which way the 'compass' is pointing as their cosy hegemony is now been blithely jolted.

Ask the bank direct with direct access to lenders funds.There are less mortgage deals now than a week ago, that means higher cost lending and stringent conditions.

There is a new bloodbath in the credit market as we speak.

My view is the more you can do to help yourself, i.e. getting credit files updated, the more chance there is of getting a mortgage etc.

Also, defaults remain on CRFs for 6 years - some of mine are after the BR date so I want them amended so they drop off at the same time as the BR - what's wrong with that?