www.iva.co.uk

hi to all wonderful daughter transferred money to our bank so all arrears are paid just waiting for the end [:)]is it best ot wait until all paperwork is finalised ie certificate to apply for credit files or can it be done now tnanks to all

Bear in mind that your credit files will be shot for the full six years.

Personally, I would wait.

You will want to make the following amendments to your credit file...

If the default date is after the date of the creditors meeting this needs to be amended back to the date of the creditors meeting.

Ensure the default is marked as Satisified, as per completion certificate date.

If the original creditor has sold the debt on, then the original creditor is still liable to ensuring that the third party updates the CRA too acording to the Information Commissioner.

Personally the way I see this is that I signed an agreement with Creditor A, not them, so would question whether they are even allowed to default you. I am not sure on this point however and as the file is shot for 6 years anyway the main thing is that all the dates are corrected if incorrect and I hear Max Recovery are good at doing this.

Request that any search footprint they leave while searching your file is also removed after correcting the information held at all three credit reference agencies.

So for these reasons I'd would wait until you get the completion certificate.

Surely, once the debt has been sold on, the original creditor has nothing to do with it?

It's a bit like saying that I have sold my car, but still have responsibility for it afterwards.

As far as I am aware, once the debt has been sold on, the original creditor has nothing to do with it.

I wrote to Max Recovery who passed the letter to Eversheds and they were excellent. They updated the entries for the debts that they had bought, and they also wrote to Barclays for me and finally got them to remove an incorrect entry - the debt had been sold to Max and Barclays didn't bother removing their entry.

I remember reading this somewhere but not sure where now.

You are right Jan, I've just been looking around the ICO site at a document about the sale of defaulted accounts. Yes if they tell you they have taken over the debt, then they become responsible for the maintainence of your credit file too.

Hi all,

I have read tis post and was wondering why cant the IP put some weight behind this complaint?? the way that i see it in an iva, is that you have a professional ie the IP who administers and maintains along with being impartial a legal agreement between two parties (debtor and creditor).

The IP makes sure that we have to maintain our side of the agreement by regular checks, so why is it not part of the agreement that the creditor is made to be bound by the agreement and regular checks made on them by IPs, to make sure they are fully complying, instead of clients completeing there hard earned iva to more grief at the end of it.

Have i got this completely wrong?? i would be interested to hear the thoughts of the experts.

Regards

Rob

It's not down to the IP to ensure credit files are correct, you really need to write to the creditors yourself, and the ICO if that doesn't work.

I agree with Skippy. It is up to you to sort out your credit file once the IVA has finished.

I agree that IPs should not have to check credit files, but surely they can add dome weight to help there client.

I thought that part of the iva agreement was that creditors refrain from taking any further actions against debtors? surely issuing defaults is such an action and is not in the ethos of the agreement, the ip must have a sense of purpose to make sure both parties keep to that agreement, or are IPs only able to make sure the debtor maintains there side of the iva??

Regards

Rob

Hopefully Mel or Andy will be able to comment. However I personally don't see why they should have to do it - with the amount of clients they have I don't see how they would have the time to do it.

Thanks for your replys skippy , i to will be interested in the experts opinion.

I just try to see it as clear as possible, we are all told when we enter an iva that if we are harassed by creditors to contact your ip, if you get threatening letters to send them in and they will deal with it, and i am sure that if a creditor was to issue a ccj or legal action against someone in an iva we would all be saying get in touch with your ip as it is a breach of the agreement, so again is issuing defaults a breach of the iva agreement?? if it is why do ips not complain to creditors on there clients behalf?

hope the experts can shed some light sorry if i have got it all wrong.

Regards

Rob

Bear in mind that although defaults shouldn't be issued once an IVA has been approved, you will always owe the full amount of your debt to your creditors until completion. If your IVA fails then the interest and charges go back on, and it is ok to have the defaults on there.

Once you have that certificate, just send a copy off to whichever creditor is still defaulting and tell them to remove them.

Also remember that during your IVA you have paid your IP to maintain things. Once you are finished, no fees are being paid.

Some IP's may give you a helping hand, but not all will. After all, they're not getting paid anymore are they?

My view of a IP's role is that they are there to help the debtor at the start of the process, once the IVA is agreed I believe they are then employed by the creditor to supervise the IVA so they work primarily for the creditor.

Hence we have to attempt to clear our own credit files at the end.

It is not part of the IPs role to tidy up the credit files once an IVA has completed - however most reputable IPs would probably step in to help if there was a real problem with a particular creditor.