www.iva.co.uk

Hi All,

I have just checked my credit file and i have about six creditors on my IVA and there is one on my credit file that is registering a default every month is this correct as none of the other creditors are doing this?

Thanks
Pete

Hi Pete,

Im not sure on this one but Im positive one of the other experts will be able to advise you.

To be honest Im not checking my file till its all over, Im not quite sure I want to see what it says yet!

No you cannot be defaulted after the date the iva is approved. Contact the creditor and tell them to stop or you will take action via the information commissionaire.

Paul

They can default whilst the IVA is in progress - I have one who does that every month.

However, once you have completed then they have to remove any defaults registered after the date the IVA was approved.

Defaults should be entered until the start date of your IVA - after which time if they continue to do so they are in the wrong. My suggestion to youis towait until your IVA comes to an end and then worry about clearing up your file at that point - it you do it now, you are likely to be haing to do it all the way through and it won't impact on your circumstances or anything until after your IVA has finished.

I would save your £2 until you have finished your IVA - then you can go about rectifying default dates - it is not going to make any heck of a diffrence until then.

In fact it can be downright "depressing" looking at your credit file till then

They are actually allowed to do it Luluj - you are technically in default until the IVA is completed as you will always owe the full amount.

I think they do it so that if your IVA fails the defaults are already registered.

As I know I can't get credit I really don't care what is on mine at the moment!

Yes i was just interested to see and very surprised to see that my credit score is showing as Fair with a score of 778. I expected this to be very low.....

Not a clue what mine is! Even with a fair rating you'd be unlikely to get credit - when I was solvent I couldn't get a full bank account with Nationwide but Barclays were no problem!

I know one of mine is probably defaulted which was alliance n Leicester.
I am not going to worry about it till a year after our the end of our IVA, then I shall get to work on sorting it out.

I don't want any further credit, especially when it comes to credit cards & store cards!

I shall start sorting mine out as soon as I have completed the IVA - that way all defaults should be off the record by the time the IVA drops off.

Never say never Lyns!

Me too i don't want any further credit but i do want to look at getting a mortgage....

Hopefully will get full and final accepted soon...

Then do i still have to wait 6 years from acceptance date before starting to look at mortgages?

And can i work on credit file during this time ie. getting defaults removed etc... or do i have to wait until the six years is up?

You can start working on the report as soon as your IVA is finished. However, you are unlikely to be able to get a mortgage before the six years is up. You'll need a hefty deposit and would be best going to a whole of market broker.

Your IVA will remain on your file from the date accepted/started +6 years Im afraid.

I do understand where you are coming from regarding mortgages, we are in rented property but still hang on to a dream of buying our own home.
We are set to struggle though as we will need a large deposit to get a good reasonable interest rate.

You IVA will remain on file for 6 years - defaults dates you can can change once you have you completetion certificate.

Even after your IVA - chances are your going to need a hefty deposit and you may have to use a broker for your mortgage.

After 6 years - you will have NO credit history on file - Sounds good, but that will work against you.

Only after 6 years can you start to rebuild credit history - and it takes time