www.iva.co.uk

Hi, I entered into my IVA via Payplan on 11th August 2005. On 15th August 2006 a full and final offer was accepted and settled the IVA. As it is now more than 6 years from the start of the IVA I now notice on my credit records that everything has disapeared apart from one entry from RBS for a personal loan that is marked as settled 12th December 2006. Although this was part of the original IVA agreement this is still showing. I have contacted RBS by letter to request removal of this information. There reply was:
'It is not our departments policy to mark such reports as satisfied & in respect the outstanding balance will remain on your record for six years from the date of registration. Your record will show a partial satisfaction from the date the IVA was completed'
I explained in my initial letter that this debt was part of the IVA and should only show for 6 years from the start of the IVA, not 6 years from when the IVA was settled.
I have also spoke with Pay Plan my IVA practitioner and they confirmed that this should have been deleted from my credit file as it is more than 6 years from the start of my IVA, but they cannot help me further.
Please help as I do not know what to do now?
This is giving me much stress and I want to move on with my life.
I am on nightshifts this week so if you could possibly call between 1530hrs and 1700hrs or email.
Thanks in advance
(name removed)

Hi Adam, hope you don't mind me removing your surname as I wasn't sure if you'd want the forum to see it, apologies if it was meant to be there.

In answer to your question we have several posters who are very well versed on credit reference agencies and I'm sure one will be along soon to give first class advice via the forum.

Hi
You could complain to the Information Commissioner about the entry
http://www.ico.gov.uk/

Good luck
Regards

First step - if you have not done so - is write to the Data Controller)NOT CUSTOMER SERVICES) at RBS - enclose a copy of your certificate and ask for the default to be removed - give them 28 days - send your documentation recorded delivery. If this default remain then step you complaint up to the Information commissioner - enclosing copies all all documentation including to RBS - again send recorde delivery !!

Ginger3232, I have already wrote to them as you outlined. Sent recorded delivery to the address supplied on my credit search. Reply was from RBS recovery manager at credit management services.
Other than this I do not have any other contact information and believe that I have already contacted the relevant department, unless you can tell me different.

So is the next step to contact the information commissioner? Is this a long process?
Thanks again

dakine - it sounds as if the letter went to a recovery manager instead - the Data controller is legally responsible for ensure up to date personal information is maintained - so any letter should be addresses directly to them.

The link that Andy posted early - has information/register and telephone numbers - for help - you will find the most up to date address for the RBS data controller (or ring ICO for the information)

Just spoke with them, it is indeed the iva department.
I'll let you know the outcome after they call on Monday. Spoke to a very helpful lady.
Fingers crossed.

Got everything crossed for you.

keep my fingers crossed for you this is sorted quickly -so you can put this behind you and move on.

Any information you think may be useful to others - dont forget to post on the forum - it may just save someone else some hassle !!!

All the best from me too x

Is the entry showing as a default, if so what does it say for the "Original Default Date", not the settled date? I agree about what was said previously about getting the entry removed if this is the case.

However, sometimes the creditor, may do two entries.

One to show the loan agreement as settled, when they are informed of the IVA closure.

And a second entry to show the default. - This is the one that should get removed.

If they have done two entries then the entry for the loan agreement will normally show that the account was settled. be marked with a S and contain no adverse information, and show current balance as zero.

Settled accounts do remain on your credit file for 6 years from when they are settled.

Defaults remain on your file for 6 years from when they were first registered. The "Original Default Date" should be no later than the date the IVA came into effect.

It is showing as SETTLED, date 01/12/06.
Everything from IVA & other 2 accounts with RBS have been removed (no longer showing) apart from this one.
I'm stressing that when I come to applying for a mortgage the lender will see this and decline me.
To note the IVA started 11/08/05.

This is what it says on the Equifax website:

How long will information stay on my Credit File?


Credit agreements

Six years from the date the account was settled, written off or defaulted – whichever happened first


Individual voluntary arrangement

Six years from the original registration date

.............

The RBS credit agreement was part of the IVA starting 11/08/05, it is now more than 6yrs after 'the original registration date'!

There is also usally a question on the mortgage application - asking if you have ever/or recently been in a formal agreement with creditor ! - if you answer NO - you can be charged with mortgage fraud(criminal offence to lie on a mortgage application) - that is why you need to be upfront and honest. Maybe even use a whole market broker

Just because you IVA does not show on credit file - dont assume you will automatically get credit - as banks etc are able to keep their own files on you - (for minmimal 6 years after accounts close. Just cause its not on a credit file - it doesnt mean they dont know about you.

All defaults must be removed back to the date of the IVA agreement, the creditors are not allowed to default after that date although a lot do.

RBS have to remove any defaults posted after that date.