www.iva.co.uk

Should defaults be marked as satisfied once an IVA has been completed? Am I able to force a lender to do this?

Thanks in anticipation.

Unfortunatley there is no requirement for a creditor to mark your defaults as settled or satisfied, only as partially settled/satisfied

If they have not updated the defaults you can send a copy of your completion certificate to them and the should update them

why do i ge the feeling if it was the other way round we would have to do this with out been asked

Hi and welcome,

I'm afraid this is something you will have to do yourself as Kelly says.

However, you can write to the data controller for each creditor and tell them to remove defaults registered after the date of IVA acceptance,

Some posters on here have said if you mess around with the CRA's really don't bother causes more trouble that it's worth. Your defaults could say that's it's satisfied and your a top fella but it won't make a jot of difference your credit rating is shot to bits until that IVA drops of the public record section along with the defaults in the finance history

But assuming you've a perfect current account with no overdraft and few searches bar insurance just past the axe of six years then you become a good lending bet automatically.

You'll have to check all three they can do strange things but callcredit was within 24rs of the fall date, the other two just needed a nudge all clear in about a week or so

Fix your credit rating is just an IVA myth, it fixes itself!

Having a default marked as partially satisfied or satisfied, with a zero outstanding balance, will stop the debt from being sold on.

For that reason it's a good idea to have it marked as such.

Wouldn’t matter what it said once the final distribution has been made there's nothing to sell on? (not point scoring!) Are you suggesting that a partially settled (in reality) debt could be sold?

I was thinking about this when does the debt end year five on CC or in statute sense year six ie that grey area between year five and six and maybe if you were to come into assets in that period

However Experian in my case the partially satisfied debt is described as full and final payment.

So I'm inclined to think post CC that's it but didn't think it was really over till year six had passed and I had a clean slate

Max Recovery marked the debts they bought as Partial, other lenders marked as satisfied when my IVA completed.

Who cares what it says as your credit rating is damaged whatever they report till they drop off, but in all cases so far at 6 years from the default date the debts dropped off my credit file.

My rating is increasing month by month as my IVA defaults drop off.

The important thing is too ensure that you have no default dates after your IVA acceptance.

callcredit cleared everthing off within 24hr. But found it impossible to use my visa debit to get £2 CR but it was quite happy to accept it on the £12 one..