www.iva.co.uk

Hi Everyone [:)]

Well we've just entered my final year of our IVA and thought I would have a look at my credit rating.
I've just pulled my Experian credit report and got a score of 807 Fair credit rating [:D] considering our circumstances I was surprised at the rating, thought it would be abysmal. Is this normal credit rating for someone in an IVA?
Also regarding the report I have 2 entries from Max Recovery for 2 accounts that were included in the IVA, these are showing status : Default and with a balance. I have over accounts there were included in the IVA that show as Default but the balance is 0.
then the other accounts show settled with zero balances. Is this normal for a debt collection agency to be show as Default with balances while in an IVA?

THANKS for any advise

Hi,

They shouldn't show as a default but a lot of them do. You should wait until the IVA is completed and then send a copy of your completion letter to Max Recovery and tell them to remove the defaults back to the date the IVA started.

kallis - Thanks for the reply

Have to say that none of mine said partial settlement at all.

I'm not disagreeing - just stating that none of mine did.

No worries!!

My understanding is that these flags make little difference in the grand scheme of things. Any lenders looking at the record while the IVA is still on file, will stop as soon as they see the IVA (depending on their usual criteria). Once that "brick wall" has dropped off, so will all the correctly dated defaulted accounts, however they are marked.

I have not experienced this phenomenon myself, but will do so at the end of this year .... so ... we shall see

OK now I've just ran my wife's credit report through Experian and she has 999 out of 999 perfect credit! how can that be when we filed a joint IVA?

Checked the report and the debts aren't listed on here report? Most of the debts were in my name but 2 of the bank accounts were included in the IVA were joint?

Could simply be that the joint creditors, having reported in your name, forgot to report in hers too. The CRA's simply report what they are told -- tell them nothing and they will report nothing.

I have heard of people getting 999 rating before but was having an issue with getting credit. It came back that they had not ordered the whole report and were simply looking at the summary, rather than the detail behind the score. The detail behind the score was a problem for the lender in that circumstances so the 999 score was misleading.

The "score" is flim-flamery and the lenders don't usually see the numerical smoke and mirrors. When they delve into the full report I imagine there will be reference to you as being financially linked -- this will lead them to check your record and ... hey presto ... an IVA rears its ugly head.