www.iva.co.uk

Hi, I have recently received my completion certificate and I realise defaults on credit file will stay on for 6 years but should by balances still be showing on the accounts or should the balances reduce to £0.00. Makes me very nervous that my creditors still think I owe them more money….

Account balances are dealt with differently by each creditor. Some simply freeze the balance and account, taking dividends into a dummy account, others will reduce them by the payments made, a few might even write them off and report a zero balance ... but they are not obliged to, as far as I know.

The outstanding balance doesn't matter as long as the date of default is correct that's the most important thing