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Posted: Thu Apr 28, 2016 3:08 pm
by Hardy4
We completed our IVA early in Nov 2014, the IVA was taken out in July 2010 and I understand that the defaults will fall off automatically 6 years after the start date, so that is in a few months. Can you tell me why there is defaults on my credit score with outstanding balances showing, surely these should be all at zero as the IVA would of cleared these? Our position is at the moment is to start to look at moving and getting a new mortgage so I'm trying to get things sorted now rather than later.
Do these defaults with amounts on them (there is only 3 in total on both myself's and my wifes) disappear/drop off after the 6 years? Or should they be saying zero £££? Also will all the defaults that state 'satisified' will these drop off after 6 years?
Thanks
Posted: Thu Apr 28, 2016 3:53 pm
by Foggy
All of the defaults will drop off on THEIR 6th anniversary, so you do need to check those dates and get creditors to amend them if they are wrong.
Have a look here:
http://debtcamel.co.uk/credit-file-after-bankruptcy/
It shouldn't matter what balances or status is showing, as I understand it.
Posted: Thu Apr 28, 2016 4:07 pm
by Lisa Thomas
After July 2016 you can contact any creditors where the defaults do not fall off automatically and get them to adjust accordingly - there shouldn't be any defaults after IVA commencement but it is a common occurrence.
Posted: Thu Apr 28, 2016 4:19 pm
by Hardy4
OK thanks for you help and advice, I just didnt get why there would be ££££ against some of the defaults as I thought the IVA would and should have cleared these, isnt that the whole point of the IVA.
So guess the bets thing is just to wait another 3 months then chase it up.
Thanks
Posted: Thu Apr 28, 2016 4:55 pm
by Lisa Thomas
You might find this quick video I made useful:
https://www.youtube.com/watch?v=PV4RzUY4BRM
Noddle and Clearscore are also free credit agencies to consider using:
https://www.noddle.co.uk/
https://www.clearscore.com/
Posted: Sun Jun 19, 2016 3:11 pm
by Hardy4
just following up on my post, is there any mortgage advisors out there that will give us a mortgage now rather then in a few months? Any recommendations to contact any? Or is just plain and simple wand wait for the defaults to fall off.
thanks
Posted: Sun Jun 19, 2016 3:18 pm
by kallis3
Hi,
Speak to either Ryan or Shaun (details under the expert link on the left hand side of the page) and they may be able to help you. They have helped a lot of posters on here.
Posted: Mon Jun 20, 2016 12:15 am
by Shining