www.iva.co.uk

Hi all

Hope somebody can help with this one. My wife defaulted on a Natwest loan around Feb 2005. She has since agreed to pay this off monthly and so far hasn't missed any payments to date.

My question to the experts is, Will this default drop off after 6 years or continue as the debt is not paid off yet and she continues to make her payments regulary on time.

Thanks

Hi,

I believe it will remain on her file until she finishes paying it and then it should drop off straightaway.

I do stand to be corrected though.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kallis3

Hi,

I believe it will remain on her file until she finishes paying it and then it should drop off straightaway.

I do stand to be corrected though.

Does this mean that if a default is satisfied as part of a full and final IVA it should be removed, once satisfied?

I've just checked my credit report and most creditors have marked the accounts as satisfied (ie. no default) but some are showing default with the outstanding amount, (even though we never missed a payment until after our IP contacted them) can I get theses removed??

PLease help - I can't find any clear guidance on this at all.

Hi,

I've edited your user name as it is for your own security that email addresses aren't used.

If the IVA was settled then all defaults registered after that date have to be removed and you should write to the data controller for the creditor(s) concerned enclosed a copy of the completion letter and telling them to remove those defaults.

The IVA will remain on your credit record for six years, regardless of the fact that you finished early.

Thanks for changing my username - bit of a gaff there DOH!

Thanks for your reply - I noticed that on my credit file a lot of discrepancies - for example 4 separate accounts from the same creditor (a well known high street bank) have different statuses - 1 is as it should be, Satisfactory and satisfied, but the other 4 vary from still having available credit of 8k to being 6 late payments - 2 years later after my iva was settled, and all the accounts are now closed - madness!

I never defaulted on anything or never missed a payment and I'm faced with this shambolic mess to deal with - its like going through the iva again, pure hell.

I would recommend anyone going through this to be wary of the incompetence of creditors when it comes to updating your credit file.

I take my hat off to anyone who has been through an iva, its the toughest thing I've ever done in my life, without my wife dealing with the onslaught while I did everything I could to earn money I don't know where we'd be.

No worries!! It just protects you from getting spam.

You will find that some companies are better than others at sorting out your records. Otherwise you need to write to the companies who are being a pain and get them to set the record straight.