www.iva.co.uk

I took an IVA to clear debts following redundancy, the IVA was settled in full in January 2004, the only objector being the Inland Revenue, the 75% rule applied and the IVA was completed. Checking my credit reference records later I found that two banks had left the value of the IVA settled debt showing against the "current balances" entry on their records, all other organisations had marked their records as "settled" or "satisfied". I wrote to Experian - who contacted the banks. I received response from Experian to the effect that the banks believed the records were correct. My concern is that as long that the current balance has a value that the record will never clear, even after the 6 year period. Are the banks correct to leave the current balance balance showing?

Thx

Hi
I am sure that the entry will simply fall off the register six years after it was last updated,do you know when this was ?
Have you tried writing to each of the creditors with a copy of your certificate of completion received from your IP ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi Andy;
I have written to both, sent copies of completion certificate and followed up with a "did you get my letter of ..." - no response from either.
I am not sure about the 6 year rule, I realise the IVA will drop off the radar following the 6th anniversary of the completion, I believe that all entries with 6 years of "settled" balance will be removed. What I am unsure about is, if a creditor leaves an outstanding current balance entry, then when does the 6 year clock start counting from?
I want to make sure then when the 6 year anniversary of the IVA completion arrives that I have done all I can to "normalise" (if that is a real word!)my credit rating.

Many thanks

Simon

andydavie wrote:

Hi
I am sure that the entry will simply fall off the register six years after it was last updated,do you know when this was ?
Have you tried writing to each of the creditors with a copy of your certificate of completion received from your IP ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Simon

Hi
It's six years from when the bank last updated the account at the credit reference agency.
What date is given for the last update on the accounts concerned ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Andy
2003, which is when the IVA process was finalised. Does this mean that 2003 + 6 years will see the debt removed from the credit rating? I am concerned that as the default balance is still showing a value, that this will keeep the debt "alive" on the credit report?

Simon

Simon