Hi - completed IVA in November and had a start date of 7/6/13. IVA has now dropped off credit files as 6 years have passed. My issue is that there are still 2 closed accounts showing missed payments etc. One of these is a mortgage shortfall which was added in to the Iva. The debt was sold on to another company. I wrote to both these a short while back asking them to amend their default dates and got nowhere. Am I right I’m presuming they have to assign the correct default date and the closed account data should drop off?
You need to write to the data controller for those companies enclosing a copy of your completion and ask them to remove defaults otherwise you will raise a complaint.
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Hi - sorry to harp on. This is a response I got from credit agency when I raised this issue with them.. it is contrary to what I was led to believe. Your thoughts?
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Thanks for your message.
Your credit accounts will remain on your credit file irrespective of your IVA. Your credit file will display the actual status of your accounts, as reported by the lenders to the credit reference agencies. As such, any late payments or defaults will be reported even if you have entered into such an arrangement. Typically, accounts will be marked as defaulted as soon as you enter into an IVA and will remain on your credit file for 6 years from the date of default.
Lenders will often default your account within a month of it being included in your IVA but we see many instances where this process takes significantly longer. It is entirely up to the discretion of individual lenders as to when your accounts go into default, irrespective of your IVA. That said, the lender has an obligation to ensure that the information that it reports to the credit reference agencies is accurate and reflects the actual status of the account.
As your IVA has been discharged your CapQuest account has been updated to satisfied and is due to drop off your report in September 2020.
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Just to clarify the above.... I have no problem that the two accounts have been marked as satisfied but my concern is that you can see the defaults and non-payments in the payment history section in Equifax....
Bottom line is that the credit reference agencies will only display what the creditors report to them. Sometimes a creditors will not even default an account, which means it stays there as long as they report it as in arrears. However, they generally correct this and default as at the start of the IVA, or earlier (being the date the contractual relationship between you and them broke down).
It is a waste of time corresponding with the CRA's --- work on the creditors and get the ICO involved if you have to, but the mere threat is usually enough.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Guys- sorry more grief on this. This mortgage shortfall was included in my IVA. The mortgage company are still not shifting on this and have given the following response. ..
“We have investigated your query. Please see the response below.
When this debt was sold to Asset Link your payment profile with the Bank ended with the date of transfer and that is what is showing on your Equifax credit file. At the time of transfer your account was not in default, but was in arrears which was correct in line with our interpretation of the guidelines at the time.
I have provided the details of Asset Link below if you need to contact them”
This is an awkward one as the debt was not there from the start, therefore your relationship with the creditor did not break down at the start of the IVA. You would really need the opinion of a solicitor experienced in insolvency for qualified advice.
I would still escalate to the ombudsman for a ruling.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
My issue is that there are still 2 closed accounts showing missed payments etc. One of these is a mortgage shortfall which was added in to the Iva. The debt was sold on to another company. I wrote to both these a short while back asking them to amend their default dates and got nowhere. Am I right I’m presuming they have to assign the correct default date and the closed account data should drop off?
