I started my IVA on 30/7/2012 and settled it IVA early in November 2016. I was under the impression that all my creditor defaults would be marked as 'satisfied', 'settled' etc. or simply disappear after 6-Years from the IVA start date, and by and large this has been the case. However, I checked 'Noddle' today and notice that one of my Creditors (Santander) is showing two accounts as still being in default, (both accounts were included in the IVA). It appears that they registered the first 'default' in October/November 2012 respectively, despite me not making repayments since Mid-July 2012. Interestingly, Santander were also the last of my creditors to stop hounding me after the IVA started, so this might explain why.
I am keen to restore my credit rating, ASAP as I want to attempt to re-mortgage, getting a better interest rate, using any saved amount per Month, to put towards a newer car, with mileage in the thousands, rather than north of 180,000. MOT is due December.
My questions are:
1). Should Santander have legally registered the first default in line with the start date of the IVA, ie: 30/7/12? I believe that all my other creditors must have done so, as I cannot see their accounts on my credit file any more;
2). If the answer to Q1 is 'yes', then is it worth me writing to Santander, enclosing my completion certificate, requesting that they update the 3 main credit reference agencies respectively, thus settling this matter in the next Month or so?;
3). If I do contact Santander, do I actually risk 'waking a sleeping monster', with them then starting to chase me all over again for the balance of the outstanding debt?; or
4). Should I just wait another 3-4 Months for the Santander debt to 'go away'. Only trouble with this option is that I am lumbered with my existing Mortgage for that much longer, being potentially £200-£300pcm worse off, than the best rate potentially available to me. ...Not to mention attempting putting the car through another MOT.
Thank you in anticipation for your advice.
I logged onto noodle for the first time today and notice some of the accounts in default and which are included in our iva show the default date as 3-4 mobths after the iva was commenced. Noode shows the account as missed payments for those few months then when things 'kicked in' it registers as a default. I wondered this morning if that difference in date would result in it 'dropping off' that bit later too. Guess youve answered that question.
Im not sure what to advise really but will watch post for ithers advice.
Al i would add is I highly doubt they can chase you for outstanding money as iva will have dealt with that amd you have CC so i would think they have no right todo so.
The info appearing in your online reports through the likes of Noddle and Clearscore can be a couple of months out of synch. They cannot chase you for any more -- the debt has been legally written off. The only thing they are entitled to is PPI, if you get any, and if the former IP is interested.
My question is: because PCO Holdco did not purchase the debt from Barclaycard until November 2012, can I still write to them, asking them to bring the default date forward to the start of my IVA – ie: July 2012? Equally, if the account is listed as ‘satisfied’ or ‘settled’, is there any point in doing this, or is a satisfied, previous in default account still a back mark on my file?
Also, what is their best contact address? I’ve managed to find a few:
‘PO Box 546, Bristol’; ‘Watch Portfolio Management, Lisburn’; and Grant Thonton, Water’s Edge, Belfast.
Finally, I will have to write to Halifax: Showing a ‘closed’ account with a £1000 balance, defaulted in October 2012, but only with Equifax – strange?
Looks like the ‘everything drops off after 6-Years’ belief isn’t quite so in every case, but I’m sure all would clear anyway in another 5-6 Months if I left it alone. With hindsight, I probably should have asked for all theses default date changes to be done during the IVA.
Halifax might only report to the one agency. Creditors do not have to use all three, or any at all.
To be honest, once you have had a response from PCO you might well be close to the thing dropping off anyway!
It's always best to check the credit reports at the 6 year point though even if you had tidied things up previously as things can re-appear on the reports even when previously removed.
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