Credit report question

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Broke of London

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Post by Broke of London » Fri Sep 10, 2010 12:31 pm
I entered into an Iva last June and in Feb I checked my credit report. All my creditors have defaulted me. I assumed this was correct but reading some other posts I'm wondering if I got the wrong end of the stick. I have been making my contributions in full and on time each month so have not breached or defaulted the iva.

Could anyone advise what should be noted on my report for the creditors in my iva?

If this is wrong do I go direct to the credit ref agys or the ip?

So many things I didn't know I didn't know...






Also, there is a default from Santander who I have never banked with.
 
 

liamjames

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Post by liamjames » Fri Sep 10, 2010 12:37 pm
Hi Broke!

Yes, that's correct. A default is recorded whenever you can't make your full agreed payments, so any form of insolvency will be recorded as a default even if you are making the agreed payments to your IVA. After your IVA is successfully completed and the remaining unsecured debt is written off, then your credit rating will begin to recover.

Take care. :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 12:52 pm
At the moment you don't need to do anything. A lot of creditors will continue to default,it's nothing to worry about.

As soon as you have completed and have your completion letter, contact any creditor who has defaulted you after the date your IVA was approved, send them a copy and tell them to remove the defaults.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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TheMatrix

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Post by TheMatrix » Fri Sep 10, 2010 5:40 pm
Your creditors will default the credit accounts you had with them that have been included in the IVA. They will not default the IVA itself.

Once the IVA is complete, check the default dates and if they are wrong you can go back to the Data Controller for each creditor to get them to correct it under the Data Protection Act.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 5:48 pm
In the majority of cases, just contact the creditor concerned and tell them to alter it.

Until the IVA is complete though, there is no reason to contact anyone.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

TheMatrix

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Post by TheMatrix » Fri Sep 10, 2010 6:14 pm
Yes, but by going to the Data Controller, you are going through to someone who should know about the DPA, and what your rights are under that act.

Going through to customer services will probably just delay things more as they may not be up to speed with any of this or even know their obligations under the act.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 6:30 pm
Until IVA completion there is no point in doing anything. You will always owe the full amount to the creditor.

Best left alone until the end.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

TheMatrix

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Post by TheMatrix » Fri Sep 10, 2010 7:40 pm
I agree, leave it until you get your certificate of completion.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
 
 

Broke of London

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Post by Broke of London » Sat Sep 11, 2010 10:03 am
Thanks for the advice. I'm learning just enough the be dangerous!! Definitely plan to stick with the forum.
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