Default balance still showing

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Post by paddy137 » Mon Mar 29, 2021 11:07 am
We've completed an IVA, May 2020. One major issue i have is that one of the creditors is still showing a default balance of £321, even though current balance is settled. This is causing me to have a negative impact on my credit report. Is there anything i can do to change this?


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Post by kallis3 » Mon Mar 29, 2021 11:10 am
Contact the creditor with a copy of your completion letter and tell them to move the default date back to the start of your IVA and it should then be altered.

Was your IVA completed within a five/six year time frame? It will remain on your record for six years from the start even if you managed to complete early.
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.


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Post by Foggy » Mon Mar 29, 2021 11:32 am
There is no standard agreement as to how creditors present defaulted accounts on the credit reference agencies records, other than the 'date of default' being registered as on or before the start date of the IVA. Some creditors continue to report debts as current, some as satisfied or partially satisfied and they are pretty much as variable as our weather as to balances reported.

The main thing, though, is that default date, as the default will disappear, lock,stock and barrel, on the 6th anniversary of this date, regardless of how it is being reported. While it is there, however, the balance and status has little impact over and above the default itself and, in any event, the presence of the IVA itself on the files will be the ultimate credit killer!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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