Our interlocking IVA was approved on 23rd May
All our credit accounts are still showing as open with the current balance. Interest still being charged and late payment charges being applied. We have recieved default notices on all accounts and they are now 2 months in arrears.
How long does it take for the IVA to appear on our files and the accounts close?
Or do they stay open with the charges still accruing?
It took a few months on mine. Application process started this time last year, approved by November, it was probably March before everything settled and the defaults stopped as all creditors were aware. I think First Direct were the last. Some of my accounts have been passed on to debt recovery companies.
Creditors treat defaulted accounts in various ways .. none of which mean anything to you. Some will show open, some not, some will have accruing interest and strange balances --- it means very little and is down to their own internal systems.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Basically - nothing for you to worry about. You are protected and they cannot add charges or interest. Pass these on to your IP and ask them to deal with it.
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