Partners credit rating affected

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brush1

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Post by brush1 » Sun Feb 21, 2021 7:25 am
I entered an IVA in Ictiber I was told this would not affect my partners credit rating even although we had a joint loan and that he was to continue paying the loan payment in full each month which we have done however a default has been put on his credit file and it appears as if he has missed payments in january and february?
Why would this happen if no payments have been missed and why would the IVA company have misled me, they have now admitted the information zi was given by them is wrong !
Thank you

Foggy

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Post by Foggy » Sun Feb 21, 2021 11:38 am
The IVA provider probably didn't mean to mislead --- the ways creditors operate defaulted accounts and report to credit reference agencies are many and varied with no 'set procedure'.

I would take it up with the CRA and they should liase with the creditor about these 'defaults' .... yes, the account is, technically, in default as the lender has just lost half it's security, but, there are no late or missed payments to record, so this information is incorrect.

Did your partner contact the lender at any stage informing them that the IVA was happening and that he would continue with the payments? If not, they will be reacting as though the debt is going to go down the tubes and might well issue collection procedures.
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

brush1

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Joined: Sat Feb 20, 2021 11:50 pm

Post by brush1 » Sun Feb 21, 2021 11:54 am
Thank you that’s very helpful

brush1

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Joined: Sat Feb 20, 2021 11:50 pm

Post by brush1 » Sun Feb 21, 2021 12:57 pm
I contacted them and explained that my partner was going to continue paying this loan but they refused to remove the default

Foggy

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Post by Foggy » Sun Feb 21, 2021 1:04 pm
You could get a Notice of Correction placed on the file which, basically, states your arguement that the default on his file is due to the actions of another party (you) and that the loan continues to be serviced as originally agreed.

I do not know how much weight is put upon these notices, or, indeed, if they do more harm than good by signposting the issue even more.
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

brush1

Posts: 7
Joined: Sat Feb 20, 2021 11:50 pm

Post by brush1 » Sun Feb 21, 2021 4:41 pm
Thank you very much
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