When will my credit report be clear?

Get expert opinion. This is the place for new questions to be posted.
14 posts Page 1 of 1

bezo82

User avatar
Posts: 27
Joined: Sun Sep 14, 2014 9:35 am
Location: United Kingdom

Post by bezo82 » Sat Aug 22, 2020 5:20 pm
I completed my iva early, but in September it will be 6 years since it was opened so hopefully it will be removed from my credit file but what about all the closed accounts saying 0 balance but still showing defaults how long will they stay on my file, im really struggling with renewing my mortgage and moving homes when will this be finally over and my credit report clear of all bad information.
d b

Foggy

User avatar
Forum Expert
Posts: 31265
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Aug 22, 2020 5:26 pm
Have a read here -- the key is the date of the defaults ( and accounts MUST be defaulted ): https://www.iva.co.uk/what-does-an-iva- ... dit-record
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

bezo82

User avatar
Posts: 27
Joined: Sun Sep 14, 2014 9:35 am
Location: United Kingdom

Post by bezo82 » Sat Aug 22, 2020 7:21 pm
Thanks for the link its just a few Google sites say of its a default it 7 years
d b

Foggy

User avatar
Forum Expert
Posts: 31265
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Aug 22, 2020 7:38 pm
Sat Aug 22, 2020 7:21 pmbezo82 wrote:
Thanks for the link its just a few Google sites say of its a default it 7 years
In my experience it is 6 .

A default will stay on your credit file for six years from the date of default, regardless of whether you pay off the debt. But the good news is that once your default is removed, the lender won't be able to re-register it, even if you still owe them money.

How Can a Default Impact My Credit Profile | Experian
www.experian.co.uk › consumer › guides › defaults
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

luluj

User avatar
Forum Expert
Posts: 10908
Joined: Sun Dec 09, 2007 6:54 am
Location: United Kingdom

Post by luluj » Sat Aug 22, 2020 7:42 pm
renewing mortgages I think is a little challenging right now as I am going through it due to fixed term ending soon.

I have opted to use one of our forum experts Ryan to help me identify the right products for us as he has the knowledge and links to most appropriate lenders. You might want to contact him for support ( Or Sean the other forum expert)

memberlist.php?mode=viewprofile&u=18488

memberlist.php?mode=viewprofile&u=22837
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

bezo82

User avatar
Posts: 27
Joined: Sun Sep 14, 2014 9:35 am
Location: United Kingdom

Post by bezo82 » Sun Aug 23, 2020 6:51 pm
THANKS :D
d b

Ryan

User avatar
Industry Expert
Posts: 1120
Joined: Thu Nov 03, 2011 10:03 pm
Location: United Kingdom

Post by Ryan » Mon Aug 24, 2020 10:14 am
Hi Bezo,
If any Default was included in the IVA, then these should have the same date as the IVA and now be removed, see the leaflet on our website

https://www.ivamortgageexpert.co.uk/downloads.html

There is also a letter on the site which you can use to send to any creditors that has the wrong Default date.

Happy to help in any other way in needed
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page

Lee-2019-2024

Posts: 6
Joined: Thu Aug 13, 2020 2:05 pm

Post by Lee-2019-2024 » Mon Aug 24, 2020 4:33 pm
Sat Aug 22, 2020 5:26 pmFoggy wrote:
Have a read here -- the key is the date of the defaults ( and accounts MUST be defaulted ): https://www.iva.co.uk/what-does-an-iva- ... dit-record
Hello foggy not my post just wanted to ask somthing regarding your reply, you quote MUST be defaulted,

On my file the only credit I’m having issue with regarding defaults is ( indigo Michael ( safety net credit ) they haven’t default but it shows ( Special Arrangement )

Any ideas?

Foggy

User avatar
Forum Expert
Posts: 31265
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Aug 24, 2020 5:19 pm
Mon Aug 24, 2020 4:33 pmLee-2019-2024 wrote:
Sat Aug 22, 2020 5:26 pmFoggy wrote:
Have a read here -- the key is the date of the defaults ( and accounts MUST be defaulted ): https://www.iva.co.uk/what-does-an-iva- ... dit-record
Hello foggy not my post just wanted to ask somthing regarding your reply, you quote MUST be defaulted,

On my file the only credit I’m having issue with regarding defaults is ( indigo Michael ( safety net credit ) they haven’t default but it shows ( Special Arrangement )

Any ideas?
Lee, there is no 'black and white ' rule but The Information Commissioner’s Office (ICO) says :

“As a general guide, [a default may be recorded] when you are 3 months in arrears, and normally by the time you are 6 months in arrears."

There are exceptions to this which may result in a default being recorded at a later stage, such as secured or long term loans e.g. mortgages, or if the product operates in a more flexible way e.g. current accounts, student loans, home credit.


The credit records also have to be accurate and report the facts accurately. And you are maintaining that the fact is that the account defaulted when you stopped making payments as per the original terms of the loan and the account should be recorded as such i.e in default as of the start of the IVA.

You should write to the data controller at the lenders along these lines:

Re: [ account number / reference/ debt details]
I entered into an Individual Voluntary Arrangement on dd/mm/yyyy which is shown on the Insolvency Register.
Having checked my [ Experian / Equifax / Call Credit ] report I note that [there is no default date shown / the default date is shown as dd/mm/yyyy] . This is incorrect and is a breach of ICO guidelines and the Data Protection Act 1998.There should be a default date no later than the start date of my IVA.
Please correct this entry within 28 days or supply me with a written reason why you will not do so.


And follow this up with a complaint to the ICO if needed. This approach has worked in the past, I am told.
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

Ryan

User avatar
Industry Expert
Posts: 1120
Joined: Thu Nov 03, 2011 10:03 pm
Location: United Kingdom

Post by Ryan » Mon Aug 24, 2020 5:40 pm
Hi,
We had the same for a client with Shop Direct. As it was included in the IVA they had no choice but to remove it 6yrs from the date the IVA started, as this was when the account ended.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page

bezo82

User avatar
Posts: 27
Joined: Sun Sep 14, 2014 9:35 am
Location: United Kingdom

Post by bezo82 » Tue Aug 25, 2020 11:25 am
Thats good with me, it just says account closed balance zero, each month from December 2014 has defaulted next to it my iva started September 2014
d b

Ryan

User avatar
Industry Expert
Posts: 1120
Joined: Thu Nov 03, 2011 10:03 pm
Location: United Kingdom

Post by Ryan » Thu Aug 27, 2020 8:06 am
Bezo, use the letter on my website, as this always works. Me personally though would call them, email a copy of your IVA certificate and not get off the phone until someone confirms it will be removed.
Best of luck
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre

IVA Mortgage advice needed?

Contact me at http://www.ivamortgageexpert.co.uk or via the expert page

bezo82

User avatar
Posts: 27
Joined: Sun Sep 14, 2014 9:35 am
Location: United Kingdom

Post by bezo82 » Thu Sep 10, 2020 8:06 pm
A couple of the loans have just dropped off my report this week but I have 2 which are wrong by 2 month, if i leave it and don't contact them will they just drop off after the 2 months have passed it jusr saves the hassle of ringing them and I dont have the account numbers anymore. Thanks for your help.
d b

Foggy

User avatar
Forum Expert
Posts: 31265
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Sep 11, 2020 6:52 am
Thu Sep 10, 2020 8:06 pmbezo82 wrote:
A couple of the loans have just dropped off my report this week but I have 2 which are wrong by 2 month, if i leave it and don't contact them will they just drop off after the 2 months have passed it jusr saves the hassle of ringing them and I dont have the account numbers anymore. Thanks for your help.
They will drop off on their 6th anniversaries.
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
14 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”