Equifax tell me an IVA is not legally binding

[m_w]

I finished my IVA in January 2007 fully satisfied obtained my credit report from Equifax who tell me an IVA is not legally binding I have 3 accounts with outstanding balances which were included in the IVA and they have registered defaults on them in August 2006 even though I have my certificate of satisfaction and an agreed amount has been paid to them there is still amounts showing as owing

[Lula]

what? How odd...of course its legally binding...surely thsose companies with an amount outstanding are in teh wrong..
An expert will be along soon to give a better answer

lulablog.blogs.iva.co.uk

[Sadsack]

What a load of tosh! Contact your IP and demand they sort it out for you even though its almost a year down the line. Also send letters to the creditors with a copy of your Certificate and insist they remove the defaults.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Lisa2009]

An IVA is approved by court. How do they work out it isnt legally binding?

[Storm]

They will be refering to the fact that they are not legally bound to automatically reflect a 0 balance.

Creditors ARE legally bound to acurately reflect the data. So if the last time they reported the account conduct to the CRA you had a particular status ie Default and an amount outstanding then this is what is should reflect. If they are currently reporting your conduct (I would be supprised) then it should reflect the current status ie 0.

This is also a problem when the debt is sold on as at the point of sale and normally the last update to the CRA you would have had a default and an outstanding balance.

Some lenders will do an update if presured but a vast proportion wont and nor are they legally required to do so.

A very detailed view of how Credit Data can and can't be used can be found here.

http://www.experian.co.uk/corporate/com ... index.html

[volvo]

Thank you all for your replies I am going to ask my IP to sort it out for me cant understand why the IVA started January 2002 and defaults put on in 2006 all .the debts were covered by the IVA and have a settlement figure on my completion certificate Also it will be quite interesting if they can answer the question that this woman at equifax said they are not legally binding. volvo

[Adam Davies]

Hi
Well an IVA is legally binding on all your creditors,you owe them nothing one your IVA is concluded
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[volvo]

Thanks Dave for your speedy answer nice to be able to contact people who are there to help volvo

[bagpuss]

from what i have seen on my equifax report....for 6 years it will show the defaults and the defaulted amount...but the outstanding balance should be 00....and the account show as satisfied.

example from one of mine...

Freemans plc mail order
started 11/09/98 Default £939 Defaulted 15/08/05
Blance Satisfied status history 8




Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[m_w]

Angie thank you for your reply that has been very helpful hope to get in touch with someone today when I first did the IVA nearly 6yrs ago It was easy to get hold of someone straight away in my IPs office but everything has changed different people will keep you posted m_w