Hopefully, we won't need it. I will be able to retire with a lump sum. The only debt we will still have is the mortgage. If we sell up and move abroad that will have gone (I intend to pay cash for a pad in the sun!)
It may never happen, but I can dream!
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
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
am a little worried now - surely if your credit rating can be affected for 12 years bankruptcy would be a better option for me, I am in my early 30s and dont want my credit rating slammed for 12 years ?
Please stop worrying about this forum members - it is an abuse of the credit scoring system and if it happens to anyone they ought to take it up with the creditor concerned. This is a fairly rare occurance and this scaremongering should not put anyone off using a very worthwhile debt repayment option.
I have checked and checked this -Jan agrees with what I was told - 6th aniversary of IVA, CCj or Default and they come off. Melanie also said it is very rare for one to remain after 6 years. Jan seems to know all the inns and outs though so hopefully she will pick this up
Just checked my credit with an online site. Its all on there, most of my debits have a registered default around about the time of my IVA (May 2005). A bit of a concern (but not panicking Melanie) there is a calender on this site and the status for this month shows D for default! Now is this a rolling one going back to May 2005 the Creditor is Lloyds and EGG I had a few debits with Lloyds and are all updated the same with a D on this current month. Have contacted website experts and they are going to take a look....keep you updated x
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
This is the problem i was stating that Kallis will not recognise, it will show as a D until you have finished your IVA, then Lloyds and EGG will make another entry saying it is now settled, and becuase this is their last input, then that will stay show on your credit file for another 6 years, but the D for default will still show as the previous entry. Hence stays on your file for a total of 11 years from starting your IVA
Well these banks ought to be challenged if they are doing this, as they are acting inappropriately. They accepted the compromise settlement at the date of the creditors meeting and six years from that date is when their entry should rightfully drop off.
To prove my point my iva will coem of my credit file in Jan 2013 after my 6 years of been in my IVA.
I am currently writing to all my creditors as they are showing a default against me, which will stay on file but they should now input settlted as the latest entry, now say they get round to doing this in July 2009, that means this will stay on my file till July 2015, 6 years after the last update
What I have done is ask the expert on site to look into it, funny the ones doing this to me is EGG (Prudential Bank) and LLoyds. The only thing to look at is on the date the default was issued are all in May 2005 and its says below that date "falls off" May 2011 or in some case July 2011. If the lender is issuing defaults dont they need to let you know?? By letter?? I think it does look a bit confusing quite interesting to read!! But you can ask for this Default to be removed and also put a note on the file..... x
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
I was concerned to note that your company has placed a "Default" notice against a my name.
Further to this I do not have a recollection of ever receiving such a notice, and I therefore require you to substantiate this data at your earliest convenience.
1. You must supply me with a true copy of the alleged agreement you refer to. This is my right under your obligation to supply a copy of the agreement under the legislation contained within s.78 (1) Consumer Credit Act 1974 (s.77 (1) for fixed sum credit). Your obligation also extends to providing a statement of account.
2. You must supply me with a signed true and certified copy of the original default notice
3. Any deed of assignment if the debt was sold on
I would request that this data is provided to myself within the next 28 days, if you are unable to provide this data then I must insist that it is removed from my files as unsubstantiated.
If they can now prove this then they have to take the default of
That is a good letter James - and Kabby can I suggest that you copy it and use it to your own creditors. This is sparking off a lively debate, and iva.co.uk will be prepared to take this on board for all affected parties and lobby the banking industry to stop this unfair practice all round.
