I think the advice from inaiva is excellent. This obviously doesn't effect everyone or else we'd have heard about it by now. It's a waiting game really to see if you're effected.
Hi Inaiva, The financial ombudsman will in all likelihood rule in the debtors favour, however arguing a point of 'no notification' 5-6 years down the line, sounds like trouble. Also this procedure may take a fair amount of time rectify when people just want to get on with their lives now.
IVA's are, rightly or wrongly, marketed as a far better option to Bankrupcy when it come to future credit and that is the reason lots of us take this route. Personally, I would be over £50k better off if I went BR.
Hope this is just something that can be resolved quickly as a improper practice by the creditors/credit agencies and we can all relax.
If there really is an issue here and for someone who is just now starting out on a (perhaps 7 year) IVA. Another 5 years takes us to 2021 [:0] so this may make some look at things in a different persepective.
It would be a case of only just checking your file once the IVA is out the way as it would be a mess all the way up to that point anyway. So pointless checking really.
It should not take any longer than 12 months to sort out so if you are in a 5 year iva, then that one year could be used to clean up the file.
The reason why I'd wait is just incase they issue you a default notice now in the post, that might be risky without that completion certificate
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
To clarify when I checked out Experian online today all my accounts were issued with a default in May 2005. One was issued later June 06 - will be wrting to this Lender. You must get your report from either Experian or Equifax the other sites selling Credit info do and in my case got it very wrong, I actually got a report yesterday from annual credit the info was different. When I checked with Experian I was suprised to see ALL my debts had ben sold on to Max Recovery. Dont get mad get even use the negative energy into sorting your credit report out !!! Good luck can you feel the love anyone ????? xxxxxxx Love to you all !!!!
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
The other site you need to check as well is Call Credit.
I also think inaiva's advice is excellent as well.
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
Whilst I agree that inaiva's advice is all well and good, it still doesn't change the fact that if a default is marked as satified, then it stays there for a further 6 years - effectively making a nonsense of the 'bad info only stays on your file for 6 years' statement.
As an earlier poster pointed out, IVAs are often marketed as a route to a 'clean slate', and that is certainly one of the reasons why we are under one. This would suggest that this is not the case.
I was thinking about this on the way in - why, when an IVA is concluded, do the credit accounts not get removed from your credit file? You don't have to pay them as they are paid up (as much as you can afford). They should just be replaced with the 'IVA' tag once entered into (much like, I understand, bankruptcy).
Hi
Whilst many people inishing an IVA will never want to see credit again there are certain drawbacks in having adverse credit on your file, mortgages, mobile phone contracts, standard bank account, changing utility providers, renting, car finance etc etc.
Hopefully IVA.co.uk will be able to tackle this problem head on with the various agencies and obtain clarification on the issues highlighted.
Regards
please get this point addressed with the agenencies involved as although i never want credit again, i know in the future i will have to buy a bigger house. my family are outgrowing this house, and things like this worry me.
EVERYTHING HAPPENS FOR A REASON................
[IVA JUST ACCEPTED!!]
