Hi good afternoon folks well I had the opportunity to do a full & final on my IVA and paid £8K to complete it 2 years earlier in July 2010.
I have over the weekend got myself a credit report and I am shocked to see 6 defaults on my report all from people whom I have now paid back through my IVA.
This is now stopping me from upgarding my account to a current from a basic and would appreciate any advise at all.
Can I write to the crediters who have put defaults on my account and ask them to change it to show as satisfied as I have my certificate of completion to prove it and I have now been taken off the IVA register too.
The defaults remain for a period of 6 years from the start but when you started your IVA they are not allowed to carry on defaulting you after that date. If that is the case you can write to them with the completion certificate and get your records amended but as I say all defaults will remain until 6 years is up and then they will drop off
I recently spoken to Experian who informed me that when I had my certificate of completion if I sent them a copy of this they would write to my creditors for me requesting they update their records etc.
As the previous poster says it will remain until the 6th year after it started - but then it should remove.
If creditors are still posting defaults they can't and they have to stop - you can write to them direct as well, sending them a copy of your completion certificate.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As far as I am aware, you have to contact the creditors yourself.
Defaults after IVA completion have to be removed.
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
I thought the Default would stay there for 6 years so if paid off early there will still be the remainder of the time since the IVA started where they will show on the credit file?
Any defaults registered after the date of IVA acceptance have to be removed once the IVA has been completed.
A check of the credit records and a copy of the completion certificate to any creditor who has done so. They have to remove them.
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
Thanks folks for all your help I spoke to Experian and they have asked me to send them a copy of my completion certificate which I have done and they will contact the companies for me. 3 days after they have already got one of the 7 defaults removed and now marked as satisfied. There is also a note on my records that my IVA is completed too so not sure why defaults are still on my records. Good idea about changing banks altogether once report cleaned up thanks for advise will keep you all posted.
I still have my Barclays account open from pre iva and will go back to using it full time once completed (Barclaycard were a creditor). They even phoned me last night to see if they could do anything with regards to insurance or whether I wanted to upgrade the account to a more premium one.
I told them no!
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
It may be that Barclays and Barclaycard are two seperate entitities, and as such you'll be safe with a Barclays bank account if you did not owe Barclays Bank anything, other than the credit card.
Much the same as Lloyds TSB and Halifax Bank of Scotland are both owned by Lloyds TSB but still operate seperatly.
In terms of my IVA, Halifax is one of my creditors and Lloyds TSB are my current account bankers and I've had no problems with them at all.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
You shouldn't really have an account with someone who is a creditor and we were advised to change from Barclays which we did. However, we do still have the account open (it is a full one with cheque book, debit card but no overdraft facility) and have had no problems with it.
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
Lloyds TSB were not a creditor when I opened it at the start of my IVA.
At the time Halifax had some financial difficulties of their own to deal with when the banking system almost collapsed a few years back and Lloyds TSB stepped in to bail them out.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
Whereas the different branches operate separately, and, if you owe Barclaycard, Barclays might be happy to keep your account open, there is the outside chance that they might use the offset provisions to help themselves to the balance.
I have an account with the Halifax and a Halifax CC in my IVA. So far, at least, the account is still open, but with only a tenner in it ( which I will risk!). My plan is to keep the account open for use when the IVA is done and dusted, as I have been with them quite happily for nigh on 20 years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy - banks lose their right to set off once the IVA is up and running so you can sleep well tonight knowing your tenner is safe! LOL!! So if your main account is a basic, in theory you could revert to your Halifax current account. Not sure I'd brave it JIC.
I keep the Barclays one with a few pounds in it so that when the IVA finishes it will become my main account.
I have a basic Nationwide account for everyday stuff which does me, especially now I have the debit card.
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
