I need some help. I completed my IVA in August and receive Certificate of Completion dated Aug 20th. All CRA's have updated my details with one exception. Equifax are still showing me as defaulted against the HSBC entries. Call Credit and Experian are correct.
I had sent CC to HSBC asking them to update my CRA file. They responded to say they woud update to say partially satisfied with a zero balance. Now on Equifax there is a comment on both entries saying "Payment received as a full and final settlement although the pyout would not fully clear the balance."
I didn't do a full and final, I did the full 5 years and waited for the 6th to be over before cleaning up credit file.
I thought the point of an IVA was to get a clear file after 6 years.
HSBC have done nothing wrong. You have partially settled the payment, unless you paid 100p in the pound plus stat interest and IP fees.
The default will be removed 6 years from when it was initially registered, main thing being the default date should be on or before the start date of your IVA.
Waiting the full 6 years before doing anything is a mistake, you should really get down to cleaning the credit file as soon as you get your completion certificate. As you can see it takes time for creditors to get their errors corrected.
I'd suggest using the follow up letter if you have no joy in the first one you sent, then take it to the financial ombudsman or information commissioner.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I think what's it's indicating as full and final meaning the IVA has been executed and that the creditors can not turn to you additional money in that 5-6 year period, at the six year point statute evaporates the debt.
Of course that’s where the argument about PPI claims post IVA kicks in, but to boring for words.
However no matter what you correct now, until six years has past your credit rating is shot to statute..(4/10) must do better. One or two posters have indicated they get a bit of agro when they start trying to correct things rather than just letting nature take it’s course.
I found just leaving it alone till post six years, it only took a week to clear up all three agencies but it’s each to their own on how you feel about it
It doesn't matter what comment is posted to your CRA. The only important thing is the default date should not be after your IVA approval date.
As long as that is in order i personaly recommend you do nothing until the 6 years is up against each default and only then start to communicate with a creditor if the default has not been removed.
My personal experience is that everything is dropping off exactly as it should and I'll be doing a very detailed post on my Credit Rating month by month from my last payment up to the last one dropping off in december/january depending when it get's reported which may be of interest.
Last edited by herbekj on Mon Nov 12, 2012 6:55 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
All you need do is check the default dates. If they are around the start date of the IVA they will drop off --- however, some creditors do need a nudge to amend the dates --- if all are correct leave well alone ( sleeping dogs and all that).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
