www.iva.co.uk

Hi guys,

I had an IVA in 2006 and satisfied the agreement in August 2011. It was originally due to end April 2012 ( 3 months added in order for me to keep my car).

Last week I decided to purchase a statutory £2 credit report from Equifax to see what my credit file is currently looking like, only to find a series of numerous errors. A few of these I will need to write to the data controllers of each company to change with proof of date of completion.

One major issue that concerns me is that MAX Recovery have recorded my completion 'Account Settled' date as April 2012. My original defaults on my account are also recorded from Nocember 2006. Because Max Recovery have put a settlement date down for April 2012 according to customer services at Equifax this now means that those originals defaults will not be removed until April 2018 as this file has been recently updated. Apparently if a creditor updates the file, any prior information e.g late payments, defaults, even if they are 6 years or older stay on file for 6 years after the completion date! Therefore effectively parts of my IVA are now going to show on my credit file for 12 years!

Has anyone encountered this too? What should I do? Is it possible for me to get MAX Recovery to adjust the settlement date to reflect the date my IVA started?

Hi and welcome to the forum.

As far as I am aware the defaults should all go back to the date the IVA started. I've not heard of anyone having defaults that have stayed on for a further six years.

Hopefully one of the other posters or experts will be along later to help out.

Hi Holby25 and welcome.

I have often wondered this myself but Im afraid I dont have the answer however firstly I would write to the Data Contoller concerned getting the Date of Default adjusted to the date on which your IVA started.

The way I see it is when the date of the original default passes the six year mark it will dissappear from your file along with all the defaults that they may have added each month effectivley leaving that account showing as settled and nothing else.

I may be wrong but someone who has experience of this may be along to help and correct me, either way let us know how you get on updating credit file.

I'm not good with CRA's but do know some of our posters are and TheMatrix is especially well versed and may be along at some point to offer some advice. x

Hi, mine have all dropped off after 6 years from the initial default date not from the settled date. Call credit say that's how it works. Even ccjs are 6years from the date. That's what they said so check it out

Speak with Max recovery, have all your details to hand. Although Max buy a huge amount of debts they are approachable and do seem to play ball as long as they have the facts.

Thanks Guys, I cannot believe how helpful this site is, I just wish I found you all 6 years ago!

I'm going to wait until January 2013 and see if it still exists on my credit file, that way I know I am 6 years post the start of my IVA and that way I can go to them and hopefully they can remove all existing defaults etc.

I just hope What Equifax says is not true and that any defaults older than 6 years are only removed 6 years after settlement, in my case it would be 12 years. Be good if there was any legal information that outlines credit data can be removed after 6 years on the request of the person. Has anyone come across anything like that?

Thank you again for you continued helpfulness

Max recovery are one of the more helpful and accurate listings on credit files.

The records should drop off on the sixth anniversary of the date the first default was recorded, irrespective of the settlement date.

Regards

Hi Holby

I had a similar situation last month while checking my files. I entered an IVA in March 2006 and settled with a full and final in Sept 09. HSBC had put a 'partially settled' marker on my file when the funds were distributed in Jan 10 and I was worried that this meant it would sit there until 2016!!..Neednt have worried though as the whole lot dissapeared 6 years from the original default date[:)]

Hi

I personally it is better to allow the IVA to drop after after 6 years without sending your completion certificate to all of the credit reference agencies. The danger of notifying them that your IVA has completed is that they will update it as completed and that update will then sit there for six years

Regards

Thanks Andy and Pingu, I'm most certainly going to take your advice and hold out until Jan 2013. Pingu hearing that information has made me feel very positive about it all. Thanks

A good point from Andy and one I will remember when my time is right to tidy things up. x

Equifax customer services are mistaken, defaults drop off 6 years from the default date, not the settlement date or date last updated, it is automatic so no need to do anything of the original default date is correct. I know this from experience.

The customer service agent has got it mixed up with the case of the account was settled normally, then the information would stay on from 6 years after the settlement date but it is different for defaults.

That's something to think about andy I didn't know that but then my 1st iva has copleted next to it on my credit file but the date is the same date I took it out (2008) not the date it completed 2011. Is that because they were notified of completion by payplan not myself?

Gina, the insolvency service notify them. It's important it shows completed otherwise it won't be removed!