www.iva.co.uk

Hi
Our interlocking IVA was approved on 23rd May
All our credit accounts are still showing as open with the current balance. Interest still being charged and late payment charges being applied. We have recieved default notices on all accounts and they are now 2 months in arrears.
How long does it take for the IVA to appear on our files and the accounts close?
Or do they stay open with the charges still accruing?

Itsallouttherenow wrote:

Hi
Our interlocking IVA was approved on 23rd May
All our credit accounts are still showing as open with the current balance. Interest still being charged and late payment charges being applied. We have recieved default notices on all accounts and they are now 2 months in arrears.
How long does it take for the IVA to appear on our files and the accounts close?
Or do they stay open with the charges still accruing?

Creditors deal with accounts in different ways, but generally they will appear open on credit reports, but will be rendered inactive at source. Charges and interest accrued after the start date will not be recognised as part of their claim. Over the course of the IVA you might get the odd statement, but these are usually suppressed. Ant balances, either on these or on the credit files will not be accurate nor reflect true balances or payments as many creditors account for IVA receipts on dummy accounts.

It does depend on creditors, I know when mine comes to an end I will have a deal if clean up to do, based on Foggys guides as the default date is only correct on 3 out of 10 accounts. Natwest didn't do it immediately but they have since sold the debts onto Eversheds who did register it correctly. Mine vary over a 4month period. The default notices have stopped coming in the post now, but annoyingly Eversheds are sending me monthly statements. I know they are required to send annual, but monthly is a bit much.