www.iva.co.uk

Just when I thought things were going well i have another set back.

After reading all the posts about HSBC i decided i would close my account befor they could i applied online for a natwest step account and was declined becuase my credit reports states that i am bankrupt..which is not the case.

I called my iva copmany who assured me that this should be not showing on my file and banks really should not be useing the iva register to check on costomers. However i called natwest and explained my situation and they were extremly helpful and my application has now been accepted but i have to take all my documents down to the bank on monday. the young man i spoke to explained it does state bankruptcy on my credit file.

I'm a little confused how can i be classed as bankrupt when i'm not. Its stating to make me wonder whether choosing an iva was the righ option sine i entered i have threating letters stating balifies are coming round, listed down as bankrupt and my bank in the future are certain to close my account because i did the right thing and tried to sort my debts out instead of pushing them under the carpet.

l morris

Hi Leanne

You have had a few problems with your situation, and it goes to prove that an IVA is not an easy thing to do and shouldnt be entered into lightly.

I feel that pushing things under the carpet is the last thing you should have done and although youre not having the best of times at least you are facing it.

Your credit scoring will be severly affecting for 6 years, I do not know why you are showing as bankrupt, perhaps because you are insolvent.
Hang in there, you did the right thing.

LILY

Send a copy of your IVA proposal and Chairman's Report to the credit scoring agencies, and ask them to amend their records. You are not bankrupt, but have made efforst to pay your creditors something back. This should be accurately recorded.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

I would recommend your first step is to ask both Experian and Equifax for a copy of your credit report. The cost is £2 by post and you can do it online via there websites.

The CRA's use public data for the bankrupcy data... they do not make any calculation of whether you are bankrupt or not.

If the data is incorrect they will amend it but it is not a quick process.

One thing I would look out for is if both Equifax and Experian have a bankrupcy flag as this indicates a problem with the source data rather than the individual CRA data.

For your info Natwest use Experian but I would check both.

This is an interesting point.
A few weeks after my IVA was approved I hads a conversation with my bank,one of my creditors,and they stated that I was bankrupt !!
I wonder if banks class an IVA the same as bankruptcy
It will be interesting to see what is recorded on your credit files