Clearing Bad Credit History

59forestfire

I had an IVA which was settled Nov 2008, the IVA was registered in April 2004. Presumably the IVA itself gets removed from my history in April 2010.

Associated with the IVA were a number of defaults dated from 2003-4. When the IVA was settled additional "partial settlement" statements were added to my record with a start date of Nov 2008. When do these get removed Nov 2014 ? If so, then effectively the actual debt will be a matter of public record for 10 years - how will this affect my credit rating ?

fermi

59forestfire wrote: »

When the IVA was settled additional "partial settlement" statements were added to my record with a start date of Nov 2008. When do these get removed Nov 2014 ?

Nope. Assuming the original default is still dated as 2003/4 they will disappear 6 years from that, so 2009/10.

It is the default date not the satisfaction date that is important.

If any default dates are after the start date of the IVA then write and get them corrected.

Credit Reference File Clean Up Post IVA

59forestfire

Hi Fermi,

Thanks for your response, I just want to clarify by paraphrasing your advice.

The date of the IVA is 06/04/2004. There are some defaults dated towards the end of April 2004 (and one in July 2004), which were included in the IVA. I should issue Notices of Correction to Experian (and presumably Equifax), that these default dates should be the same as the IVA date. After 06/04/2010 the IVA and all attendant defaults and special instructions will get removed.

Thanks in advance

Mike

fermi

The important thing is the default date. The records dissapear 6 years from that date.

While these should be dated on or before the IVA start date, if it is only a matter of 2/3 weeks difference then I would be inclined to leave alone. It could be a lot of letter writing for minimal benefit.

The other data (special instructions/settlement) is not a big concern. Once the 6 years from default have passed that will go as well.

59forestfire

Thanks fermi - your advice has been very helpful. I've sent an email to Experian to correct the entries,if that happens great - otherwise waiting another couple of months is no great hardship.

doelani

59forestfire wrote: »

Hi Fermi,

I should issue Notices of Correction to Experian (and presumably Equifax), that these default dates should be the same as the IVA date.

Hi Mike

You should ask the creditors to correct information. I started this a few weeks ago as we had IVA started may 05 and finished early after 3 years. Defualts due to come off May 2011 so set about correcting the info.
Just to give you an idea hubby and I had 22 debts and as of yesterday credit files looked like this...

Me
Experian..........12 Defaults.....now 3 defaults.
Equifax............10 Defaults.....now 4 defaults.

Hubby
Experian..........4 Defaults.....now 4 defaults.
Equifax............7 Defaults.....now 4 defaults.

Must creditors acted quickly to correct info and the once left are only a few companies as 3 defaults for hubby and 1 for me are the same company.

Good luck