IVA completed but credit report unchanged

dayloon

Hi All,

I have a problem with my credit report which i was hoping somebody could help me with. Several months ago i completed a lump sum IVA but i just checked my credit report and out of 9 companies, only 2 have marked my file as "settled". The rest still show the full outstanding amount. I realise i can't rid of the defaults but how can i change my file so that it reflects the fact that my accounts are settled ? I rang equifax who said it's the credit companies responsibility but i rang some of them and they weren't in the slightest bit interested.

Any help would be greatly appreciated.

timberflake

I think you've got to write to the companies you had credit with and tell them to mark it as settled in full. I believe that this is something they HAVE to do as otherwise you credit report is wrong. Give them a reasonable amount of time to respond, say 28 days.

I'm sure someone else will come along who knows better than me.

Charco_2

If you llok just above these threads here, about the fourth "sticky" down, there you'll see a thread topic about credit file clean up post IVA... shurely that's a good starting point!

fermi

Charco wrote: »

If you llok just above these threads here, about the fourth "sticky" down, there you'll see a thread topic about credit file clean up post IVA... shurely that's a good starting point!

Yep.

Here: Credit Reference File Clean Up Post IVA

The two important things are:

1) Any default associated with a debt included in the IVA should be dated NO LATER than the start of the IVA. That ensures that all the records of the debts included in it disappear from your CRFs by the time the IVA itself does, leaving you with a clean file at that date.

2) In the meantime, debts settled by the IVA should be marked as such. That can be recorded as either "fully" or "partially", but in either indicate that there is now no outstanding balance.

Normally you would not be able to get (2) done until the end of your IVA, 5 years down the line for most.

I wonder whether some of your creditors were wrongly thinking that would be the case here, where in fact you did a F&F? Personally, I suspect they are just being deliberately awkward , but you never know.

happychappy74

I finalised my IVA by way of Full and Final settlement in July 2009, three years into my IVA, and have began to rebuild things since.

As per the good advice from different threads on here I have now:

- Obtained my credit reports, which show a range of default dates, both before and after the IVA commencement date. HSBC went one step further and decided to throw in a 'Gone Away' notice for no reason whatsoever.
I have now written to each of the creditors involved and asked for the innaccurate info to be rectified (letters are contained here on the site).

- I have begun to rebuild my credit history by following the advice on the site. I have obtained a Cashplus card with Creditbuilder loan facility (for the sake of £60 per year). I have just just been accepted for both a Vanquish credit card (£250 limit) and JD Williams catalogue (£125 limit).

I have found that mobile phone contracts are unnaccessible so far, including the sim only monthly deals oddly enough. I will leave it as it is as I am aware that rejections can be harmful.

Like others I know that I have to wait for the 6yr period to pass before the IVA is taken off my file but it feels good knowing that I now have access to rebuilding a positive credit report month by month.

There is alot of good advice all over this site, which is there to be used.

Well done on getting past the IVA and all the best on moving forwards.