Letters from creditors during IVA period

bumpygirl

We have an IVA with Grant Thornton with 14 months to go before its completed. Black Horse Finance recently sent us a letter with a statement attached - apparently new rules under the Consumer Credit Act mean they have to send a statement for agreements once a year. I have passed this straight on to my IP to deal with and haven't contact Black Horse at all. This is the 2nd time I have received correspondence from them since the IVA started. I noticed that they are charging interest even now on the outstanding amount. Are they supposed to be doing that once it goes to IVA? Just curious really.

Another thing about BH - I decided to check my credit report to check for identity fraud etc. I noticed that all my other creditors have recorded our accounts as defaulted on the date that our IVA officially started in Jan 2006, except for them. They still have it as late payments. I was wondering how this will affect the credit report once the IVA is completed and the other debts are removed from the record in Jan 2012.

Has anyone else had dealings with BH through an IVA?

Thanks

Charco_2

They can charge interest at 1000%apr if they like, as soon as you make your last payment it's all over! If for some reason your IVA should fail (you're on the final straight, chin up keep going) then each of your creditors will be looking for the remainder of the debt PLUS INTEREST! The interest BH are adding is almost meaningless privided you complete the proposal! There WAS a change in the law to say the banks should/could still provide an annual statement to customers in IVA - the law didn't say whether it should reflect the IVA or the state of affairs if the IVA wasn't in place!

As for your credit record, doesn't matter what they write on it now, when the IVA completion certificate land on your doorstep you can photocopy it a hundred times and send it off to Experian and BH or whoever to make sure they clean up the dogsd mess they've left there... six years from the start of your IVA there should be no blemishes!

bumpygirl

Thank you Charco thats always good to know.

Believe me the chin is definitely up and we are bounding down that final straight to home!

I look forward to receiving that completion certificate - I think I might even frame it :rotfl: