Life after the completion of an IVA?

FoggyBrain_2

Lee. Provided you complete the IVA your credit file will be cleaner than most 6 years from the date of acceptance of your IVA. At the moment, however, even those with squeaky clean records are finding it hard to get mortgages without a sizeable deposit.

With all due respect, you cannot fall back on being "mis-sold" an IVA if you clearly did not read and / or question what it was you were signing. I appreciate that you were possibly clutching at any life belt thrown your way, but I would think the best you can do now is tough it out and get it over and done with. You will come out the other side debt free.

Where do you think you would be now if you hadn't started an IVA ? Bankrupt ?? Drowning in debt ??

lsmith87_2

notmyrealusername wrote: »

Have your creditors sold the debts on? You need to write to whoever owns the debts now rather than who they were originally with. The majority of my debts were sold to Max Recovery (who I love as they voted 'yes' to a full and final settlement!).

As an example my loan with Barclays was sold to Max recovery so the account/defaults on the credit report were now in the name of Max Recovery.

I found them very helpful, they replied within two days apologising for the incorrect default dates and my credit file was rectified straight away. Even better for me was that 2 or 3 defaulted accounts they had purchased completely disappeared from the credit report after I asked for the defaults to be correctly dated!

Thanks for this. I have just checked my partners credit report, and you are right MAX RECOVERY is on there, but there are still details of other accounts - e.g. Barcleys etc. Does that mean i need to write to Max Recovery and all of the other accounts on the report?
Its all very confusing!
If there are any accounts on there with the Default date before the date the IVA acceptance date do i not have to write to them, or should i send a letter to them anyway?

Lee021078

Yes to be fair you are right, i didnt read the paper work fully and I should have. I also agree that i should just get on with it. At the end of the day, i will be free of debt and the cost of living has gone through th roof, so maybe everyone will struggle with mortgages. I just hope that at the end of my agreement, the experian credit report will be back to GOOD CREDIT!!

FoggyBrain_2

Keep plugging away at it Lee and remember, if there is anything you are unsure of just ask. And don't let your IP walk all over you, it isn't supposed to be a prison sentence !

lsmith87_2

Can anyone help with my last question?

FoggyBrain_2

lsmith87 wrote: »

Can anyone help with my last question?

Sorry -- was going to reply and got sidetracked

Any default that pre-dates the IVA acceptance date will have dropped off at the 6 year mark anyway. So no need to write to them, as for the others, I would write to them all

notmyrealusername

lsmith87 wrote: »

Thanks for this. I have just checked my partners credit report, and you are right MAX RECOVERY is on there, but there are still details of other accounts - e.g. Barcleys etc. Does that mean i need to write to Max Recovery and all of the other accounts on the report?
Its all very confusing!
If there are any accounts on there with the Default date before the date the IVA acceptance date do i not have to write to them, or should i send a letter to them anyway?

The only thing you are asking to be corrected is the default date so you only need to write to the financial institution that has the default recorded. In my case this was Max Recovery so although other financial institutions' accounts were still showing they only showed the missed payment markers prior to the default, this is entirely accurate so there are no grounds to ask for them to be removed.

Max Recovery bought 5 of my debts - 3 disappeared off the credit reports completely after I asked them to amend the default dates. The remaining two show an entry from Max Recovery with the settled default (correct date) and also the financial institutution itself (eg Bank of Scotland) showing the conduct of the account prior to the default - there is no default recorded on the Bank of Scotland account itself, only on the equivalent Max Recovery account.

lsmith87_2

Thank to you both for helping me out with this!