Default Dates

Corse748b

Hi All

I wonder if someone could give me a bit of direction on this

December 2010 i was left in a pretty rubbish situation after my divorce where i was left with 42k worth of Debt and a house in negative equity as my ex refused to pay anything and basically declared herself unfinancialy able to contribute to any of the debt, which was accepted by courts etc.

I had just lost work and was awaiting start of a new job. The only avenue i could see fit was either an IVA or Bankruptcy. I went down the IVA route in the January of 2011 and was told to stop paying my creditors until outcome of IVA was deemed.

Long stroy short i got accepted for the IVA but on the same day landed myself a new job starting the following week. So i cancelled the IVA and went straight back to my creditors and began paying the debts again. Unfortunatly most of the accounts had defaulted and i was still paying the balances off. My question is do i have any legal avenue i can persue to have the Default tag removed from these accounts? all bar 1k is payed off so have managed to clear 41k of debt in just short of 2 years which im really happy about.

Is there a finite period before the accounts can be declared Default ie 3 months? if so is there anything i can do about this as i started to pay the balances off again within 3 months?

Also Call credit are the only credit ref agency that have the IVA against me, i have asked them to remove this and it still shows they are asking for proof that the IVA never went ahead i have an email from the Insolvancy Case unit in Birmingham confirming that this never went ahead and Experian and Equifax have removed this from my file but call credit refuse to, i also understand that if this is closed within 30 days of approval then the IVA should not appear on my credit file... is this correct?

Alot of questions i know but feel

1. Annoyed at myself for the amount of debt i had to pay (i know thats my fault so need to stop kicking myself about it, its done now time to move on and rebuild)
2. The Creditors for placing a default against me even though i began paying back within 3 months
3. Call credit for refusing to remove the IVA against me on my file

Sorry to blert on but any help would be much appreciated

Thanks

National_Debtline

Hello there, I'll answer your questions as best I can:

My question is do i have any legal avenue i can persue to have the Default tag removed from these accounts? all bar 1k is payed off so have managed to clear 41k of debt in just short of 2 years which im really happy about.

It would be unlikely that you would be able to have the defaults removed as they reflect a point in time. If you failed to meet the terms of your credit agreements, the creditors would be able to place defaults on your credit file. That said, once you clear the debts you should be able demonstate that you have satisfied those defaults. This would be positive as far as any potential creditors are concerned.

Is there a finite period before the accounts can be declared Default ie 3 months? if so is there anything i can do about this as i started to pay the balances off again within 3 months?

The provisions which allow a creditor to place a default on your file are usually within the terms and conditions of your credit agreements. It's not unusual for three missed payments to cause a default.

Also Call credit are the only credit ref agency that have the IVA against me, i have asked them to remove this and it still shows they are asking for proof that the IVA never went ahead i have an email from the Insolvancy Case unit in Birmingham confirming that this never went ahead and Experian and Equifax have removed this from my file but call credit refuse to, i also understand that if this is closed within 30 days of approval then the IVA should not appear on my credit file... is this correct?

If the IVA never went ahead Call Credit should remove it - once you provide them with sufficient proof. It is generally the case that the IVA firm should let Call Credit know what happened. If you cannot get this resolved you may be able to complain to the Information Commissioner [https://www.ico.gov.uk].

Clearing 41k worth of debt in a few years is a fantastic achievement, you should be incredibly proud to have turned things around so quickly.

Best wishes,

David @ NDL.

Thrugelmir

Corse748b wrote: »

2. The Creditors for placing a default against me even though i began paying back within 3 months

In borrowing the money you entered a contractual agreement. The why's and where for's of how the debt would be repaid would have been contained in the terms and conditions. Failure to keep to these have resulted in the "defaults".

The idea of credit information is to provide data to other businesses that provide any form of credit. Whether it be loans, mortgages, or merely credit terms when settling bills. Not to provide consumer scores. So the data has to be accurate to be of value.

Corse748b

Thanks both, pretty much what i expected but thought i would ask the questions. Im hoping i can at least get the IVA removed from my file

Cheers