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IVA account that did not go into default
Peenutbutter
Posts: 46 Forumite
Hi
It is 6 years since the start of my husbands IVA and we are now starting the long fight of clearing his credit reports.
One account from Clydesdale Finance looks to have never been put into default by the lender even though it was part of his IVA.
The account shows as late payments only and being closed and settled in 2012, meaning that it will not drop off his credit report until 2018?
Should Clydesdale Finance have defaulted his account with them from the day the IVA started meaning that it would now be ready to be removed (6years)?
I found these comments from a post a while ago:
Some defaults or missed payments.
Usually, these stay on your file for six years, so anything before that may be wiped off. However, if you close an account, then missed payments could remain on your file until the sixth anniversary of account closure. With bankruptcy, it is wiped six years from the date you're declared bankrupt, as long as you're been discharged from the bankruptcy.
That applies to an account where there may have been some missed payments, but the lender has not formally issued/recorded a default.
In that case the records would stay for 6 years from the account settlement.
However, if the account is formally defaulted by the lender, that draws a line in the sand there and info only stays on your file for 6 years from that point. Even if the account is not settled till later.
If it should have been defaulted, do we just call them and ask that they put the account into default from May 2009, and will they even still have records of the account since it was closed 3 years ago.
Many Thanks
It is 6 years since the start of my husbands IVA and we are now starting the long fight of clearing his credit reports.
One account from Clydesdale Finance looks to have never been put into default by the lender even though it was part of his IVA.
The account shows as late payments only and being closed and settled in 2012, meaning that it will not drop off his credit report until 2018?
Should Clydesdale Finance have defaulted his account with them from the day the IVA started meaning that it would now be ready to be removed (6years)?
I found these comments from a post a while ago:
Some defaults or missed payments.
Usually, these stay on your file for six years, so anything before that may be wiped off. However, if you close an account, then missed payments could remain on your file until the sixth anniversary of account closure. With bankruptcy, it is wiped six years from the date you're declared bankrupt, as long as you're been discharged from the bankruptcy.
That applies to an account where there may have been some missed payments, but the lender has not formally issued/recorded a default.
In that case the records would stay for 6 years from the account settlement.
However, if the account is formally defaulted by the lender, that draws a line in the sand there and info only stays on your file for 6 years from that point. Even if the account is not settled till later.
If it should have been defaulted, do we just call them and ask that they put the account into default from May 2009, and will they even still have records of the account since it was closed 3 years ago.
Many Thanks
2019 wins: £60 French Quarter voucher - Rugby book - seasonal bouquet - Case of Eisberg Wine :j
0
Comments
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Peenutbutter wrote: »With bankruptcy, it is wiped six years from the date you're declared bankrupt, as long as you're been discharged from the bankruptcy.
Bankruptcies are published in the London Gazette. So the record remains public for infinity.0 -
Hi
Yes they should have entered a default date of no later than the date you entered the IVA.
There are some template letters about to send to them to get this corrected -See this link https://forums.moneysavingexpert.com/discussion/1286063A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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