DRO & credit check

realgonekid_2

Can anyone advise which CRA the insolvency service use when you apply for an IVA.( or is the intermediary that does one)

What is the purpose of the credit check. Is it check the total debt is under 20K or that all debts that are on the application are on the credit file ?

Craig1981

they may use a few to ensure all debt companies are listed

IVA or DRO? DRO debts need to be under £20k - IVA doesnt need to be under £20k

Experian is usually used by CAB to get a list of debts when compiling a DRO, as everything needs to be declared. the intermediary will do this, as they do the application for you, and will not submit it if all the checks have not been done

fatbelly

With a DRO they check Experian.

It's more to check that all debts that are on the credit file are on the application

Clearly not all debts that are on the application will be on the credit file

realgonekid_2

fatbelly wrote: »

With a DRO they check Experian.

It's more to check that all debts that are on the credit file are on the application

Clearly not all debts that are on the application will be on the credit file

Thanks, quite a lot of the debts i will be including are not on the credit report

However there are a couple of accounts (only small amounts) which are showing as with one company but have in fact been sold on and thus no longer with the company in question, will this raise any questions with insolvency service or is this a very common occurance?

fatbelly

realgonekid wrote: »

Thanks, quite a lot of the debts i will be including are not on the credit report

However there are a couple of accounts (only small amounts) which are showing as with one company but have in fact been sold on and thus no longer with the company in question, will this raise any questions with insolvency service or is this a very common occurance?

It's very common - put the present owner on the application.

Note that if the debt collection agency is referring to 'our client', then it's probably still owned by the original lender.

realgonekid_2

fatbelly wrote: »

It's very common - put the present owner on the application.

Note that if the debt collection agency is referring to 'our client', then it's probably still owned by the original lender.

Thanks they have all been assigned, odd how my experian report doesn't haven't many of my debts on it,but equifax and callcredit do!