IVA end date

tiggs068

I have completed my payments for my Scottish Trust Deed and have done everything they have asked. At the beginning they checked all accounts for PPI and again half way through. I have just received a letter to say that although the Trust Deed is complete and is classed as complete they will not be making payments to any of my creditors until late 2019 as they wish to check the PPI position again. This means that none of my accounts will be marked as satisfied or settled. Most of my accounts were not in default when the Trust Deed commenced and the default happened as a result of getting help so most of my defaults will not disappear for another 3 years despite finishing payments. I feel perplexed that the agent acting for me is holding on to the funds for another year. Is there anything I can do

sourcrates

You could make a written complaint, however this is a common tactic to try to recover PPI, which may not even exist, but if your unhappy, do something about it.

mwarby

tiggs068 wrote: »

This means that none of my accounts will be marked as satisfied or settled. Most of my accounts were not in default when the Trust Deed commenced and the default happened as a result of getting help so most of my defaults will not disappear for another 3 years despite finishing payments. I feel perplexed that the agent acting for me is holding on to the funds for another year. Is there anything I can do

The defaults would drop of 6 years after the default date, the default date should be no later than the trust deed start date.

The defaults showing as settled is nice and can have a marginal effect on your rating (but having them at all is a large impact). The fact you have an insolvency showing on report (so started 6 or less years ago) is by far and away the biggest impact.

The only thing the agent holding on to the money would be doing, is making creditors wait a bit longer. The only affect I think it would have on you is the end date of the trust deed, but the trust deed drops off credit files 6 years from start date, not end (although many mortgage applications will ask about any insolvency, and have requirements about time elapsed since the end date)