IPA and credit file clean up

SarahDoe

Hi,

In May this year I was discharged from bankruptcy. I am still paying IPA though. Some of the creditors have marked my credit file correctly, but some of them did not. I have sent an email to each of them requesting to mark my file appropriately (used one of the sample letters). Lloyds was very quick, they did not reply to me, but I got an email that my file has been updated in couple of days.
Hoist did not reply yet. But Lowell has sent me the following today:

Thank you for your email.

We are aware that you have a discharged bankruptcy.

The account does not close at this stage as it will remain with TDX Group, which Lowell have appointed to deal with our Insolvent accounts.

The account could stay open with TDX Group for a period up to 3 years. This is due to the fact that although you are discharged from your Bankruptcy after 12 months, a Trustee could still be appointed and under the terms of your Bankruptcy if there were any funds to be realised under your Bankruptcy, Lowell would still require dividends to be paid to reduce the amount of Lowell debt that is included in your Bankruptcy prior or after your Bankruptcy discharge date

You will not be contacted by Lowell for repayment on this account.

Regards,

Are they allowed to do that? If not, could you please draft me an answer to them?

SarahDoe

Any advice from gurus? :-(

TheGardener

I'm not certain but I would say not. Your accounts should be marked as satisfied or partially satisfied from the date of BR reguardless of what the OR distributes to creditors. That distribution changes nothing as far as you are concerned. fermi is our CRF 'guru' and I haven't seen them post for a little while. Try a DM to fermi maybe?

JCS1

The wording they have sent back to you makes mentions of the account closing, it instead needs to be marked as satisfied. Have they got their wires crossed?

SarahDoe

Unfortunately, they have the largest accounts with them :-( for 6k and 16k. I really need these to be sorted out.
I do not want these 22k appearing as defaults for the next 2.5 years.

Still no reply from the Hoist. They have 5.5k.

Oliver2809006

Having gone bankrupt in July 16 it's only the past few months have certain accounts come off my credit report and my score improve.

Seems that the 6 years they claim is pretty accurate before you can be confident it being taken off your report.

SarahDoe

Well, the accounts that were included in the BR must be marked as satisfied or partially satisfied on the date of the BR discharge.
Some companied did that automatically. Lloyds done that after my email to them. But Lowell refused.

Anyway. In the next couple of days I am receiving my letter stating that my IPA is done and dusted. I will email them again.
If that does not help, I will have to complain further.

Oliver2809006

So you've just been discharged and your IPA is done and dusted?

If an IPA was set up it lasts for 3 years unless your circumstances change but still can be reviewed in this time I understand.

With that any monies from the IPA the creditors will get something hence I see why they stay on your file as partly satisfied or open.

SarahDoe

Lowell kept their accounts as Default. Which is wrong. And they refused to change this :-(

Yes, I am discharged. And I have cleared the IPA in one go. This is not normal practice. And it is entirely at OR’s discretion.
I am awaiting written confirmation for this. Then I will have another go with Lowell :-(

Oliver2809006

Your lucky the OR has allowed you to pay a lump sum at the start to clear the IPA.

If you've got that sum they could've added it to your monthly payments / asked questions etc.

Yes after my situation and disputing my IPA with the OR Lowell have tried to contact me which they probably shouldn't be after the bankruptcy.

No problem in clearing up your file but with the bankruptcy still so recent I'm sure any credit will be hard to come by.

I still wasn't financially good after going bankrupt in July 16 for 18 months but been good for over a year now and finally got a credit card in February this year.

SarahDoe

Well, In my request I made it clear that money is given for clearing IPA. And I would not get that otherwise.
Also, I have provided evidence of the bank transfer, and that money was not saved by me.

I have got 1K vanquis on the day of discharge. When I spoke to them on the phone, I think they were ready to increase the limit. I said 1K was fine for now :-) it is at 29.9 APR, which is not too bad either. I have seen other cards for bad credit at 35+ apr.