Sprout loan & IVA completed

mrcactus

Will try and keep this short.
I took a sprout loan out back in Oct 2021 to pay off my IVA. I am still getting letters/account updates from my original creditors but my understanding was the sprout loan would be used to pay off my IVA/all the accounts and then I am liable to sprout loans (unsecured loan) for the next 2 years or so.

My credit file shows my accounts, manay of them have been transferred to debt collections as was standard when I was in the IVA, all in default. It shows I have been discharged from my IVA and it has been removed from the insolvency register.

My main question is, how long before the defaulted accounts go from my credit file? As I am struggling to get my score up, and why haven't they been paid off with my loan?
Thanks

JCS1

The defaults will remain for 6 years.  Are you sure the IVA company have made the payments?

fatbelly

As said the defaults drop off 6 years after the default date.

Ideally the entries should show balance zero now that the IVA has completed. However if no-one is actively pursuing you for money it doesn't make a lot of difference.

For my interest (because I haven't heard of anyone else taking out one) does the Sprout loan appear on your credit report?

mrcactus

fatbelly said:

As said the defaults drop off 6 years after the default date.

Ideally the entries should show balance zero now that the IVA has completed. However if no-one is actively pursuing you for money it doesn't make a lot of difference.

For my interest (because I haven't heard of anyone else taking out one) does the Sprout loan appear on your credit report?

Yes, the sprout loan appears on the credit file with the correct balance. 

All my other accounts still show a balance. They have come down a bit since being in the iva, but yeah I would expect the balances to now be zero. 

sourcrates

Go to Debt Camel website for advice on credit file clean up after IVA.

mrcactus

sourcrates said:

Go to Debt Camel website for advice on credit file clean up after IVA.

I'll call sprout loans this week to find out why my accounts still show a balance. I thought they paid my creditors then I owed the money to sprout, or maybe I've misunderstood what this loan is?

fatbelly

Sprout loans only have control over their own entry. You need to contact the data controller of each creditor in your old IVA

https://debtcamel.co.uk/repair-credit-record-iva/

MrFrugalFever

mrcactus said:

sourcrates said:

Go to Debt Camel website for advice on credit file clean up after IVA.

I'll call sprout loans this week to find out why my accounts still show a balance. I thought they paid my creditors then I owed the money to sprout, or maybe I've misunderstood what this loan is?

They pay your IVA company once you’ve sent them the chairman’s report from the variation meeting. It is down to your IVA IP to ensure the money is distributed to your creditors. 

The balances should all show zero and be wiped off upon official discharge.

mrcactus

MrFrugalFever said:

mrcactus said:

sourcrates said:

Go to Debt Camel website for advice on credit file clean up after IVA.

I'll call sprout loans this week to find out why my accounts still show a balance. I thought they paid my creditors then I owed the money to sprout, or maybe I've misunderstood what this loan is?

They pay your IVA company once you’ve sent them the chairman’s report from the variation meeting. It is down to your IVA IP to ensure the money is distributed to your creditors. 

The balances should all show zero and be wiped off upon official discharge.

The only chairmans report I have is the one when I entered into the IVA. I have the discharged/completion letter from my IP but sprout loans have not asked me for anything...should they have?

Even at this moment there are still balances showing on my defaulted accounts 

MrFrugalFever

The chairman’s report is as a result of the variation meeting between your IVA company and the creditors. Sprout requested this from me before they would even entertain paying out.

Yes your balances should all be down to zero and show as ‘settled’ or ‘satisfied’.

mrcactus

Just checked what Sprout asked for when I got the loan, all they asked for was ID documents and 3 months bank statements - no chairmans report.

I think something isn't right here and it's making me suspicious.