8k debt on my credit report

Smiler2214

Hi, I'm hoping somone can reassure me. I was in an iva until it very recently failed. I was in just over 10k of debt when I took out iva. I have checked my credit report to look at all my credit accounts and there is an account for debt management Ltd for just over 8 grand. I don't understand where this has come from. I'm hoping it's something to do with iva company abd I don't actually owe that money. Grateful for any advice.

sourcrates

You're going to have us give us much more detail to be able to give you any kind of answer here.

For example, how long did the IVA run for?

Debts get sold all the time, could be one of yours was too.

An IVA for a 10k debt was a classic example of mis-selling, IVA`s do not work like a conventional repayment arrangement, if the IVA didn`t run its course, then it's quite likely you still owe the 10k, or even more.

This is because the fees are taken from your payments first, before the creditors get anything, typical IVA fees are around the 5k mark, sometimes much more than that.

As I said, it would depend how long the arrangement ran for, as to how much the creditors received in dividends, and what may remain outstanding.

fatbelly

DML buy other people's debts. Can you work out from the balance or the default date what this was, i.e. does any other debt share those details?

A lot of debts change hands during an IVA so it could be that you are now liable for this sum to DML, your IVA having failed.

However, my advice is always to wait to see who writes and what they are asking for.

Smiler2214

Hi Sourcrates, 
I have never had a single debt anywhere near d £8000. Apparently it is for car finance,  I have never taken out car finance. Apparently this account Defaulted in 2017 but I was up to date with all my accounts then, it wasn't until almost 2 years later when I had a drop in income when I started to struggle. This has to either be a mistake on my credit file or somone has used my details so I'm going to report it. It's saying account the account is closed/settled so have no idea what it is. It never flagged up or was included in my iva. 

sourcrates

Strange, I assume then no one is chasing you for this debt?

Aside from the obvious, like keeping cards safe, passwords changed, etc, there isn`t a lot else you can do.

You could report it to Action Fraud as a fraudulent account, they won`t do anything, but they will give you a crime reference number, should anyone come chasing this debt in the future.

Smiler2214

Thank you. Yes really strange considering the amount of debt.  First I have heard of it and nobody has contacted me. I will do thanks.