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Nearly finished IVA
lordcockerspaniel
Posts: 12 Forumite
in IVA & DRO
In 2018 I entered an IVA with Stepchange. It will finish in December, and my experience has been positive.
I have no desire ever again to enter into masses of credit, but due to breakdown of my current relationship, I’m looking ahead to being maybe able to rent somewhere in 2025.
Looking at my credit file, all my debts are now off it (I guess this is due to the defaults being six years or more ago). However VW finance are marking my file and their debt as unpaid every month and I cannot see a
default. Is this correct or something I should worry about? If it is incorrect, is it better to challenge it now, or when the IVA is finished.
I have no desire ever again to enter into masses of credit, but due to breakdown of my current relationship, I’m looking ahead to being maybe able to rent somewhere in 2025.
Looking at my credit file, all my debts are now off it (I guess this is due to the defaults being six years or more ago). However VW finance are marking my file and their debt as unpaid every month and I cannot see a
default. Is this correct or something I should worry about? If it is incorrect, is it better to challenge it now, or when the IVA is finished.
I’m at the point now after six years when grateful though I am for the help ending the mess I’d got myself into, I’d like to be able to restart my life.
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Comments
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Yes do a credit file clean up, it should show as defaulted, with a default date prior to the start of your IVA.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Was the VW finance included in your IVA, car finance is often left outside?
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Thanks for the replies. Yes I’m sure it was I will check though.0
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Just checked the documents and it was included. I’ll get onto them. I’m praying there’s only three months more…0
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Be aware that your provider may take time to issue your completion certificate.If you've have not made a mistake, you've made nothing1
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I am right though in understanding that once it is completed, it should be removed from my credit file before too long? I’m just trying to understand how or if I can move forwards next year. Thanks everyone for the replies so far.0
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The defaults from your debts will be removed automatically after 6 years.
The IVA entry will be removed once your completion certificate has been sent, and your IP is satisfied with everything.
Your name will still appear on the insolvency register for a further 3 months after that.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
Thanks for all your advice so far. I asked for a correction on my Transunion account. Got a refusal to correct it. What do I do now.? On my credit report it says paid and settled but it also says currently open and they’re marking it with a cross every month saying no payment made! I’m really not sure what to do next. Do I write to the credit controller at VWFS next? I really want next year to be able to move on from where I currently am and rebuild my life. An ongoing dispute here is going to be a complete barrier to this. Renting is going to be out of the question I would think.
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You always have to ask the lender who is reporting the incorrect information to correct it. TransUnion has no way of telling if this debt is included in your IVA, it has to be VWFS to give Transunion the correct information.1
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Hello, I’m still struggling with this. I contacted VW finance, they passed me over to the management company who are managing the debt. I have an email trail that tells me they have referred it to VW. In the meantime I’ve also had a statement from VW saying I still have outstanding debts. They were part of the IVA from May 2017.
What can I do to resolve this? It feels like my life is on hold because of this.0
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