defaults and active IVA...

mightyjack

In an active IVA, is it normal for the creditor to still report defaults monthly and also should they still be showing as open accounts on a credit file?

fatbelly

The default date should predate the IVA date

mightyjack

fatbelly said:

The default date should predate the IVA date

Yes I've sorted that out just wondering if the defaults will be reported every month throughout the life of the IVA and also if the accounts should be showing as open on the credit file

ManyWays

yes a default is always reported every month with a balance showing until the IVA ends, when they should be marked as partially satisfied

mightyjack

ManyWays said:

yes a default is always reported every month with a balance showing until the IVA ends, when they should be marked as partially satisfied

and how about them showing as "open" on a file?

sourcrates

Lenders don`t always update credit files whilst you are subject to an insolvency.

Once the IVA completes, that is the time to do a credit file clean up, making certain all your credit accounts information is correct and if not getting lenders to put things right.

mightyjack

sourcrates said:

Lenders don`t always update credit files whilst you are subject to an insolvency.

Once the IVA completes, that is the time to do a credit file clean up, making certain all your credit accounts information is correct and if not getting lenders to put things right.

but should they still be showing as open?

ManyWays

If there is a default on the account, it isnt showing as "open".
why do you care about this anyway? The important thing is to get your credit record cleaned up when the IVA finishes. 

mightyjack

ManyWays said:

If there is a default on the account, it isnt showing as "open".
why do you care about this anyway? The important thing is to get your credit record cleaned up when the IVA finishes. 

I dont mean the defaults I mean the actual accounts which are numerous, even though they are in an IVA they all still show as open and I'm one of those people that like things to be right so if it's normal for accounts in an IVA to show as still open then so be it 

sourcrates

mightyjack said:

ManyWays said:

If there is a default on the account, it isnt showing as "open".
why do you care about this anyway? The important thing is to get your credit record cleaned up when the IVA finishes. 

I dont mean the defaults I mean the actual accounts which are numerous, even though they are in an IVA they all still show as open and I'm one of those people that like things to be right so if it's normal for accounts in an IVA to show as still open then so be it 

There is no other way to mark the accounts as yet, because your IVA has yet to complete, they cannot be marked as closed or settled, as the insolvency is still live, and it still could fail, if you decided not to pay it for any reason.

So they will remain showing as open until your IVA completes successfully, then, and only then should they be marked as settled/closed etc.

So as mentioned previously, if they don`t update after completion, then you will have cause  to complain, until then, its all perfectly normal.