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  • FIRST POST
    • Califer
    • By Califer 29th Jan 19, 9:41 PM
    • 5Posts
    • 0Thanks
    Califer
    Problems after completed IVA
    • #1
    • 29th Jan 19, 9:41 PM
    Problems after completed IVA 29th Jan 19 at 9:41 PM
    Hello,


    I was in an IVA and after paying for three years without failure I was offered a loan by my supervisor to pay off the remainder of the IVA. I took the loan option and now have almost repaid that loan.

    My IVA was then completed using the loan and I was sent a final report which stated:

    “Pursuant to Rule 8.31 of the Rules
    I, Sabrina McGurk, Supervisor of Raymond Neil Simpson, hereby give notice that the Voluntary Arrangement of the above individual, accepted at a meeting of creditors on the 11 April 2014 and variation meeting on the 20 March 2015 has been complied with, and therefore the Voluntary Arrangement shall be completed immediately.
    Date : 27 March 2018”

    I am led to believe that any creditors should stop showing a default after the date of completion. However, Payday UK and Pounds to Pocket are still showing me in default 10 months later. Furthermore, Pounds to Pocket are showing two different loans from them with exactly the same amount when I only had one loan from them.

    I have tried to contact the company that dealt with my IVA but have had no reply from them. I have emailed the creditors asking them to stop showing me as in default, however, like my supervisor – no reply!

    Is there anything legally I can do to make them change the default setting as it is affecting my credit score?

    Thanks in advance.
Page 1
    • sourcrates
    • By sourcrates 29th Jan 19, 11:30 PM
    • 16,433 Posts
    • 15,543 Thanks
    sourcrates
    • #2
    • 29th Jan 19, 11:30 PM
    • #2
    • 29th Jan 19, 11:30 PM
    You are led to believe incorrectly.

    Defaults remain on your credit file for 6 years regardless of if they are paid or not.

    They should however not show a default date later than the date of your insolvency, and should now show a zero balance.

    After six years, all entries will drop off your file.
    Last edited by sourcrates; 29-01-2019 at 11:34 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Califer
    • By Califer 30th Jan 19, 8:24 PM
    • 5 Posts
    • 0 Thanks
    Califer
    • #3
    • 30th Jan 19, 8:24 PM
    • #3
    • 30th Jan 19, 8:24 PM
    Than you for your reply. Yes I know they remain on your account for 6 years.



    As you say, the the creditor must stop showing you as still being in default when the IVA is settled.



    These two companied are showing me as currently in default 10 months after I have satisfied the IVA.


    This is not allowed and I want to find out what steps I can take legally to force them to show a zero from the point of satisfaction.
    • DCFC79
    • By DCFC79 30th Jan 19, 9:08 PM
    • 33,597 Posts
    • 21,148 Thanks
    DCFC79
    • #4
    • 30th Jan 19, 9:08 PM
    • #4
    • 30th Jan 19, 9:08 PM
    Than you for your reply. Yes I know they remain on your account for 6 years.



    As you say, the the creditor must stop showing you as still being in default when the IVA is settled.



    These two companied are showing me as currently in default 10 months after I have satisfied the IVA.


    This is not allowed and I want to find out what steps I can take legally to force them to show a zero from the point of satisfaction.
    Originally posted by Califer
    Complain to them, use a letter, 8 weeks if not sorted then go to the ombudsman.

    Your credit score is only seen by you, your report is what lenders can see.
    • PrettyKittyKat
    • By PrettyKittyKat 1st Feb 19, 6:34 PM
    • 1,016 Posts
    • 963 Thanks
    PrettyKittyKat
    • #5
    • 1st Feb 19, 6:34 PM
    • #5
    • 1st Feb 19, 6:34 PM
    They don't stop showing you are being in default, they simply just have to make sure that the default date is prior to the IVA commencing, or the date the IVA was accepted and update the account to show that it is settled with a zero balance.

    As the poster above says, contact the companies and ask them to rectify their entry on your credit file, enclosing a copy of your IVA final report. If they don't resolve it to your satisfaction then you can log a complaint, or just log one now if you want.
    • Califer
    • By Califer 6th Feb 19, 11:02 PM
    • 5 Posts
    • 0 Thanks
    Califer
    • #6
    • 6th Feb 19, 11:02 PM
    • #6
    • 6th Feb 19, 11:02 PM
    Thank you PrettyKittyKat. I am really fed up with this. The IVA was settled in March 2018 but they are still showing me in default. I have emailed them enclosing a copy of the letter from my supervisor but they didn't even reply.


    I shall try sending the email again stating that this is the second time I have messaged them and if nothing happens after 8 weeks I will contact the ombudsman.
    • Califer
    • By Califer 11th Feb 19, 1:12 PM
    • 5 Posts
    • 0 Thanks
    Califer
    • #7
    • 11th Feb 19, 1:12 PM
    • #7
    • 11th Feb 19, 1:12 PM
    Hi all. I have received a reply from one of the companies as follows:


    "
    Dear xxxxxx

    Thank you sending the confirmation of the completion of your IVA. The credit file entries relating to the account have been marked as partially settled 28/3/18.

    Thank you for bringing this matter to our attention.

    Yours sincerely


    xxxxxxxx
    Credit Bureau Amendment Controller"



    How can she say it is partially settled? This was an IVA. When the IVA was satisfied so were any outstanding amounts surely? Can someone please help me out here as I am getting cofused?


    Many thanks. Cal
    Last edited by sourcrates; 11-02-2019 at 2:16 PM. Reason: Removed personal details
    • foxy-stoat
    • By foxy-stoat 11th Feb 19, 2:16 PM
    • 3,597 Posts
    • 2,030 Thanks
    foxy-stoat
    • #8
    • 11th Feb 19, 2:16 PM
    • #8
    • 11th Feb 19, 2:16 PM
    How can she say it is partially settled? This was an IVA. When the IVA was satisfied so were any outstanding amounts surely? Can someone please help me out here as I am getting cofused?


    Many thanks. Cal
    Originally posted by Califer
    Yes you are confused. Your original defaults still remain - they will show on your credit file for 6 years from last default. The fact that you took out an IVA doesn't remove the default, it only allows you to pay back a small percentage of what you owed.

    You need to make sure that the last default is no earlier than the start of your IVA. Most IVA's last for 5 years so normally it will take 6 months to get completion certificate and 6 months after that your file will be clear.
    • sourcrates
    • By sourcrates 11th Feb 19, 2:31 PM
    • 16,433 Posts
    • 15,543 Thanks
    sourcrates
    • #9
    • 11th Feb 19, 2:31 PM
    • #9
    • 11th Feb 19, 2:31 PM
    Hi all. I have received a reply from one of the companies as follows:


    "
    Dear xxxxxx

    Thank you sending the confirmation of the completion of your IVA. The credit file entries relating to the account have been marked as partially settled 28/3/18.

    Thank you for bringing this matter to our attention.

    Yours sincerely


    xxxxxxxx
    Credit Bureau Amendment Controller"



    How can she say it is partially settled? This was an IVA. When the IVA was satisfied so were any outstanding amounts surely? Can someone please help me out here as I am getting cofused?


    Many thanks. Cal
    Originally posted by Califer

    Accounts can only be marked as fully settled, if they are fully paid as per the original agreement.


    In an IVA you will only usually repay a percentage of the outstanding debt, that does not always apply, as it is dependant on your cicumstances, but for the majority, it is the norm, hence your file is marked as a partial settlement.


    All correct and above board.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • fatbelly
    • By fatbelly 11th Feb 19, 6:47 PM
    • 13,358 Posts
    • 10,414 Thanks
    fatbelly
    Excellent article from debt camel

    https://debtcamel.co.uk/repair-credit-record-iva/
    • Califer
    • By Califer 12th Feb 19, 2:29 PM
    • 5 Posts
    • 0 Thanks
    Califer
    Thank you all for your replies. I think that explains things more clearly than the information received from my debt supervisor.

    Thank you for removing the personal details sourcrates. My mistake.
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