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  • FIRST POST
    • tony_cluedo
    • By tony_cluedo 7th Oct 19, 3:03 PM
    • 99Posts
    • 16Thanks
    tony_cluedo
    Credit Clean Up Post IVA
    • #1
    • 7th Oct 19, 3:03 PM
    Credit Clean Up Post IVA 7th Oct 19 at 3:03 PM
    So long story short, I had a business that failed. I had various business debt, my wife was just the mortgage. We ended up handing the house back to the bank as it was in negative equity. My wife and I tried for a joint IVA initially that was rejected by one of my creditors. I ended up going bankrupt, my wife managed to get IVA accepted on her own. This was paid as a lump sum for a full and final settlement.

    Her creditors meeting were the IVA was agreed was in early December 2017, we paid the insolvency practitioner the full amount the following week. The IVA itself was not closed until October/November 2018. This was due to the IP arguing about their fees.

    We have just checked our credit reports, all is fine bar the mortgage we had on the house. It still shows as a default. I have used the clean up letter on the bankruptcy forum for myself and will adapt it for my wife.

    My question is, should the settled date be no later than the date of her creditor's meeting (Dec 17), the date we paid the money or the date it was finally closed?

    Cheers
Page 1
    • sourcrates
    • By sourcrates 7th Oct 19, 3:33 PM
    • 18,633 Posts
    • 17,552 Thanks
    sourcrates
    • #2
    • 7th Oct 19, 3:33 PM
    • #2
    • 7th Oct 19, 3:33 PM
    It will show as a default for 6 years regardless of what else happens, the settlement date will be the date the IVA officially completed, the date on her completion certificate.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, 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 expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • tony_cluedo
    • By tony_cluedo 7th Oct 19, 4:22 PM
    • 99 Posts
    • 16 Thanks
    tony_cluedo
    • #3
    • 7th Oct 19, 4:22 PM
    • #3
    • 7th Oct 19, 4:22 PM
    The status should not be defaulted. It should be settled/satisfied/partially settled. The payment history will show late payments and there will be a default date on the account but status should not be defaulted.
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