IVA and CRA’s ?

[nosnibor]

Could someone please answer a question, does an IVA remain on a credit reference for six years from the date of inception or the date of completion?

[dx100uk]

inception

 

dx

[nosnibor]

Many thanks

[nosnibor]

Hi,

This particular query relates to my partner, I was not sure which was the most appropriate forum so if I have picked the wrong one my apologies.

 

Over the years I have received fantastic help and support from this site and have always found I get the best advice by providing as much information as possible, so please forgive me if this is a little long winded.

 

Credit card GE Money (Asda)

 

Sold/assigned to CL Finance Oct. 2008

 

Last token payment Sept. 2008

 

Entered into IVA Oct. 2008, IVA failed immediately no payments ever made reported on CRA files as end date May 2009.

 

No further contact from any creditors, I think they may have accepted this is a case of can’t pay rather than won’t pay.

 

I’m assuming that SB date will be from the signing of the IVA paper work rather than last payment, as this would represent a formal acknowledgement of the debt?

 

All other creditors recorded accounts as defaulted Oct. 2008 (commencement of IVA)

The exception been this credit card with CL Finance which is been reported as arrangement to pay 4 months behind but with a zero balance?

 

Obviously no action is intended on our part at this point (let sleeping dogs lie) but if in Oct. when the IVA and other defaults fall of the file, and CL Finance continue to report this account as some kind of act of revenge can anything be done?

 

Many thanks

Nosnibor

[Guest]

note the recent ico guidance/principles re defaults, arrangements, reporting etc p7 re iva eg

http://www.scoronline.co.uk/files/scor/high_level_prinicples_document_final.pdf

re sb, your iva maybe seen as an acknowledgement?

[nosnibor]

Ford, that is very helpful and has enabled me to find the answer to my question.

 

Thank you

Nosnibor:-D

[fletch70]

I have a similar issue with CL and an asda credit card. I was in a DMP but they did not default until 2011 which was 5 years into the DMP. I wrote to them 19th Dec and have yet had a reply

[Guest]

Ford, that is very helpful and has enabled me to find the answer to my question.

 

Thank you

Nosnibor:-D

 

cheers

check out the ICO site for any further info required

http://ico.org.uk/for_organisations/sector_guides/finance

[nosnibor]

Hi Guys,

 

Mrs. Nosnibor entered into an IVA in October 2008, it was a foolish move, payments were never going to be affordable and the IVA failed from inception (no payments ever made)

 

The last payments to the accounts included in the IVA would have been August 2008.

 

Please could someone advise, what would be the SB date for these debts? Would it be 6 years from the last payment or is the situation altered by the IVA?

 

Many thanks

Nosnibor

[dx100uk]

prob last payment

 

 

dx

[Guest]

from at least the iva imo, ie acknowledgment. and maybe from the first missed contractual payment under the iva.

[nosnibor]

Thanks for the response guys as always much appreciated.

 

 

Mrs. Nosnibor signed IVA paperwork 8th October 2008, as you point out Ford I had assumed this would constitute written acknowledgement.

 

 

If as you suggest Ford, SB clock runs from failure of the IVA, then we have a little time to go yet as IVA paper work clearly states that failure is only after 3 missed payments!

 

 

I was hoping that as payments missed prior to commencement of IVA, that would give cause of action and the SB clock would start from then.

 

 

It is just that the defaults for these accounts postdate the IVA which I think is incorrect, and one account has in fact not been defaulted at all and is been reported as AP. I would like to tackle these issues but don’t want to jump the gun and start rattling cages until I am certain of SB status.

 

Nosnibor

[Guest]

i remember posting re one of yr threads re the defaults and iva. and, yes ico info said defaults shldnt postdate an iva.

 

yes, where there is an arrangement to pay prior to a default, then a def may not be recorded. as it wld be an agreed variation prior. but, if subject to the iva, then shld be recorded as such?

 

my thoughts re sb are imo. i cld be wrong. but, thats how i see it. if it goes from the iva (which wld then restart the clock re acknowlegment (assuming nothing barred before)), then a new agreement is in place (the iva). breach of which wld be the missed payment under you mention.

 

so, yes, cld sit on it as long as can?

[nosnibor]

Hi Guys,

 

Sorry for not replying sooner, have been away with work this week.

 

Ford you are indeed the source of my information, you have a good memory my friend

 

Having considered the situation I am now going to sit on this until next April just to be on the safe side.

 

 

Thanks

Nosnibor

[Guest]

hi

it cld well be from the iva start date, not sure tbh.

when it formally fails, the creds wld prob be informed of such by the iva admin.

was that AP one included in the iva? if so, then that shld've been defaulted then as per that ico info. maybe they haven't updated the file.

hopefully others will look in also. see what they say.