Hi RBSB.

Just to confirm, you have been discharged from the sequestration?

Hi RBSB,

A Trustee by law must notify all known creditors at the outset of the Sequestration. I’d be confident therefore that the Trustee would have notified the creditors. Even creditors that have not been notified in my experience will pick up information from the Register of Insolvencies or from paperwork which a client would forward them demanding payment. Sometimes the issue can the size of the organisations we deal with and that one department will update their system but another department won’t.

On your credit file do you have an official default date for the creditor? My understanding is that once the official default date is added this will stay on for 6 years from the date of default and then fall off.

I think you will need to write to the creditors with a copy of your discharge certificate and ask them to update your credit file and to add or back date the date of default to the award of your sequestration.

Thanks both -TDA, yes we were discharged december 2013 after 12 months

David,thanks, I think we need to send a copy to a few. We were advised that the default marker should no longer be applied once the balance had been included in sequestration. some are showing continuous default since 2011/2012 prior to sequestration 2012
It is complicated where accounts were passed to debt collection etc

Hi RBSB,

I’m not a credit report expert… but I’m not sure if it’s correct that once the Sequestration takes place that the default marker would be removed. My understanding is that the official one off default date will remain in place for a period of 6 years from when it was first placed regardless of the Sequestration.

In theory someone could run up a substantial amount of debt, go into Sequestration and all of the defaults be removed upon the award of sequestration. There needs to be history on a credit report for it to be effective.

Hi RBSB,

As far as I'm away, formal default notices (which have a single date rather than being ongoing entries) should be issued no later than the award of your sequestration.

These accounts will then fall off your credit file 6 years after the date that the default notice was issued.

if you get the default date set to the date you were awarded your sequestration you files will be marked as default from that point onwards but they will also be removed 6 years after that date.

If you are trying to get the files as good as they can be you can have them marked as satisfied or partially satisfied from the date you were discharged. It shouldn't make a difference when/it the creditors were payed a dividend as long as you have been discharged you have effectively fulfilled your obligations, even though your trustee will still be active for another couple of years.

Thanks all!

I understand completely that the default status of the account stands and should be visible as part of the credit file for 6 years, included in the 6 yr history of all accounts. I was advised that the companies should not enter continuous monthly defaults relative to an account included in a sequestration, otherwise that would be never-ending.
Some of the accounts had continuous defaults for up to 6 months prior to sequestration in December 2012 so already almost 6 years and unless I contact companies to remove / cease recording defaults it will continue to be the latest entry is default forever. The trigger for ceasing adding new default status is surely the point of entering sequestration. No need to remove recorded defaults which will become more and more historic as the time passes.

PingPong, my trustee is soon to discharge herself, that is why I started thinking about my credit file and checked it, very upset to see my attempts to add only positives are overshadowed by continuous default status. It is not accurate to show an account in default relative to a house, for example which was repossessed at the time of sequestration in 2012