Hi. I paid off my IVA in full 3 years ago after I was made redundant and had a lump sum. This October it will be 6 years since the start of the IVA and I wondered when this will come off my credit record. I want to move house and rent a new property but I know this will come up and it's so frustrating as I have no debt now and earn a very good salary. Is there anyway of clearing my credit history sooner than the 6 years are up?
Hi. I am afraid not. the IVA and associated defaults will remain for the full six years from the start of your IVA. You can, in the meantime access your credit files and make sure that all your defaults are dated on or prior to that start date, otherwise they will remain.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with foggy, there is nothing you can do apart from make sure your credit information is all correct.
You are nearly there though - well done. It may be worth asking a letting agent what they rely on when checking your record and depending on your income you may find it's not a major problem. If it is, then a few more months and everything wil be off and you can move on.
If you completed with a full and final then you should have come off the insolvency register shortly after that and once your credit reference agencies received the completion note then the IVA should come off your credit file as well. The defaults remain for the 6 years from the date of original default which should be on or before the date of IVA acceptance. The balance owed, however, should change from amount owed to satisfied. This means that even though you will maybe find it hard to get a mortgage or a loan out at this stage it shouldn't have too much of a detrimental affect on you renting another property especially if you have a good reference for payments on time from your current landlord and been there a long time.
Speak to a couple of estate agents near where you wish to move explain the situation and they can tell you what their policy is for credit scoring and whether a completed IVA still not wiped off will affect your chances or not.
The IVA remains on your credit record for six years as well Dave.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It will be marked as satisfied but it will still be there so may well have a detrimental affect on any applications for credit.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
most definitely but in the case of renting showing as satisfied may be enough to be accepted as opposed to a mortgage asking for a significant sum of money.
You could still find yourself being asked for a very large deposit and/or a guarantor though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think a credit file with everything shown as satisfied has got to be better than one with loads of balances outstanding. I would still do as my initial suggestion and speak to the estate agents anonymously if you wish and find out their protocol around people in IVA's pre and post and whether they will expect additional money for the deposit or a guarantor.
