Hi folks, bit of advice/guidance required. I paid off my IVA in October 2014 but am still awaiting the CC due to one lender dragging their feet.
From October this year onwards all my old defaults will have dropped off my credit file, assuming I can get the CC processed soon and my name taken off the insolvency register, what are my chances of getting car finance from around November/December? Will my clean credit file really be clean or am I still likely to struggle to get finance?
Last edited by Dougie on Mon Jun 15, 2015 11:23 am, edited 1 time in total.
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Thanks but that thread relates to people still in their IVA's, I will be more than 6 years past the start date so was hoping that I would not have any issues given all the issues will no longer be on my file.
Can you advise why you think I will have difficulties?
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Assuming you can get the CC before November then the IVA will drop off along with the defaults. Make sure any Notice of Correction is removed too ( check all three agencies).
The "clean" file is a red flag in itself to lenders as not many adults have such a beast unless they have never borrowed anything or had any accounts reporting to the agencies (so are an unknown risk) or .... have been declared insolvent and had a subsequent clean up.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks for that, we have an Aqua £500 credit card now which we pay off each month and a phone contract with EE so hopefully these will show we are now responsible borrowers?
In terms of the CC, I read somewhere that it takes 3 months following issue of a CC for your details to come off the Insolvency Register, is that right?
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
The IR policy is that the IVA remains on the register for 3 months, marked as completed. However, it often disappears as soon as someone ( who doesn't follow policy) picks up the docket.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
