I entered into an IVA in 2005, at the begining of 2006 I bought out of the IVA and settled through my lawyers an amount to end the agreement and pay between the creditors. I was told by the Law firm i used that i would then be able to begin building up a credit rating again. Since then i have tried a few times to get credit (About once a year - not frequently) and have been rejected. I do not recall recieving a certificate clarifying that i had sucessfully completely the IVA but was assured that at that date the IVA was completed. Can you advise me what to do now? I thought it would be difficult but it's nearly 4 years on and i cannot get any credit still. I'm concerned i won't be able to get a mortgage when it comes to it.
Although complete, the IVA will be on your credit file for 6 years from the date of acceptance. After that it will drop off and you can start rebuilding your credit rating.
The reference to the IVA stays on your credit file for 6 years following the date of the original credit rating, so it is probably still on there due to the timing.
You ought to have received a Certificate of Due Completion when the IVA was concluded. Your former Supervisor ought to be able to provide you with a copy if you have mislaid the original.
Hi
The record of the IVA will not be off your credit record until 2011 [6 years from the start of your IVA]
It is still possible to obtain a mortgage now,as long as you have a 20% deposit and once your IVA has been completed for three years,2009,you should find even more products open to you.
Contact Andrew Graveson from Brightoak,details on the experts page,he is an excellent mortgage broker
Regards
Hi sorry to add to your thread but andy you say after 3 years? My IVA started on the 3 April 08 My IVA has failed as of the 22 Sept, my credit file Experian states that IVA has been settled as at 22 Sept??? is this right. I have 3 entries for judgements etc 1 - CCJ (satisfied) 2 - IVA 3 - IVA settled as at 22/9?? x
Dear poster, Lets analyse....For a question like how credit worthy one is after an IVA it is unknown.There's just hasn't been any evidence any where and on any advice forum to give direct living proof examples.
Everyone has a credit score assigned and maybe you need to have your score and that might explain why you cannot get credit. The decision making on credit availability is a complete mystery. If it is the case that your have a low score despite having no debt currently then it raises some serious points about what one is suppose to do to get a good credit score that counts. I assume you have since your FF settlement built up your credit score by holding Bank accounts and phone ultility contracts. Another filip to this is that as you have been debt free for 4 years even if the IVA entry is still 'live' in the the file, I would have though lenders would have exercised better lending decisions.
There really isn't any solid evidence to say that an IVA entry in a credit file for someone who completed a FF would made them less credit worthy than someone with many monthly iva payments to go.This is a leading point.
Getting your credit score would be a good starting point to unravel this mystery.An important one with many ramifications for those on IVAs
Hi
If your IVA has been completed for three years then I believe that more mortgage options are open to you.
Your IVA will be on your file for six years from when it started regardless of when it was taken out and any unsecured lending during this time will be very difficult.
Regards
