credit record returning to normal?

[emmaf]

Following completion of an IVA, can you tell me how long it is before this is gone from an individuals credit record and this returns to normal? I want to take a mortgage out at the end of the IVA but am not sure if I will need to wait 12 months
Thank you

[aguise]

Hi Emma
I think it is 6 years from the start of the iva, so twelve months from when you finish.

ang

[Cybus]

It actually stays on record 6 years after conclusion of your IVA.


Tell it like it is.

[Adam Davies]

Hi cybus
Are you sure about that ??
It is on your record six years from commencement of your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[catullus]

I don't think that Cybus is correct. It's six years from the approval of the IVA ie the date of formal default.

[aguise]

Thanks I thought it was from the acceptance of the agreement as I saw yesterday on another post. There always seems to be disagreement on this I have seen 11 years which is as cybus is saying.

confused[:)]

[Storm]

It stays on your credit file for a period of 6 years from the acceptance date.

All credit file items remain on the file for a period of 6 years from the last update. Problems do occur when lenders continue to report defaults once an IVA is accepted.

I have clarified the situation with Natwest and the IVA flag being recorded as bankruptcy - there systems do indeed see the IVA and bankrupt - it is a technical issue with the way they collect data from Experian which will be fixed early next year. So anybody applying for a Natwest account needs to do it before there proposal is accepted !!

[Cybus]

A quick check with Experian reveals they keep it on for six years from commencement.
*Hold up hands*



Tell it like it is.

[Adam Davies]

Good for you..........we all get it wrong at some point.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[emmaf]

Thanks for all the replies. I will wait a year after completion before applying for a mortgage then. At that time do I have to declare it when asked if I have any default/ccjs? As it is supposed to be a private agreement which I will have complied with for 5 years.

Thanks

[Oliver]

You will not have to necessarily wait a year after completion as there are lenders available who will provide you with a mortgage at any time during an IVA (notwithstanding agreement from your IP and other mitigating factors of course).

If you want to use a "high street" lender you may have to wait until your credit file is restored and this may not necessarily be as clear cut as one year from completion of your IVA.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

As Oliver has stated you can apply for a mortgage at anytime but you may not be able to get the deal you want using high street lenders due to your credit file being impaired.

You may be able to save some money in the time you wait which could be put towards your deposit.

Best Regards. IVA Experts

[Adam Davies]

Hi
To answer your other question you will have to look at the wording of the question.
If it says have you any CCJs or defaults then if the six years are up you can say no.
If it states have you ever had CCJs or defaults then you will have to say yes.
They will also ask have you ever entered into an insolvency agreement and you will have to say yes and give details.You should enclose a copy of your certificate of completion.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Davemw]

Hi all,
First post here, great site I hope to be around during these hard times[:D]

Does this 6 year still apply if you settle early say after 1 year of the IVA?


[:)]

[Storm]

Yes - 6 years from the start of the IVA