I started an iva in march 2010. I have had a few alterations on it after we were no longer in a position to keep paying the mortgage so our house was voluntary repossessed in August 2013. Completion date is October this year after it had been agreed to jnclude mortgage shortfall in IVA. We are currently rentimg and were wondering if in October this year our credit file will be clear from start of IVA or will it show mortgage didficulties until 2013 and hence the 6 years credit history would show this up?
The IVA and unsecured debt defaults ( if correctly dated) will drop off a couple of months after you get your completion certificate (as this is more than 6 years from the start of the IVA). Mortgage defaults are mentioned in this useful clean up article:
It can stay on file for up to 12 years - the lower timescale is for the interest component.
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.
Hiya
Your situation is very similar to mine, my iva started 2009 anf finished march 2016.
I surrendered my house in February 2013, mortgage was with Nram.
All debts show as satisfied on my credit file and I'm currently trying to get Nram to remove the mortgage default from my CR.
But either way we will both find it difficult to get a mortgage as any application is always going to ask about repossession.
There are lenders though who will lend if the repo was more than 3 years ago and you have 15% deposit, but you will be paying 5% IR
Once the repo is over 4 years it seems to get a lot easier to get a deal with 10% deposit and rate of 4%. Maybe a bit lower.
It's all about the deposit though, forget it with only 5%
