I'm hoping to finish my 5 year IVA this month, made hopefully the last payment but waiting for results from creditors meeting as there may be an issue with the fact that I have 3 properties (2 no equity and 1 at 85%).
My question is that I'm looking for mortgage options in the future, but at what stage will the IVA not show on my credit history. Is it 6 years from the start or 6 at the end.
If the creditors want to extend my IVA from 5 to 6+ years what are my options, as at present there is no way in getting any equity from my property.
Six years from the start of your IVA your credit rating will start to improve.
Mortgages are available to you but best advice is to contact a broker who has experience of helping people with past debt issues.
The forum has two experts in this field of work Ryan and Shaun ... Both come recommended. Their contact details can be found on the meet the experts link or via A-Z of members.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi,
I would imagine your creditors will want to extend the IVA for another year, as you will not be able to release equity via a mortgage whilst the IVA still remains on your credit file.
Once is it over 6yrs, we could then look at getting a mortgage for you, but you will need clean credit files
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
hy hope you dont mind me adding to this thread ,we completed 2years ago and recently tried to re mortgage got turned down ,due to the credit agency not doin there job and removing the iva record ,does any one know whether the iva register lets them know or is it up to us and also now iva removed when should we try again
Hello, I think the stories about the IVA drops off after 6 years are not accurate. My IVA started in March 2007, with a variation I finished in Mar 2013. My IP advise my IVA completed on the 26th Oct 13 , I am awaiting CC which should arrive in the next week but as it stands my IVA still shows on the insolvency register ( you can check online). It also shows on all my credit files. So until the IP advises the Insolvency registry and your creditors tthat the IVA has been completed the IVA is likely to still show. Probably not what you want to hear but hope it gives you an idea of what to expect. Good luck !!
The "stories" about an IVA dropping off after 6 years are correct -- this is a statutory requirement. However, as you have highlighted the IVA has to be formally completed first --- it it completes after the 6 years are up it will drop off almost right away after the certificate is supplied to the CRAs.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Just one other thing you may be interested in knowing and that's although you're correct in saying that our credit files become clear after the sixth year HOWEVER, if one of your creditors defaults you after the start of your iva (which about five of mine did!) then they will still show on your file until six years expires for each of them.
I would strongly suggest you get a cop of your credit files as soon as you can after the five years (or six depending on your iva) and then it gives you chance to get any amendments done as quickly as possible as it took me probably a couple of months having to contact anyone involved to get the default date put back to the SAME DATE as your iva was approved. Hope this helps.
Hi
I am very confused about this also! I have passed a credit check with no problems for renting and passed but not sure if this was because my name was off that horrible IR. My IVA completion was 6 years in September 2013. I am wondering if as soon as your name is off the IR that the credit history is clear? I have not done an Experian or Equifax check yet so I am so confused as to how they are updated to the current status? Do IPs do that automatically with the relevant creditors or is it our responsibility to update our own credit files? I dont want to have apply for a credit card again just to get credit to clear my history. Do the creditors do know that you have to their satisfaction paid all the IVA payments complete and wipe the defaults off?
Credit files can sort themselves out but its always good practice to get copies from the 3 main agencies(equifax, experian and call credit) to check whats on there before applying for credit.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
