Hi, i currently have just over a year left of my IVA and my Mum has offered to possibly lend me the money to pay it off early as my fixed mortgage deal runs out DEC 2013 and i was hoping to have the IVA cleared off my credit report so as to hopefully make it easier to get a new mortgage. I have heard different things about how long it takes to come off your credit report, some say its 1 year from when the credit reference agencies recieve the IVA completion certificate, other say its a minimum of 6 years from the day your IVA started, depending on the time of completion (usually 5 years). Could someone please clear this up for me.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Vsoton
Hi, i currently have just over a year left of my IVA and my Mum has offered to possibly lend me the money to pay it off early as my fixed mortgage deal runs out DEC 2013 and i was hoping to have the IVA cleared off my credit report so as to hopefully make it easier to get a new mortgage. I have heard different things about how long it takes to come off your credit report, some say its 1 year from when the credit reference agencies recieve the IVA completion certificate, other say its a minimum of 6 years from the day your IVA started, depending on the time of completion (usually 5 years). Could someone please clear this up for me.
Many Thanks
It'll stay on your CRF for six years from the date of acceptance of the IVA provided the CRAs have been notified that you have completed the IVA.
Hi Zsoton - welcome to the forum and grat to hear you are so close to the end of your IVA.
You will need your completion certificate to show the credit agencies that your IVA has been successfully completed and these sometimes take time to come through depending on how your company are addressing any possible PPI claims and VAT issues that all IP companies have had to deal with. Even if you settle early it will still be the full 6 years frm IVa acceptance plus whatever time it takes to get your completion certificate. Speak to your IP to find out their normal timescales for issuing these.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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