Credit FIle.Insolvency Register

[irish_ram]

Evening All,

I am at the moment considering and preparing to offer a F&F Settlement but I have a question which I found a bit worrying reading on here.

I am in the 1st Year of my IVA and if i clear it all with F&F within the year, I will have finished 4Yrs early.

Now, I know the IVA stay on your credit File for 6 Years if pay over 5 Years, however I have heard that if i pay it off after the 1st year, it will come off the Insolvenct Register Straight Away but will remain on my Credit File for a Further 5 years to make the total of 6 years on my Credit File. Is this true?

Also, I hear the saying once you have an IVA, your credit is shot really, but what is the difference to your Credit File/rating if you have an IVA on there that has been Settled, can you see much of an Improvment on your Score and will it get better, or will it stay Shot till the full 6 years is served and disapears off you credit file.

has anyone had this experience or know anything about it?

[flumpy dog]

hi ram have a look at my thread for insolvency register-about 4 or 5 under yours and see the expert replies-they cover a little of what youre asking hun

[james.c]

basically when all the fund of a F and F have been distributed to the creditors and get your certificate of completion you come of the insolvency register.

The IVA will stay on your cretit files from 6 years after the date you started your IVA

And yes your credit rating is shot for 6 years, what i dont know is what happens at 6 years, its taken of your credit file, but does that mean you can credit like evryone else? i dont know maybe one of the IPS on this forumn can answer that

[flumpy dog]

apologies 13 under yours !

[Adam Davies]

Hi
The IVA will come off the Insolvency Register as soon as it has been completed.It will remain on your credit file for a total of six years, from the start of your IVA.
I do not think that your credit record will be any better if you settle early.However obtaining a secured loan/mortgage may be easier if you settle early.
Regards

[irish_ram]

Cheers Everyone,

I am looking to get my credit rating back up for several reasons but in terms of borrowing, it will mainly be for a Mortgage. i mean if we need anything credit wise, then my GF's credit score is higher than mine, so would likely get it on hers, but with a Mortgage, you need both for it, so that would be my main priorty, I mean not looking to buy now, but maybe in about a Year or so.

Has anyone bought a house in an IVA and how did it go, or anyone know of extreme difficutlies that may lie ahead

Cheers Again

[james.c]

When my girlfirend as sold her house we are going to buy a house together, her finicial adviser is very confident that after 6 months of completion he can get us a mortgage at an high street bank, ie normal rate of interest, bu this might also be down to the fact that we will have a big depost about, 90k, and girlfriends credit history is perfect