www.iva.co.uk

I was on an IVA and had a F&F settled a year later. This was now settled 16 months ago but i still have two defaults on my credit file. Experian told me that if i faxed my completion statement to Egg & Natwest then they could do a rapid update on my credit file and they should then show as settled. I have done this 2 months ago but they are still showing as defaults. Egg have now told me that it will show as a default for the full 6 years as i did not settle the debt, i said that the debt has been settled as it was a full and final settlement!

Please can anyone help me? Many thanks.

It was a default and will remain on file for the full six years. However, it should show as satisfied which may improve your credit file a bit but ultimately the default remains.

Ok thanks Michael. Is this likely to affect my chances of getting a mortgage?

All adverse information will affect you but satisfied defaults may be better than those showing as unsatisfied. I do not believe that there are many products available in the adverse market at the moment but maybe one of the financial advisors such as Welshboy who posts here could help more.

Hi
To be honest your IVA will still be on your file even though you have settled it. Because of this having defaults or no defaults will mean that you will find it almost impossible to get unsecured credit.
I would just wait for the IVA and defaults to fall off your credit file.
Secured lending has a very different criterea to unsecured and having a large deposit will be a dominant factor in obtaining a mortgage
Regards

benwar wrote:

Ok thanks Michael. Is this likely to affect my chances of getting a mortgage?

It is difficult, but not impossible, for persons either in an IVA or those that have completed an IVA to get a mortgage.

Have a chat with Welshboy (Tony Parsons) who posts on here. He is the best and will be able to help you.

Thanks for the advise. My Lloyds TSB loan it not showing as a default any more so strange that they removed theirs but not Egg and Natwest.