www.iva.co.uk

Hi,

I am considering paying of an IVA early and need some advice as want to get a mortgage post settlement.

If my IVA was paid off early dose it continue to adversely effect my credit report?

After my IVA is completed and registered with credit ref agencies how long will it take to repair credit rating?

I believe an IVA notice is listed on my credit file for 6 years. If I pay off my IVA early would my credit rating be repaired early and would this improve my chances of getting a high street mortgage?

Hope you can advise!

Your credit file will remain damaged for 6 years from the date of any adverse information but you could be able to obtain a high rate card which would help rebuild it.

Getting a mortgage is difficult for anyone at this time so it may be some time before you can obtain one. You may need to speak to a specialist broker when the time comes.

I have heard that mortgages are not really possible until you have been clear of your IVA for at least three years. I am sure this will relax as confidence grows moving forward, but it is pretty tough right now for people who have tried to repay their debts to the best of their ability.