www.iva.co.uk

Hi all,

My wife and I both entered an IVA in Feb 2006 and completed it immediately as fortunately we were able to remortgage to clear the debt.

However I have just checked our credit rating with credit expert and there appears to be 2 dates. One shows completed Feb 2006 the other a satisfaction date Sep 2006.

Now we were thinking of moving house and renting for a few years but I believe trying to rent with an IVA still on your record isnt that easy?

Also can anyone confirm when the IVA will actually come off our records and when we could for example apply to rent without any worries of credit checks or apply for car finance?

I suspect its Sept 2012? But hoping it Feb 2012?
Many thanks
N

Hi and welcome.

When did you get your completion certificate? If it was before September then your IVA should drop off before then.

You may be ok with renting as you have clearly sorted your IVA out. Best to run this by a few agents to see what they say.

Hi thanks for the quick reply.

Given that it was five years ago I cannot remember when we received the completion certificate or in fact where it is now!

Should we contact Unity now Tenon I believe and ask them?

Is there a general rule ie is it the date the IVA is approved which I assume is the court date or is it the date of satisfaction?

Thanks
N

You could contact Tenon and ask them.

Normally it falls off six years after the date of approval, but if yours is showing a later date it may be then.

Hi - the IVA should drop off your credit file six years from when the IVA was completed. So Feb 2012.

The iva can cause problems when renting because of the credit check. Offering a bigger deposit, six months rent in advance or a guarantor can all help. Plus I'm sure your mortgage repayment history will stand you in good stead.

It's six from approval BOL, otherwise we'd all be on there for 12 years!

The completion may be dependent upon when the creditors claims were finalised which could explain the later date.

Doh! That's what I meant to say!! Six years from acceptance...at least I got the date right! Must be time for a glass of sherry to perk me up...

The one thing you never forget is the court date as you just want to hear if the IVA is accepted and this was Feb 2006.

The satisfaction date that also appears is a bit of a mystery but I guess this is the point where everything is completed to the creditors satisfaction. In which case I assume the crucial date is the date the IVA is actually approved which would have been the court date ie Feb 2006?

Any advice?

Broke of London wrote:

Hi - the IVA should drop off your credit file six years from when the IVA was completed. So Feb 2012.

The iva can cause problems when renting because of the credit check. Offering a bigger deposit, six months rent in advance or a guarantor can all help. Plus I'm sure your mortgage repayment history will stand you in good stead.

yes I hope so, we are wavering since we heard about the credit checks for renting but maybe it is worth going for it. We wont have any option ref a guarantor but could probably offer 6 months rent in advance once our current home is sold.

The IVA should drop off the credit file 6 years from when it came into effect so February 2012

The same with any defaults, get the initial default dates back dated to February 2006, then everything will come off your credit file at the same time

Hopefully one of the experts can help with this.