www.iva.co.uk

We paid off our IVA through the sale of our property in 2008 after 3 years of payments. What is the process to clear ourselves of this in case we wanted to purchase another property in the future?

Hi and welcome.

Your IVA will remain on your credit record until 2014 when it will drop off, doesn't matter that you paid it off early.

I would check your record though to make sure that no defaults were registered after approval. If so, then you need to get to write to those creditors to tell them to remove those defaults.

I might be wrong, but I was under the impression that your credit report will be shot for 6 years from the date your IVA started, not from when it finished. In Alan's case, he had already paid 3 years when he concluded early in 2008, thus the 6 years will be complete this year 2011 - no?

Ignore me, didn't read the post properly! It is from acceptance so will drop off this year.

Hi Alan - making sure you don't have any defaults after the iva acceptance date will ensure a clean credit report when the iva drops off. If you have any late defaults you can contact your lenders to ask them to remove them. It is pretty difficult to het a mortgage post-iva at the moment but with three years of credit repair behind you, you should be in a better position than most.

I've found a brilliant site where you can check your records from all agencies at one fell swoop:

http://www.checkmyfile.com/credit-report.htm

Ok it costs but saves you having to write up to the agencies seperately.