www.iva.co.uk

Hi All,

I have some questions and hoping someone can answer them for me.

Firstly I entered an IVA in November 2007 and then settled it in November 2010 and it is due to come off my File full in November 2013.

Also I have 2 defaults registered on my Credit file as Default and satisfied which are linked to the above IVA and will drop off at the same time as IVA.

The rest of my Credit File is pretty good and I have been keeping it clean.

The only negative things on there are is 2 searches in the last year I did and also a satisfied santander account which is closed but still registered from 2010 as 3 payments late. I am not sure if this is correct or not so if anyone has advice on that it would be great.

My question is I did my Credit Score and it has form a few months ago gone from 450 up to 680 which is good.

I am continuing keeping my credit clean until IVA drops off but wanted to know how good could my Credit go before IVA drops off and also what sort of Credit Rating am I expecting one IVA drops off?

Thanks in Advance

Your credit score as such is irrelevant as most lenders use their own criteria which is why you will find some people even with a score of 999 have been refused credit, I remember when mine was 890 and that was classed as 'fair' and I was getting refusals for most mainstream credit at that point.

Send Santander a copy of your completion certificate and ask them to remove the late payment markers from 2010 which should not be on there.

Thank lem,

I have heard that the Credit Score is worthless so to speak. So when looking at my Credit Report what should I check to know it is good as my view at the moment is once my IVA and associated defaults drop off next year my Credit File is very good as will have all the standard no searches,late payments, defaults etc and also have credit cards which get used and paid in full every month. I am on the electoral roll and make sure the credit used percentage is very low compared to what I have at my disposal

The samtander was not part of my IVA as was a joint account with no overdraft and then went a bit overdrawn and in trouble in 2010 but i then closed the account and paid all debt off so should it be showing 3 payments late or updated to say fully settled and closed?

If you went overdrawn in 2010, and the late payment markers were applied correctly then these late payment markers will continue to affect your credit file beyond the IVA ending until they drop off in 2016, unfortunately this is in combination with your IVA history will probably restrict your access to credit for some time to come.

Your creditors that are part of your IVA possibly can keep their own records so even though the IVA may drop off your file, if you apply for credit with one of your previous creditors you may still be refused if they have their own internal records.

The best thing you can do now is just keep your record clean, if you have a mobile, utilities etc ensure you pay them ontime all the time and slowly over time your record will improve

Thanks lem,

I figured the sandtander account will stay on there 3 payments late for the 6 year period before dropping off although I am hopefully presuming that if I clean my Credit Report clean and carry on doing all the right thing 3 payments late from a couple of years ago should hopefully not effect me too bad unless i am applying to Santander again.

From your other comments I presume I will be scott free from my IVA and all Creditors aslong as I do not apply back to them anymore for anything and go elsewhere?

You'll never be scot free. If you apply for a mortgage for instance they all ask the question "Have you *ever* entered into an arrangement with creditors" To which your only truthful answer is Yes.

That worries me a bit then.

When my IVA is complete and my credit is clean as can be is there still a good chance I could get refused a Mortgage?