www.iva.co.uk

Hi all

After completing our IVA we are now waiting for the completion certificate (July) and credit file to be cleared (assume couple of months later?)

I want to buy a newer car later in the year. We have a mortgage and have been paying all our monthly payments for everything throughout the IVA. the experian rating is currently Good despite the IVA still being on file. This can only get better.

I would like to know how long we can expect it to take for the credit rating to be "safe" to go to a mainstream lender.

If Experian showed as Good or higher would I be safe talking to our bank manager about the financial situation/history or will that just cause a negative answer anyway?

Sorry for rambling on but want to get things ready for the day we are clear!

It will take a while for your credit report to clear and for lenders to be confident in lending to you. It was at least 12 months after our completion certificate before we attempted to apply for car finance from a mainstream dealer.

Your credit file will not start to clear until the 6th anniversary of the start of the IVA, after which time is the healer.

Credit scores are merely a gimmick and lenders pay no attention to them, rather they look at the whole picture and history. Some lenders will forgive an IVA faster than others.

Car finance can often be easier to get even with a slightly tainted credit file but be up front with the dealer as they will know who to go to for the best chance of a successful application.

Paul

Thanks all. The 6th year is July so based on the answers I could be ok by the end of the year if the current car makes it!