Hello!
I am just about to start an IVA. I am worried it will remain on my credit records even after 6 years... will I be able to get a mortgage after my IVA is settled?
Regards,
dariusz
Hi. Provided your IVA is settled as arranged and the defaults on your credit file are dated on or before the date of starting the IVA, it will drop of after 6 years.
However, many mortgage applications do ask if you have ever been in an IVA. Of course, the answer to this is "yes"! Some past IVA'ers have recently managed to get mortgages, but with a hefty deposit available. Hopefully the mortgage market will ease up as we begin to recover from the last financial crisis.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You could try a whole of market broker. Both luluj and Andy Davie know of brokers who can help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Cindy.me has posted elsewhere that they got a mortgage (via a whole of market broker) with Northern Rock (!) and a 29% deposit. IVA finished last July.
Last edited by Foggy on Tue Sep 20, 2011 9:39 am, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your IVa will only remain onyour credit file after 6 years if there has had to be an extension for any reason. You may have to chase up the credit agencies to get it removed but if the 6 years has passed and the IVa has successfully completed you have the right to request its removal.
With regard to a mortgage, as you can see there have been some posters who have got a mortgage, and in 6 years time the mortgage market could be a lot more healthy than it is now so lending criteria could be more in your favour, I guess watch this space.
Good luck with your IVA application
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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