I was accepted last week for a lump sum Iva and have a couple of questions you may be able to help me with please.
I've been told that the iva will still be on my credit file for 6 years even though the total amount has been paid, will my details still be on the insolvency register for this amount of time as well ?
I cannot obtain credit (I do not want to btw) while in the iva ? Is this for 6 years also ?
I know I have to wait for the completion certificate to come but is my ex partner that still lives in a joint mortgaged property free to remortgage or sell the property immediately or does he have to wait also for these certificates ? The iva is in my name solely he has no debt.
If I was to receive a windfall in the next 6 years would that need to paid in additionally ?
Sorry if they seem obvious but would like to know and cannot find out by the paperwork I've received.
Yes, your IVA will be on your credit file for 6 years -- you will be on the Insolvency Register for up to three months after the issue of your certificate. It will be difficult to get credit at reasonable rates until the IVA drops off the credit files.
It is safer to wait until you get that certificate before selling the house.
Any windfall to get after the completion certificate is issued is yours. An inheritance you become entitled to between now and the certificate issue would be due to the IVA even if paid out some time in the future. Any PPI, whenever paid out belongs to the IVA, unless your IP decides he / she has no interest in it.
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