If I pay off my IVA early would it disappear from my credit records earlier ?

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quyen
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by quyen » Mon Dec 18, 2017 5:31 pm
If I was able to pay off my IVA early, will this disappear from my credit records earlier. I am hoping to get a mortgage as soon as I can. My natural IVA final completion date is feb 2019 and I’m under the impression it will stay on my records for 1year after that before it disappears. If I was able to settle the remainder of my payments earlier would that bring the date which the records of my IVA shows on my record forward for example, if I paid the remainder today, will the record of me having an IVA disappear by next year on my credit history. Thanks
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Ryan
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by Ryan » Mon Dec 18, 2017 5:49 pm
Quyen,

The IVA will show for 6 years from the start date. There may be Lenders willing to lend if you have repaid the IVA early and had access to a good deposit, however, the earliest that you would be looking at being able to obtain a Mortgage with a High Street Lender would be 6 years after the IVA began.

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Foggy
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by Foggy » Mon Dec 18, 2017 5:54 pm
As Ryan says -- the IVA remains on the credit files for the full 6 years, even if you finish early, as do the associated defaults. The IVA will be marked completed, but this will not really help matters. You will, however, come off the Insolvency Register three months after the completion certificate is issued.
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Shaun Vickery
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by Shaun Vickery » Tue Dec 19, 2017 3:42 pm
Yes, 6 years from the original date of registration I'm afraid. It should usually drop off automatically but you'd be best to check around that time with the various credit reference agencies (check them all as different lenders refer to different agencies). In the meantime, as Ryan says, you may be able to obtain a mortgage before then but you'd require a reasonably sizeable deposit (think in terms of 20-30% as a rule of thumb).
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