Completed my 6 year Iva in October 2020 & within a few weeks received my completion certificate. I’ve since sent the certificate to the big credit reference agencies.
My question is to those of you who have completed too or previously - I settled my Iva 9 months early. Am I facing having to wait the full term of the 6 year Iva for it to update where say Experian, Equifax & Transunion are concerned ? - As I say I’ve sent the completion certificate to all three.
Looking to go for a mortgage later this year (of all years) Does anyone know if:
1. How long is the Iva going to take to show as complete & removed from my credit file for when lenders do their process checks ?
2. Iva complete, never missed a payment, paid off early, have completion certificate - Are mortgage lenders still likely to be awkward due to having previously been within an Iva ?
If you have finished early you will have to wait for the full six years for it to disappear. Just keep an eye on it.
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
The previous IVA will cause an issue with some lenders, yes. Each has it's own, unique, criteria for accepting mortgage applications. That said, as long as you are prepared BEFORE you make an application (this includes checking that you are on the voter's roll, that no other defaults etc. included in the IVA post-date the date of your IVA etc.), then it should be possible to secure a competitive mortgage. This is assuming that there is nothing else in the background and you meet the rest of the criteria. There are still very competitive deals available at the moment, despite the COVID-19 pandemic so don't worry too much on that front.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.