Post IVA questions

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Samnmorty
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by Samnmorty » Mon Sep 03, 2018 4:15 pm
Hi,
so i posted on here last week and found it soooo useful. My question now is about life after an IVA.
I am assured our completion certificate is to arrive in the next 2 weeks (after help from this forum and a 5 month wait)
My husband and i have paid a subscription to Experian to start monitoring our reports and ensure they get cleaned up properly once the certificate is lodged. our scores (after 6yrs 5months) are actually not nearly as bad i thought they would be....26 points from good scores atm.
I am confused though as both show iVA registered 79 months ago and i thought after 6yrs (72m)they simply "dropped off?"
will those markers come off once they receive the completion cert?
Clearscore (equifax) have removed this marker and the scores are on the way up each month with nothing negative shown at all.
we have a mortgage which is now a very antiquated rate and were paying massively over the top having been static in it for 7+ yrs. Once the certificate is received and its gone from the credit files how long have people found themselves able to re-mortgage? Are there certain lenders to avoid who don't like post IVA custom? (obviously we wouldn't go to a creditors company)
There are a lot of great deals out there but obviously we're worried about having a failed attempt at credit appear so want to do this right and at the right time.
Any shared experiences would be well received and any useful tips to make sure we make the right moves.
Thanks in advance
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Ryan
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by Ryan » Mon Sep 03, 2018 4:21 pm
Hi,

With regards to re-mortgaging once all 3 of your credit reports (Experian, Equifax and Callcredit/Noddle) are clear and up to date we have certainly managed to obtain re-mortgages with High Street Lenders for Clients in similar situations. The IVA should come off the reports once they receive the Completion Certificate. Most High Street Lenders wouldn't look to lend at this time though so its very important to limit the number of credit scores you make as that can have a big impact on Lenders being willing to lend.

Regards
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Foggy
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by Foggy » Mon Sep 03, 2018 4:44 pm
Generally the reports you get from online services are 1 or 2 months behind real time. The subscription services are a waste of money. To ensure the content of the credit file is correct you need a copy of the statutory report (the one the creditors see in real time) at a couple of quid a pop. Have a read here, if you haven't already: https://www.iva.co.uk/what-does-an-iva- ... dit-record

With regard to the IVA dropping off -- it will not do so until after the completion certificate has been issued and you have come off the Insolvency Register. The 6 year time scale is only if the IVA completes within that time --- yours has not yet completed.
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Lisa Thomas
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by Lisa Thomas » Tue Sep 04, 2018 7:54 am
You might find this quick video I made about cleaning up your credit record useful:

https://youtu.be/PV4RzUY4BRM

Noddle and Clearscore are also free credit agencies to consider using in addition to Experian:

https://www.noddle.co.uk/
https://www.clearscore.com/
Samnmorty
Posts: 7
by Samnmorty » Fri Sep 14, 2018 11:35 am
Foggy wrote:
Generally the reports you get from online services are 1 or 2 months behind real time. The subscription services are a waste of money. To ensure the content of the credit file is correct you need a copy of the statutory report (the one the creditors see in real time) at a couple of quid a pop. Have a read here, if you haven't already: https://www.iva.co.uk/what-does-an-iva- ... dit-record

With regard to the IVA dropping off -- it will not do so until after the completion certificate has been issued and you have come off the Insolvency Register. The 6 year time scale is only if the IVA completes within that time --- yours has not yet completed.

Thanks for this,
As things stand (6yrs and 7months months on) the reports are good. MUCH better than we thought. I’m 20 something away from a good score with a lot of green ticks and only the one red for the Iva at 79months old. My husbands is more or less identical. We have mobile phone contracts etc and other than the glaringly obvious our files have always been immaculate (we never even missed a payment prior to entering the Iva)
The certificate should be here next week (following an update today) as you’ve explained the IR can show for up to 3 months following completion.
My question now is....if the credit files update and the Iva comes off that and we move forwards to obtaining a “normal” bank account etc. Will a remortgage need to wait until the IR clears or does that work from credit searches alone? sorry to ask so many questions but obviously we don’t want to make any attempts at remortgaging until absolutely certain we won’t draw another negative factor to our files.
Thanks in advance
Sam
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Foggy
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by Foggy » Fri Sep 14, 2018 12:28 pm
The IVA will show on credit searches until after the IR has cleared down. Then you have the hurdle of what lenders ask and what answers they will accept. Here it is best to use a broker, such as Ryan and / or Shaun who have experience in adverse credit applications, so you don't shoot yourself in the foot with refusals.

Ryan : memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
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kallis3
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by kallis3 » Fri Sep 14, 2018 12:33 pm
Sign up to Clearscore - it's free and pretty good.
Samnmorty
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by Samnmorty » Fri Sep 14, 2018 1:56 pm
kallis3 wrote:
Sign up to Clearscore - it's free and pretty good.

We’ve got that and actually it shows very little in comparison to Experian. They haven’t showed the Iva for a long time yet I know it’s on it’s on there with the others. Thanks though
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