How long iva stays on your credit file?

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lucianne
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by lucianne » Wed Aug 09, 2017 5:43 am
Can somebody clarify if the iva stays on your credit file for 6 years from the start date or 6 years from the completion date. Husband completed iva 31st August 2011 and we are applying for a mortgage so want to know if waiting until after 31st August 2017 will make a difference. Many thanks
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Ryan
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by Ryan » Wed Aug 09, 2017 7:30 am
It would show on your credit reports for 6 years from the start - however different Lenders have different criteria and not many will lend 6 years after an IVA began, most will want more time to have elapsed. The start date of the IVA is the most important factor for ourselves when we look at Mortgages.

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Foggy
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by Foggy » Wed Aug 09, 2017 7:55 am
As Ryan says, the IVA stays on file until 6 years after the start date. You will need to check all three records to make sure they are clear before applying for mortgages. Sometimes defaults are incorrectly dated and remain showing.

Most, if not all creditors will ask about your financial past: Some will ask if you are in an IVA, some will ask if you have ever been in an IVA ... some will know anyway, it seems, but still ask. They all have their own criteria -- and these criteria do change without notice. Some will lend once your record is clear, some do want to wait for 3 or 6 years from the end and some will never lend!
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