What happens when an iva finishes?

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graham131
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by graham131 » Thu Sep 28, 2017 11:55 am
Hi.wonder if someone could clear something up for me. Have been getting conflicting answers on what happens when an iva finishes.
My last payment was in June of this year and am in the process of planning getting financially organised and have been told that it will stay on my records for 6years after the start date and 6years after the completion date.
So the question is which is correct?
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kallis3
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by kallis3 » Thu Sep 28, 2017 12:00 pm
Hi,

It is six years from the start of your IVA.
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Foggy
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by Foggy » Thu Sep 28, 2017 12:16 pm
It stays on your record 6 years from the start date ( as long as it compleets in that time). However, if you are looking at mortgages some lenders will not lend for 6 years from the end date ( some 3 years, some never, but, others right away). Though the IVA will not be "on record", some will ask "Have you ever ..... " , in which case you should answer honestly (they might already know from archived records ... so it is a gamble if you wish to say "no" ).
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Ryan
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by Ryan » Thu Sep 28, 2017 12:40 pm
Hi Graham,

As has already been said 6 years from the start date. As well as Lenders all treating IVAs differently many also rely very heavily on Credit Scoring and with no active credit on your credit file this can lead to issues on that front.

If you have any Mortgage related questions though please don't hesitate to contact us.

Regards
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sheraz.butt
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by sheraz.butt » Thu Sep 28, 2017 2:34 pm
It is 6 years from when you started the IVA.

Have you received your completion certificate?
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graham131
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by graham131 » Thu Sep 28, 2017 10:58 pm
Thanks to everyone for taking the time out to reply.to be fair my ip has explained what happens when the last Iva payment is made.im currently waiting for the certificate.
This may seem small in comparison with other people's experience but that last 18 months have been a struggle due to a drop in wages and I promised my family next summer let's get a nice car.the conversation I had with a contract hire company when I inquired what the likely payment will be because of my situation.the reply is in short your doomed.it will take six years after the Iva to get clear and no body will entertain you and all sense of reason went out of the window and panic set in and just needed a bit of advice form professionals.im hoping it's not the end of world.like I said it's a nothing situation but the thought having to wait another 6years before rebuilding your life is a horrible thought.thanks
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Foggy
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by Foggy » Fri Sep 29, 2017 6:47 am
graham131 wrote:
Thanks to everyone for taking the time out to reply.to be fair my ip has explained what happens when the last Iva payment is made.im currently waiting for the certificate.
This may seem small in comparison with other people's experience but that last 18 months have been a struggle due to a drop in wages and I promised my family next summer let's get a nice car.the conversation I had with a contract hire company when I inquired what the likely payment will be because of my situation.the reply is in short your doomed.it will take six years after the Iva to get clear and no body will entertain you and all sense of reason went out of the window and panic set in and just needed a bit of advice form professionals.im hoping it's not the end of world.like I said it's a nothing situation but the thought having to wait another 6years before rebuilding your life is a horrible thought.thanks



In a nutshell .... that chap didn't know what he was talking about and was probably transferring his own company policies onto the rest of the industry. Several members have had reasonable (not great due to the rates) deals from Moneybarn when fresh out the other side ... but the longer you can wait, the better.
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