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  • FIRST POST
    • Grebbie212
    • By Grebbie212 10th Oct 17, 9:45 AM
    • 3Posts
    • 1Thanks
    Grebbie212
    6 Year IVA + 1 Year
    • #1
    • 10th Oct 17, 9:45 AM
    6 Year IVA + 1 Year 10th Oct 17 at 9:45 AM
    Hi there,

    Looking for some advice, in the next 2 months I finish a 6 Year IVA + 1 Year totalling 7 years of payments. Once I pay my last payment in December will I need to wait to sort my credit file out, as the IVA only stays on your file 6 Years from the start of your IVA. Would this mean also that my completion certificate would be sent out quicker rather than the 6 months that I have heard most people have waited for it?
    Iím looking to remortgage as soon as possible as our rate is a variable one and want to get tied into a decent one before interest rates rise. Will be able to do this sooner as IVA should be off of my credit file by now?

    If someone has had a similiar experience to mine, I would love to hear about what happened and how they steered there life back into reality again. Many thanks
Page 1
    • sourcrates
    • By sourcrates 13th Oct 17, 11:44 AM
    • 12,714 Posts
    • 12,051 Thanks
    sourcrates
    • #2
    • 13th Oct 17, 11:44 AM
    • #2
    • 13th Oct 17, 11:44 AM
    Hi,

    Everything associated with the IVA will be gone after 6 years.

    Your completion certificate is sent out at the discretion of your IP, and it can take up to six months, however you don't need it for anything, its just a simple A4 piece of paper with a date on it, that's it.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Grebbie212
    • By Grebbie212 24th Oct 17, 8:43 AM
    • 3 Posts
    • 1 Thanks
    Grebbie212
    • #3
    • 24th Oct 17, 8:43 AM
    • #3
    • 24th Oct 17, 8:43 AM
    Thanks for that, can I apply for a mortgage without the completion certificate and surely I canít close any open debits on my credit file without it, which in turn will stop me from getting a new mortgage?
    • memberme
    • By memberme 24th Oct 17, 10:08 AM
    • 196 Posts
    • 51 Thanks
    memberme
    • #4
    • 24th Oct 17, 10:08 AM
    • #4
    • 24th Oct 17, 10:08 AM
    Hi, you don't need the certificate for a mortgage application. I would wait 2-3 months for your file to clear up a little before you start chasing creditor details still on your files. I had a 6 year iva and all but one existing creditor record cleared within 3 months post iva. the other one required a letter to their credit controller and was then removed. My certificate came within 2 weeks but some IP's do take months so there's no knowing that one. Ask you IP at the time when it may arrive. It doesn't look like a certificate, just details settlement and date. Also if you wait a year post iva my broker said you have better chance of getting a good deal on a mortgage but not sure on that one. use a broker definately though as they know which lenders will play ball with an ex IVA person. Our mortgage is with Barclays/Woolwich at a normal rate. Good luck
    Last edited by memberme; 24-10-2017 at 10:11 AM.
  • National Debtline
    • #5
    • 24th Oct 17, 11:15 AM
    • #5
    • 24th Oct 17, 11:15 AM
    Hi Grebbie212


    The latest a debt in your IVA can have been defaulted is the date the IVA started. As all debts drop off 6 years after the default date you should find no debts that were in your IVA will still be showing on your credit file.


    It's worth getting a copy from each credit agency to check. You can get a free copy for each agency from the following sites:

    https://www.moneysavingexpert.com/creditclub
    http://www.noddle.co.uk
    http://www.clearscore.com


    Susie
    @natdebtline
    Last edited by National Debtline; 24-10-2017 at 11:22 AM. Reason: Typo
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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