IVA - The Truth Please

Mrs_Impatient

Hi, I am after some advice please. I am currently 3 years in an IVA with Grant Thornton. When I spoke to them a while ago I explained that had heard information that when the IVA comes to an end i.e. in 3 years time, my credit history will be cleared and that's that. Now I was originally told the IVA will end and then I have to wait another 6 years for my credit file to be cleared of any information regarding the IVA, not sure which one is right. Also I was never told about the fact that I might never be able to get another mortgage again. Beginning to think bankruptcy might be a better option as after two years all over. Can't fault GH at the moment though they have removed my house as an asset and changed my payments due to change of circumstances. Any advise would be grateful. Thanks.

tigerfeet2006

MrsImpatient, you would probably be better off asking this question on the IVA&DRO board.

MoneySaverLog

The IVA is removed from your credit file 6 years from when it was registered assuming the IVA is marked as completed.

I've yet to find a mortgage company that does not ask the question "Have you ever been bankrupt or entered into a IVA" A unfair question as it blacklists you effectively forever.

Something which was never made clear to me when I took out a IVA sometime ago and I'm sure it was just bankruptcies they asked about and was a reason for me taking a IVA in the first place over BR as I did not want to be excluded from high street mortgages forever.

tigerfeet2006

If you have been BR then you can get a mortgage eventually but you will need a hefty deposit. There is a thread on here somewhere about mortgages, I am on my phone at the moment but when I get home I will try and find it for you.