IVA - 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.

FoggyBrain_2

Your credit record should clear 6 years after the start of your IVA, providing all the defaults have been dated correctly.

As for mortgages, I know quite a few people that have managed a mortgage post IVA, but around 20% deposit is generally needed. BR actually leaves a bigger stain on your life than an IVA, but still no-where near as bad as it used to be.

Foxy-Stoat_3

Mrs_Impatient wrote: »

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.

To the first, who told you this? It is incorrect.

To the second, BR will effect you for a lot longer than the IVA would of done as Mr Brain has said.

There is light at the end of the tunnel!