6 Years from when ?

markt89

Hi i am thinking of going to a iva as currently on a dmp with cccs but will take 10 years plus ,i was wondering am i right in thinking your credit file will be clear 6 years after the end of your iva so essentialy 11 years from start .

on the other hand you are ad from bankruptcy after a year then 6 years after for clean credit file so in essence 7 years in total

iva=11 years to clear credit file
BR =7 years to clear credit file

fermi

No. Both an IVA and BR would be just 6 years from the start. 6 years from the IVA start, or 6 years from the date you go BR.

Although, while not on your credit file after 6 years, if asked whether you had gone BR or in an IVA etc on an application you would be obliged to declare it. Even after it has cleared from your reports.

Brock_and_Roll

Fermi is right.

Most Lenders (quite sensibly) are now for larger amounts of credit posing a question along the lines of:

"Have you EVER been declared bankrupt, been subject to a bankruptcy order or made an arrangment with your creditors"

Sometimes this is not "for ever" sometimes it is 10 years. Anyway if you lie on the form, you would be committing a criminal offence.

Of course just because you "tick the box" does not mean that the bank will automatically reject the application, it may just be a cause for further investigation.

Abbie1977

................and if you "lie on the form"...............i.e. by ticking "no".............has anyone EVER obtained a criminal record OR gone to prison OR served any other type of sentence I would love to know the answer to that! I am not condoning telling lies by any means - I just wonder with our over stretched legal systems and bursting at the seams prisons - whether the phrase is slightly dramatising the reality of this "offence"?????

forgotmyname

Prison no. But known for them to cancel the loan and request immediate payment or else type of tactics.

Lies on a legal document is a serious issue. No doubt if they did want to push for it then they could report you to the police for fraud? obtaining money using fraudulent means? deception?

Probably not the right terms, But something like that.

Serious repercussions later on.