How long does an IVA follow you around??

Pinkjoey

Hello
I had an IVA BETWEEN 2006 & 2011 which I successfully completed on time & without missing a payment My IVA was administered by Grant Thornton who apparently had a huge backlog & therefore the paperwork only went through the courts in Sep 2012.
As soon as my IVA finished in Sept 2011 I applied for a Vanquis card to start rebuilding my credit.
When I got my notice of completion from the Courts I obtained a copy of my Credit File to check that the defaults were removed and over a period of 3 months they did start disappearing...I left it a while and a couple of months ago obtained a more up to date one and was delighted to find that everything had cleared and I was just left with my ongoing things on there such as mobile phone, mortgage, vanquis etc. I also monitored my credit through Noddle...which started as a 2/5 and went up to a 5/5.
I applied for a mobile phone contract for my daughter which was accepted, so I thought great, I'm on the road to recovery!
So, last month we looked at remortgaging, and in a nutshell got turned down by Nationwide because we didn't meet their criteria of being officially out of an IVA for 12 months?! So...I thought, ok...I can wait for that as our current deal isn't that bad.
Next on my list was to get rid of my Vanquis card and transfer to a 0% which I have done today & got turned down!
So, even thought I have a clean credit report, no previous history with Lloyds (which was the cc I applied for) I have been rejected?!
I can only think its my IVA stigma that's still attached...if so, will it ever go? I feel like I'm being penalised for trying to get my finances in order...

Any help or advice would be appreciated

debtfree2016

Hello Pinkjoey, it might be that you have to take time and build up your credit, imagine starting again from scratch and never having any credit history you would have to build up your credit rating over a time.
Maybe you could apply for a report from Experian and when applying for a mortgage find a trusted Financial Advisor to arrange a Mortgage for you. Best of luck

rizla_king

Unfortunately some lender do take into account whether you have ever been insolvent. Some are a bit more forgiving though, so shop around and ask before applying.

yorkshire_terrier_owner

I finished my IVA in 2010. It may not be your IVA that is affecting your credit applications - are you on the electoral roll? How long for? How long have you been in your job? Is it secure? Do you pay the credit card off every month? How many searches for credit are on your report?

When I finished my IVA I worked hard to get my credit reference in tip top shape for a mortgage so I could move house. I was on the electoral roll, had been at my current address 8 years, been in same job 12 years. Used a single credit card for purchases and paid off in full every month And ran a small balance on a Next account to show I could service a debt.

I have just moved house and got a mortgage with Nationwide - went through a broker and was up front and honest about my IVA even though there is no paper record of it anymore, but it wasn't a problem.

I would say get your credit references from the main CRAs. Too many searches for credit on your report can also trigger a decline so there could be many things on there that are impacting your applications.