Iva’s and buying a new home

Beccyboo92

Good evening ! 

I am in need of advice please. My IVA is finished this June. (5years) 
it will be on my credit file for 6 years. 

Will this disappear from my credit record after 6 years?. 

I own my home and desperately need to move due to anti social behavior affecting the street and horrific next door neighbors. 

I’m hoping after the 6 years the IVA will be gone from my credit record and I can either buy another home or rent so I can move even quicker. 

Hope that all makes sense. 

Thankyou in advance 

Grumpelstiltskin

If you apply for a mortgage you could be asked if you have ever been insolvent, an IVA is insolvency, so you have to answer yes, how that effects any mortgage is up to the mortgage company.

sourcrates

Are you certain it finishes after 5 years, most last 6, I would check with your IP.

It is removed from your credit file at either the 6 year point, or once you have obtained your certificate of completion if that is longer than 6 years.

csswiift

There are lenders who will lend 12 months post completion. You may find the odd peculiar lender who might lend before then. Good luck!

ManyWays

Most people with a house in an IVA either start with a 6 year IVA or have an extra year tacked on the end when they cant release equity.

After your IVA has completed and you have the completion certificate (which can be up to 6 months after your last payment), you can sell your house without having to pay any money into the IVA. But during the remained of the 6th year it will still be on your credit record and you will find it hard to borrow except at a very poor rate.

Things you can do now that will help later is to making sure your credit records are accurate, with all the debts in your IVA being shown as defaulted on or before the start date of the IVA. If any are not, they won't drop off your credit record at the 6 year point, you want them all to be gone by then.