Life After An Iva

mar100

Hi all,just wanted to know i've just completed an iva to sort out a very large debt i managed to finish it a year early.Could someone tell me how long it stays on my credit file and will there ever be a chance of getting a mortgage again as we currently rent?

thanks in advance

doelani

hi mar

Your IVA stays on your credit file for 6 years from it was agreed. The one thing I have noticed and seen otheres in the same position mention though is once your money in paid to creditors and you get letter/certificate of completion get copies of your credit file and make sure your creditors have your default date as no later than date your IVA was agreed and also that the debts are satisfied. I only finished my IVA last week so not sure how long it takes to acually get all monies paid to creditors. I have seen some paople who took about 9months before everything finalised. I do not think this is the norm though.

I ahve checked my file and alhough my IVA was originally agreed in may05 defaults range from march05-dec05 so so by may 2011 my defaults should have dropped off as will be 6 years since IVA was agreed but will be contacting creditors t get dates corrected once cpmpletion is confirmed.

As for getting a mortgage we did get one with a lot of trouble as our credit file is bad at the minute but hopefully by the time we need to remortgage again when our fixed term is up our credit file should be clean,

good luck

bank_of_slate

Well done for completing your IVA Mar, a massive achievement!
...Linda xx

fermi

doelani wrote: »

The one thing I have noticed and seen otheres in the same position mention though is once your money in paid to creditors and you get letter/certificate of completion get copies of your credit file and make sure your creditors have your default date as no later than date your IVA was agreed and also that the debts are satisfied.

Definitely.

There is a guide to help you do that here:

CREDIT REFERENCE FILE CLEAN UP – POST IVA

tallyhoh

Very Good! How did you manage to pay it off so early, mind sharing? How long did it take you, was it 4 not 5 years.

Sorry, cant help with the mortgage bit but have you tried on the bankruptcy board?

Useless_with_wonga

I'd also be interested to know how you cleared it within 3 years as i am about to start out on the same road. Due to remortgage in 3 years when my fixed rate ends and i would love to be debt free by then if it is at all possible given my circumstances.

trudij

Me too - Im about to enter year 4(:j ), and Id love to know how it can be ended earlier if poss do you have to pay everything that you would have given the iva over the 5 years or the full amounts(:eek: )??? I doubt I shall be in a position to clear it warly, but it would be nice to know....

thepinkladez_2

congratulations on becoming debt free and a yera early thats fantastic!:j

Marky74

Yes you can get an mortgage with an IVA. I did in Nov 2006, when I still had a year left on mine.

If you talk to a finacial advisor, they can point you in right direction. The rates might be higher than normal. My mortgage company was GMAC, if that helps