If I paid IVA back before the 5 years

[mstk]

Although an ivf normally takes 5 years to repay the debt. If I paid it back before the 5 years and wanted to buy a new house in the next couple of years, could it affect that? Would it still show on my credit rating?

[Cybus]

Record of the IVA is placed on your credit record on the date of approval and remains there for 6 years.
However if you successfully complete the IVA, you will be provided with a notice of satisfactory completion by your Supervisor. You can try forwarding this to the credit reference agencies with a request that it is noted on your credit record. It do not believe it will remove the IVA from your credit record, but I would hope it would mark it as satisfacorily concluded, which is the important point.
You can always make the mortgage lender aware of the satisfactory conclusion yourself.



Tell it like it is.

[iva_squirrel]

Good morning mstk,

Welcome to the forum.

Once your IVA ends, the Insolvency Service will let the credit reference agencies know.

The agencies will then update the IVA entry on your credit report to show it has been ‘completed’.

The entry then stays on your credit report for six years from the date the IVA began.

You might continue to experience difficulties getting credit and other financial services because you were in an IVA in the past. However because it would be marked as "satisfacorily concluded" I am hoping they would have no problem offering you a good interest rate.

Kind regards,


Julia Simavi

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[Adam Davies]

Hi
Obtaining a mortgage with a current or completed IVA will not be a problem as long as you can get a satisfactory reference from your current IP or a completion certificate for a completed IVA.
I would doubt if the interest will vary much,if any,whether the IVA was completed or not if still on your credit file.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Cybus]

This from the Insolvency Service ...

The Insolvency Service is not involved in informing the credit reference agencies of a completed or terminated IVA from the point of view of sending special notification. It is up to the individual to ensure that their credit file is correct.

However, the agencies subcribe to the information on the Individual
Insolvency Register, which gives them a monthly update. Given that an IP must inform The Service of the completion or termination not more than 28 days after the completion or termination, under Rule 5.34 of The Insolvency Rules 1986, the agencies should pick the information from this.

Good morning mstk,

Welcome to the forum.

Once your IVA ends, the Insolvency Service will let the credit reference agencies know.

Tell it like it is.
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Tell it like it is.