Hi, just a bit of background information, my wife and I entered into an IVA with Cleardebt in 2011, mainly due to Northern Rock Together mortgage. We have entered into a 6 year IVA, I have a few questions I would like clearing up, When will my IVA be cleared off my credit file (thinking 8th year), will I have too go into a 7th year (mortgage 90000, balance 80000, house value 100000), any help would be appreciated...
Your credit file will not be cleared up until the IVA has completed and not before 2017 anyway. You seem currently to not have enough equity for an extension but if the mortgage balance is reducing and the property increasing in value this may be different in month 66. A seventh year is a possibility.
As Michael says an extension for equity is not yet out of the question --- you must keep an eye on this when the time comes and a few quid spent on a decent valuation might save you a year, if the figures are close.
On credit files the IVA and defaults will drop off 6 years from the start or when the IVA completes, whichever is the later.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
