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Posted: Mon Feb 03, 2014 5:33 pm
by Kellie.76
We did a full and final IVA in 2010 where we paid a lump but hadn't missed any payments up until then. Do we have to wait until 2016 to be able to remortgage as I am assuming the bad credit will be on our records for 6 years still even though we didn't do a standard 5 year IVA?
Our fixed rate is due to finish next this month so I would like to know what our options are, thanks
Posted: Mon Feb 03, 2014 6:07 pm
by Foggy
Hi. Yes, the credit files will be shot until the 6th anniversary, when they will need to be checked. Good info here:
http://pjgrecovery.com/clean-up-credit-rating.asp
Always worth having a word with one or both of our mortgage experts: Ryan & Shaun, whose details can be found under the "Ask a Question" Button, top left, and scrolling down the page.
Posted: Mon Feb 03, 2014 6:31 pm
by Adam Davies
Hi
It will be six years from when you started your original IVA that the IVA will be on your credit record
Regards
Posted: Mon Feb 03, 2014 9:44 pm
by doritos
I don't agree with that at all.
If you make good on your end of the deal early then the file should be cleaned up so you can move on with life, leaving the marker on there is unfair.
Posted: Mon Feb 03, 2014 10:18 pm
by Foggy
It's the statutory time limit for records remaining on your credit files, Doritos. If you have a default, for whatever reason, it sits there for 6 years. IVAs are no different I am afraid.
Posted: Mon Feb 03, 2014 11:44 pm
by MelanieGiles
There may be mortgage lenders out there who will look at you favourably now - given that you must have a good debt free record since the IVA was repaid. It would be interesting to see Shaun or Ryan's view on possibilities, especially if you have a substantial deposit to put down.
Posted: Tue Feb 04, 2014 3:54 am
by luluj
We were able to get a mortgage via Ryan whilst the iva remained on record after a full and final offer. The interest rate was almost three times the normal rate but to us it didn't matter as it was getting a foot on the ladder. Now that all is clear on our records Ryan is starting the process to find us a much better deal and reduce the numbers of years left.
Posted: Wed Feb 05, 2014 8:21 pm
by Kellie.76
Thanks for all your help looks like I will have to stick with santander's variable rate for the next 2 years and hope for the best that interest rates don't go too high