www.iva.co.uk

My IVA is due to end Jan 2011, and I believe will be removed from my credit file in 2012. If i end early with a lump sum in Jan 2009, will it be removed from my credit file in 2010 or still 2012. Thanks.

Hi, if you ended early it would still be on your credit file for 6 years from the day it started im afraid. The only difference is that it should then say that the debts have been satisfied .

mrs skint

Thanks for the reply.

That sucks, doesn't seem worth paying it off early if it doesn't come off your file.

Are there any benefits to paying off an iva early?

x

Hi Sue,

I would say some benefits from a Full & Final settlement are:

- Your IVA will be completed early.

- Your name will come off the Insolvency Register quicker.

- You no longer have to pay monthly contributions to creditors.

- You do not have to declare any windfalls/bonuses/commission or overtime.

Just to name a few.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

That is a good point [:)] What impact will coming off the insolvency register early have? I guess what I have in mind is being able to get a mortgage in the future, and how long I will have to wait to be able to do that after i've settled?



Sue G

Well the Insolvency register is a public register so it means that your details will no longer be available for the public to see.

Gaining a mortgage whilst being in an IVA or just finishing an IVA is not impossible but it can be more difficult than usual as:
1. If you are in an IVA you would need the express permission from your I.P.

2. You would not be able to get the best rate from High St lenders as your IVA would still show on your credit report. However you can lend from the sub-prime market and could seek advice from a specialist mortgage broker.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/