www.iva.co.uk

I paid the final payment to my IVA on 1st July. I imediately emailed Payplan to ask when we would receive the completion certificate, when we would be removed from the insolvency register and when the restriction on selling our house will be removed (I am wanting to sell our house and purchase new one as quickly as possible).

In the reponse I received today, the person from Payplan said:
"Now that your final payment has been made, we can move forward with the completion of your arrangement. During this process we we will put in the application to remove the restriction on your property. You will receive your completion certificate once your IVA has been finalised which can take between 2-4 months. In regards to teh insolvency register, your name will remain on this until after 6 years after your IVA approval date. It will therefore be September of this year when your name is removed."

I was surprised to hear that finalising the IVA could take up to 6 months! Is this usual? I am aiming to arrange my new mortgage as soon as the IVA disappears of my credit report which will be in September. Is this realistic? If it takes up to 6 months to finalise the IVA, will this mean that it takes at least that long to remove the property restriction?

The normal time scale built in to the arrangement is up to 6 months for completion procedures ---- some firms take a few weeks and others take the full 6 months. Payplan is not usually the fastest, but nor are they the slowest.

Once the certificate is issued the Insolvency Service take up to three months to remove you from the register ....then is the IVA marked as completed on your credit reference files. Provided you have completed the IVA will come off credit files on the 6th anniversary, along with correctly recorded defaults --- you need to check these asap to make sure they are correctly recorded .... have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

As regards to a new mortgage, the longer you can wait the better the chances. Some lenders will lend almost right away, some insist on a clear credit search and 6 years from the start of the IVA. A few want 6 years from the end of the IVA, and some will never lend !

A mortgage broker with experience with adverse credit applications could certainly be worth the fees. We have two brokers who regularly post here: Ryan and Shaun --- they can be contacted via the details on their profile pages:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837