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Hi, I completed my IVA in March this year and am a bit confused as to my credit status. As I have successfully paid into my IVA for the last 5 years am I classed as having a bad credit file, have I defaulted or have any CCJs. I was looking into getting a mortgage and when you are asked questions like: have you had any previous defaults or ccjs etc. how do I reply to this?, is the view taken that because I have completed my IVA , made all payments and my debt written off that I have a clear credit file?

Sarah Kempe

Hi Sarah and Welcome to the Forum,

An IVA will stay on your credit file for 6 years from its commencement, so as you completed your IVA in March this year (assuming it was a 5 year IVA) it will remain on your credit file till March 2008.

Having an IVA on your credit file should not stop you from getting a mortgage altogether, however you may not be able to get a mortgage with high street lenders. I would advise that you speak to a mortgage specialist who can advise you further on this.


Best Regards. IVA Experts

What IVA experts says is completely true. Secured lending such as mortgages is a different ball game to unsecured lending. I think it is based on affordability more than credit history. A bad credit rating will definately effect your chances of getting a mortgage at the best rate from a high street lender, but there are nethertheless plenty of sub prime lenders who would offer one at a higher than average rate.
If you shop around, you maybe able to get a fixed rate that isnt much higher than average for a couple of years, and then you might be able to switch to a lower rate more conventional deal at the end of the fixed rate period.

Agree with both of the above. Contact a number of specialist mortgage brokers who should be able to assist you in getting a mortgage at a competitive rate.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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