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anais743

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Post by anais743 » Fri Feb 22, 2008 2:50 pm
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Hi

Following succesfull completion of an IVA how long is your credit rating affected for?
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sblack

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Post by sblack » Fri Feb 22, 2008 3:00 pm
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Many answers like this can be found in the IVA FAQ's and Pro's and Con's section on the IVA Guide.
Last edited by sblack on Fri Feb 22, 2008 3:05 pm, edited 1 time in total.
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debbiw

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Post by debbiw » Fri Feb 22, 2008 3:03 pm
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Your IVA will be on your credit file for 6 years from date of approval.
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anais743

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Post by anais743 » Fri Feb 22, 2008 3:21 pm
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Does that mean then that not only will you struggle to get high street mortgages rate for the 5 years of the iva but also the following 6 (11 years on a higher mortgage rate?)

If this were the case then an IVA may cost more than the actual debt itself.
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sblack

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Post by sblack » Fri Feb 22, 2008 3:28 pm
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Normally 5/6 years from the IVA approval date.
See answers in the IVA GUIDES to the left of this page
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Skippy

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Post by Skippy » Fri Feb 22, 2008 3:34 pm
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The IVA) will stay on your credit record for 6 years from the date it was agreed.
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anais743

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Post by anais743 » Sat Feb 23, 2008 12:57 pm
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Any experts out there know then if you will struggle to get high street mortgage rates after completion of IVA??!
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MelanieGiles

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Post by MelanieGiles » Sat Feb 23, 2008 1:30 pm
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As others have confirmed, the IVA remains on your record for six years following the creditors meeting, so during that period you may find it difficult to get the same rates as someone with a clean credit rating, however it will eventually return.
Regards, Melanie Giles, Insolvency Practitioner
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TheMatrix

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Post by TheMatrix » Sat Feb 23, 2008 1:42 pm
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6 years after the IVA was agreed it should come off your credit files, but watch out as I checked my file recently and noticed that some defaults had been listed, 6 to 12 months after they were included within the IVA.

These will also be subject to the 6 year rule too so could be 7 years before its fully clean again, and will affect me getting high street mortgage rates at that time too

You can check your file for free at annualcreditreport.co.uk to see any of these nasty little surprises
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Adam Davies

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Post by Adam Davies » Sat Feb 23, 2008 1:46 pm
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Hi
Andrew Graveson[Brightoak] was showing me a mortgage that is designed for the sub prime market.Basically after you have paid it for two years it will guarantee to put you into a 'prime' product regardless of your credit history
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Andam Davies
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Shining

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Post by Shining » Sat Feb 23, 2008 1:51 pm
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That sounds like a good mortgage Andy, something I may look to for the future.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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TheMatrix

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Post by TheMatrix » Sat Feb 23, 2008 1:58 pm
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Likewise :-)
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Soulgrowth

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Post by Soulgrowth » Sat Feb 23, 2008 2:04 pm
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I might need that as well!!

Debbie
Debbie
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anais743

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Post by anais743 » Sat Feb 23, 2008 2:59 pm
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OK. So once the iva is completed your credit file is clear and then you can get the high street rates? I appreciate you wont be able to during the term of the IVA but my question is what about after? Has anyone completed the 5/6 year IVA process and then still struggled afterwards to get a good deal?
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Emily

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Post by Emily » Sat Feb 23, 2008 4:22 pm
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I think there is more than the interest rates issue in buying houses after an IVA as interest base rate will be down and be cut even more for a wee bit longer to stop a recession. Lenders are really twitchy about 'sub prime' products if it means a High value to Loan Borrowing of 70% or more. Risks! NR have canned their 125% loan/mortgage as these are really for 'subprime' even though NR don't officially sell subprime mort' For those in an IVA you have a chance to build up the deposit and get better interest rates given by most lenders if you - put a decent size deposit down instead of going for 100%
Last edited by Emily on Sat Feb 23, 2008 4:22 pm, edited 1 time in total.
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