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 Defaults after IVA start
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Posted - 22 Apr 2018 :  08:57:18  Show Profile  Reply with Quote
We had an IVA that we have completed early. It will be six years in Oct 2018. We would like to get a mortgage then which an advisor has said we could in principle.
We have received the certificate and are going to be applying to the credit agencies for defaults to be cleared off the credit report etc. However three years ago we had to default on the mortgage and sold with negative equity which was added to the IVA. Now the IVA is over will those defaults stay on fill for another 3 years or will they go as included in the IVA?

Jennie Hutchinson

IVA Adviser
IVA Expert

786 Posts

Posted - 23 Apr 2018 :  08:57:15  Show Profile  Reply with Quote
Hi Jennie2299.

Default notices should usually be dated no later than the start date of your IVA. They will thus leave your credit report when you reach the six year point (along with your IVA) without you having to intervene. This is because more or less anything goes on your credit report for six years then falls off.

I think this might be different with the mortgage I'm afraid. If you've defaulted on that three years into the IVA I suspect it would be seen as reasonable for them to issue a default notice at that time. They couldn't do so when the IVA began because they weren't an included creditor. The entry they've added at the point of default seems to be an accurate presentation of what happened and, unfortunately, may be on your report for around three more years.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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