Individual Voluntary Arrangements - IVA (Years since registered)
Our standard acceptability
Indicates if we can potentially consider borrowers who have had an IVA and if so how many years ago it must have been registered. An IVA is registered when a payment plan is agreed with the creditors. For example, a home buyer is looking to obtain a mortgage to fund a house purchase but entered into an IVA 6 years ago which consisted of a 5-year plan to repay the agreed amount to their creditors. The plan was successfully completed without any unsatisfactory conduct so their IVA has now been satisfied for 1 year and was registered 6 years ago.
IMPORTANT NOTE: An IVA usually stays on the credit file for 6 years from the date it was REGISTERED not from the date it was satisfied which typically occurs 5 years after the date the IVA was entered into (the registered date).
We will look at satisfied IVAs only three years from when they are satisfied.
We will look at satisfied IVAs only three years from when they are satisfied. Multiple examples of adverse credit will result in applications being declined even if over this time period
- IVAs and Bankruptcy
15 August 2018