- Tue May 13, 2008 8:48 pm
Thanks...got quoted 14.9% APR on a 25 year secured loan today, just because I had two defaults. Can only be worse with an IVA tacked on there, unless I am being royally ripped off.
This document says
Once your IVA ends, the Insolvency
Service will let the credit reference
agencies know. The agencies will
then update the IVA entry on your
credit report to show it has been
‘completed’. The entry then stays on
your credit report for six years from
the date the IVA began. You might
continue to experience difficulties
getting credit and other financial
services because you were in an IVA
in the past. If you do manage to find
someone who will lend to you, it is
likely that they will see you as a highrisk
customer and they may charge
you a higher interest rate as a result.
Does this mean even after 6 years, the fact you have been in an IVA is going to cause me problems.
Also it states an IVA stays on the file from 6 years of date of arrangement , rather than completion. This seems odd to me.