IVA completed early. What now?

Options
Kittysoftpaws_2
Kittysoftpaws_2 Posts: 1 Newbie
in IVA & DRO
Hi there.
We have just completed our IVA 1 year early. Thec5 years were not up until August 2018. We have received our certificate of completion.

So what now? We want to save for a mortgage and deposit. Our IVA company haven't told us or advised us on anything to move forwards with our credit file and history.

Natalie

Comments

  • fatbelly
    fatbelly Posts: 20,499 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    Options
    Start saving. Your credit file should clear itself 6 years after you got the IVA but it is worth checking all 3 CRAs to make sure default dates are recorded correctly.

    Getting a credit card that you pay off in full each month should help how you are viewed by lenders.
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
    Options
    Hi Natalie

    Well done on completing your IVA, especially as it was a year early. The IVA is going to drop off your credit file 6 years after it started. All debts will drop off 6 years after the defaults were registered, at the very latest the default must be registered by the date of the IVA. That means you’ll have a clean state from August 2019.

    As Fatbelly says, now could be a good time to start saving a deposit for a mortgage. Think about getting some independent financial advice on extra help that might be able available, for example the government has a help to buy ISA for first time buyers. Good luck with it all.

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • fatbelly
    fatbelly Posts: 20,499 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    Options
    National_Debtline wrote: »
    Hi Natalie


    As Fatbelly says, now could be a good time to start saving a deposit for a mortgage. Think about getting some independent financial advice on extra help that might be able available, for example the government has a help to buy ISA for first time buyers. Good luck with it all.

    Susie
    @natdebtline

    Good call!

    http://www.moneysavingexpert.com/savings/help-to-buy-ISA
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards