Now and the future

iwannabefree

Hello all.

Not a newbie, been looking for a while now but after some time thought it might be nice to give you an update of my journey so far and looking for some advice.

As you can see by my signature i'm in an IVA and have been for three years now. It's not been easy as all of you in one will know, but seeing my "Chuff Chart" balance reduce each month and as of Aug will be below £15,000 is an acheivement in itself. Really looking forward to the end of the next 24 months when it will all be over......well sort of.

Although we will have completed all the payments :j there will still be the 1 year until my credit file will be clear. This in a way is ok because at the moment we are in rented accomodation, but we are getting increasingly worried about getting on the housing ladder. We are trying to save a little bit, (not alot at the moment) but once the IVA is complete we can save the money we were paying into the IVA towards the deposit for a house. Age is starting to be an issue (just turned 38) 1st time buyers and mortgages are a scary phenomenon. I know in the current climate we will stand no chance, but we are wondering if any of you have come through the other side of an IVA and obtained a mortgage. What were your experiences and what advice would you give for now and the future.

A long winded post i know, sorry :rolleyes:, thanks in advance for any replys.

danielanthony

I finished my IVA in May 2008 and applied for a mortgage with Britannia this month. We passed the credit score and are just having our documentation checked before getting the offer sent to our solicitors.

My advice to you would be make sure the default date on all your accounts with all the CRA's is accurate. It took me nearly a year to get this info sorted, so six years after your IVA started you should have an excellent credit file - Experian rated me 953 in June this year, I was 500ish the year previous.

iwannabefree

Thanks for that info. Is 953 good? wouldn't have a clue myself.