Full and Final IVA and rebuilding

Spurstrings

Hi all,

I managed to arrange a full and final IVA in 2008 through MacCambridge Duffy (Highly recommended for their customer skills btw)

We raised the funds for this through a private loan with my in-laws which we are paying the repayments to them over 5 years. (4 to go)

Basically my wife and I have a 5 year plan now, that we will have finished paying back the inlaws and most of her comitments we should be totally clear of debts (mortgage aside) in 4 years and use the saved money to build up some savings for a year. Once that happens we want to try and move house form our housing associationshared ownership property to a fully owned house of our own.

I fully appreciate my Credit rating is swiss cheese at present and want to know if there is anyhting I can do in these four years to make it look a bit healthier when it comes to reapplying for a mortgage in 4 - 5 years time.

I have researched that an IVA stays on your record for 6 years, but am unclear if this applies to a 60 month repayment IVA only?

My IVA was settled in 2008 as a full and final and didnt know if this made any difference.

Any advice would be great.

Thanks in advance:footie:

Charco_2

Your Creditor Record goes back six years (regardless of an IVA or not).

So if you look at your record today it should show your "swiss cheese" all the way back to about February 2004...

The important thing for you to do is to make sure that your IVA is noted on your credit file as at the time your IVA COMMENCED! Creditors put marks on the file willy nilly whenever they remember or can be bothered but you have a right to demand that only information that is correct and accurate about you is stored anywhere (Data Protection Act)

(I have to say I dont know a massive amount about Credit Ratings, just the basics, you might be best copying and pasting this post onto the Debt Free Wannabee forum board where those smarties usually hang out) There is also a Credit Rating clean-up report at the top of this thread which might be of help.

Spurstrings

Thanks Charco, i'll do that:beer: