IVA completion - Some further questions.

GJL

Firstly, thank you for all of the advice given.

After a sucessful IVA period which ended in December 2010.
I recieved my certificate in March 2011, of which was a good feeling, and starting to repair the mistakes made!

I have during the course of my IVA entered into a new relationship. My partner has her own property, and the fixed rate of the mortgage comes to and end in June 2011.

In an ideal world we would like for me to be put on the mortgage. I am thinking at the moment this would not be possible?

Looking at my credit report, I am showing a high end fair to low end good on my credit rating (Credit expert) However, in an attempt to reconstuct my credit rating I applied for a credit card, of which I was refused.

At the time, I had not moved into the property long, and I had just put myself on the electrol roll at the new address.
I am wondering if this would have influenced the decision of refusal.

I am aware my credit report is still showing debt (Until Dec 2011) of when the six year period will be finished.

My question is, taking into account my personal circumstances, which is the best way to repair my credit report, and prepare for a mortgage application, and when is this likely to be possible?

I would appriciate any help anyone can provide.

Many thanks.

Gary.

z1a

Does your credit not show the IVA until 6 years after the finish of IVA ie Dec. 2016? not sure.

judojub

Hi z1a
The IVA will stay on your credit file for 6 years from the date of acceptance of your IVA, not the finish!

judojub

HI GJL.
Not completely sure on this but somebody will come along to help you out.
Your IVA as you say will stay on your file til Dec. There isn't really much you can do until then. Perhaps just make sure you get a copy of your credit report from the three different companies and make sure that all defaults are dated from the acceptance date of your IVA, that way they should automatically drop off after the 6yr period. Keeping up payments on utilities, mobile phone contracts etc will help build your report a little bit and you could try applying for one of the credit cards with the extortionate interest rate (vanquis for example) Just remember to use it only for small purchases and pay it off in full each month! As for the mortgage, that might be a little more difficult. Most high street lenders will probably turn you down flat. You might be better using a broker. If you are accepted for a mortgage then you might find a hefty deposit is needed and the interest might well be a slightly ridiculous amount!
As for being put on your partners mortgage, I am not sure how your IVA would affect that. Sorry I couldn't be of more help, but pretty sure somebody else will be along soon enough.!

z1a

Hi Judo,
that's good to know - Mine will be off in 2 years then ( Did a fastrack IVA by re-mortgaging 4 years ago.
haven't even checked my credit rating, learning to live without it and not wasting our reasonable income on frivolities any more.:)

judojub

z1a wrote: »

Hi Judo,
that's good to know - Mine will be off in 2 years then ( Did a fastrack IVA by re-mortgaging 4 years ago.
haven't even checked my credit rating, learning to live without it and not wasting our reasonable income on frivolities any more.:)

Hi again!
I have only just started my journey so a long road ahead for me but hopefully a smooth one! I am glad yours is all over and done with and yes, once bitten twice shy eh?
Best of luck for the future!:beer:

z1a

I was in the very fortunate position that I was advised that my creditors would very likely accept about £30k, from a total debt of about £86k,:eek: and I had just £32k equity, so just a lucky escape for me. And yes, definitely "twice shy" - Good luck with yours.

judojub

Thank you very much!
I am finding it hard not having anything to fall back on but the fact that I have my own money (albeit a very tiny amount) and can pay for things with cash rather than a credit card is something that I feel a little bit proud about! By the end of this IVA I will (hopefully) be the budget master! lol

GJL

Thank you for the advise all.