IVA Settled Early_ What Next ?

Mohican_Man

Hi , My wife and i have settled an iva 4 years early.Our plan is now to save as much as possible over the next 4-5 years and hopefully then obtain a mortgage.We understand that the iva stays on the credit file for six years from the date that it started.Although we currently rent a four bed to accomodate our family, we do have 2 existing mortgages on two small flats.Does anybody no the likelihood of us getting a reasonable new mortgage in 5 years time ?

memberme

according to a watchdog report with experts on tv about a year ago....after Br or IVA has cleared (post 6 years) off your file, a year later you could have great credit score and get the best deals. As you have longer before the 6 years are up it's agood idea to get prepaid cards etc where you pay monthly as this shows on your credit file and improves it.

FayMckenna

Sorry I can't answer your questions but would really appreciate some info regarding paying off an IVA early.

Did you have to pay the full amount or did you manage to make an offer of a lower amount and have that accepted?

I'm trying to help my dad out and can lend him a lump sum but it's not enough to pay off the total IVA so I was hoping they might accept an offer. He also has a bank loan secured on his home and his current mortgage lender has implied they will allow him to remortgage and pay that if he pays the IVA first. The bank won't wait 2 1/2 years for the IVA to finish so I'm hoping my lump sum offer will save him having to sell his home.

Angellm8

Hi FayMcKenna,

I have recently just paid my IVA early after making a final offer to my creditors, I spoke with my IVA company and they confirmed whether what I was offering was reasonable and worth going to the creditors. I had paid £7k already over the last two years and made an offer of £7k which was accepted so in total paid back 14k of a 48k debt! The reason for my final offer payment was my parents gave me a lump sum because we were at risk of not being able to pay the premiums because my partner couldn't get a job!!!

Get your dad to speak with his IP and I'm sure they would help with any suggested final offer payment!

I found iva.co.uk useful for advice on IVA's

2naughtycats

I ended my IVA a year ago and checked my credit score abouts 2 months ago and my score was 999 which is rated as excellent! I was amazed, have not tried (and won't) go get any credit though.

Not sure if that helps or not?