IVA F&F Offer Accepted!! What Next?

Southpaw18

Hi All,

A couple of days ago my offer to my IVA company was accepted in court by my creditors. I have been in an IVA since early 2009 and it has been a huge hinderance to me, and after someone kindly offering me the money they have accepted my offer, and i feel brilliant for it!!

Just for those of you in an IVA or interested in the process, my overall debt was around £17k in 2009, i then had to lower my payments meaning id end up paying around 13k. I have made an offer of 4k, meaning overall ill have paid around 7.3k for my original 17k debt. I thought this was brilliant, and im so pleased it was taken.

Anyway, I was wondering if anyone has any links or advice on the next steps? From what i realise the IVA will still show on my credit file, but what about rebuilding my rating, and other information on the next stage of this process?

ANy help would be great, and thanks to you all for your help over the years, i still will have debt to owe, but I can now change my life and allow myself to save my money and not be so restricted. . . its complicated!

thanks all :T

FoggyBrain_2

Hi -- well done on getting your offer accepted. It will take a few months to tie everything up with your creditors, then your IP will issue you with a completion certificate ( just a letter in reality), After that you are truly completed as technically, although not paying anything, the IVA is still in force until you get that certificate.

Then, the IVA will remain on your credit file, shown as satistied, until 6 yeears from the date it was accepted, when it will drop off. In the meantime, after a couple of months have passed from getting the completion certificate, you should get your credit files and make sure the default dates are all on or before the date your IVA started (otherwise the defaults will still show when the IVA drops off).

Southpaw18

thanks Foggy, appreciate your comments.

Are there any things i can do to improve my credit score, even while the IVA still shows on my rating?

thanks

JustinCredibleGillespie

Apply for a Vanquis CC. Use it for groceries or petrol and pay the balance in full each month. Ensure that all your accounts on your credit file are shown as settled and any defaults are shown as satified

Best of luck to you.

JCG

FoggyBrain_2

Your mobile phone contract will also be showing green ticks, as does a well run bank account. Best to wait fot eh Vanquis card, for a few months, to give the IVA time to be cleared. There have been mixed reults with applications post IVA, and there doesn't seem to be much logic applied. Also, if you want to stump up a fiver a month there is a cashplus credit builder pre-paid master card. Basically they "lend" you the years subscriptions, which you "pay back" (as subscriptions), each month getting a green tick.

Southpaw18

thanks to you both for your advice.

The payment cheque went out today so hopefully the start of the end!

thanks again, ill hopefully update this soon about what ive been doing.