Nearly at end of iva

upset_iva

Iva was due to finish this july2012 , but due to non equity in house has been extended to finish dec 2012 .
This has been agreed with the creditors , and result of vote sent in post .
To say its been hard is true , no one to blame but ourselves although you dont realise it until its all laid out in front of you .
We have kept up to date with payments and supplied all information required by DFD .
But why cannot it be shown on credit files that we have kept regular payments over the Five years and have proved we are capable of having paid well over the normal amount needed for credit agreements in monthly payments to iva , and for the files to wiped clean at that point. So that when the IVA has finished we are not be stigmatised and do not have to wait at least another year before coming elegible for normal credit/mortgage applications .
I am not suggesting once it is over to apply left right and centre for credit etc , as we have defintley learnt our lesson , but at least we have paid the price for five years . Surley that should be enough punishment , at least the lenders have had some money back than if we had gone down the bankrupt route .

Foxy-Stoat_3

I would of thought that an IVA isnt a credit agreement the same as a loan - ie you borrow £10,000 and pay back £10,000 plus interest. IVA situation is that you borrowed say £25,000 and agreed to pay back 25%, £6250.00, so I have the same credit worthyness after the 5 plus years? No. So this wont really help your credit file.

6 years after the start of the IVA your credit file will be clear of all IVA information, just make sure all your defaults have the correct date with the credit agencies, take out a Vanquish card and rebuild your credit from there.

I applied and got a normal interest rate mortgage 6 months after my IVA completed so normal mortgages are out there, just use a whole of market broker and dont apply direct to the high street for anything. Your equity will need to be at least 20% to get a good interest rate mortgage, so if your in negitive equity now, I would of thought your limited on your options.

And you will be punished for longer than the term of your IVA! I cant even get interest free credit on a sofa for £1000 even though my bank lent me 6 figures for a house !!!

Well done for getting this far tho!!!

BillyWilly_2

Foxy,

May I ask why (if you know) you were turned down for an interest free loan for a sofa?

Looking at getting a mortgage and thought as well as my Vanquis CC I would consisder a small interest free loan to help rebuild my score.

Thanks in advance.

Foxy-Stoat_3

No idea mate.