Help with iva and mortgages pls

Whites

Hi I'm new to all this lets see if it works,
I've signed to a iva where I've got to pay my full balance (£15000)in the first year,with help from a friend.what I would like to know is once its paid can I get a mortgage and are there any benefits for paying it off early? Thank you.

harveybobbles

IVA will stay on your CRA for 6 years from start date - whgat makes you think you'll be able to get a mortgage?

Is your total debt £15000? If so, then concider a Debt Relief Order..?

Ox1987

How does that work can this be done to do an iVA and pay it all in the first year. What is the difference between this and a F&F settlement if you were in a DMP

What sort of % is paid
Is there any advantages over this or being in a DMP long term

harveybobbles

IVA's are good if you have assets to protect. You generally pay back about 30% of your debt total. However if you own your house, some IVA companies will make you release some money from it in the final year (IVA's usually run for 5 years. Some are 3)

darren_clarke

if your total debt is 15000 k and you got to pay it in a year, why bother with a IVA

harveybobbles

I'd be tempted with a DRO to be honest.

Whites

Sorry didn't explain very well ill try again, I had my house repossessed and my total debt was about £60000. I signed up to a iva where I've got pay 15000 and in the first year which is the full amount,getting help from a friend and wanted it paid off ASAP is this the best thing to do?is there any benefits to paying it off earlier ? Thanks

chanz4

repo on file will kill it

Ox1987

Repo will what does it not stay on for 6 years like the IVA

darren_clarke

how long does a repo stay on file?

Find_The_Real

A house repossession stays on file 6 years from the date of the repossession order, so the chances of a mortgage in that time I would say were pretty low.

Not sure why you are going through an IVA if the house has already been repossessed though unless like Harveybobbles says you have other assets you want to protect.