Finishing My IVA Soon - What next?

Sharleen__82

Hi All,

I am due to make my final IVA payment in December of this year!

I cannot wait and am looking forward to living debt free, this last 5 years have helped me to manage my money a lot better.

I was just wondering if there is anything that I can do now to help to prepare for when I finish?

How do I get to look at my credit report?

I have read on here that it will stay on my file for 6 years from the date that I started the IVA, so for another year after I finish.

I have a boyfriend with good credit. If I wait for the 6 years to be up will we be able to apply for a mortgage together?

And what is the best way to start re-building my credit?

Many thanks in advance for any advice or suggestions.

Foxy-Stoat_3

You will need to have a good deposit saved when you apply for a mortgage but its possible. Only use a good whole of market broker, stay off the high street as computer will say no.

You can start to rebuild your credit by applying for a Vanquish or similar credit card (40% interest) after your IVA finishes and buy your food and fuel only but clear the balance every month, so you won't pay the high interest. Do this for 6 months + without missing a payment and you will be on the right road.

Apply for your credit file with one or two of the reference agencies via their website, no need to pay for a meaningless credit score, just the £2 one to make sure all the defaults have earlier dates than the start of the IVA. Write to the companies who have the wrong information.

Well done for getting this far !

althas

Bet you can not wait. I have 3 months myself left

I do not think there is anything you can do really until you have the completion certificate. Then it will be full steam ahead

If you register for the 3 credit reference agencies now, you will be paying them a monthly/quarterly fee for basically nothing. So save the money instead for a bottle of bubbly for December. Thats what I am doing

If I understand things correctly, the dates of the entries on the credit file should be the date of DEFAULT, which should match the start of the IVA. Sometimes, the companies do not register the default for a few months, so it is things like this that will need changing, but again you will need the completion certificate to do this

The biggest thing I would say to do is talk to your IP about any outstanding PPI claims. They seem to be a sticking point for a lot of people and seem to delay the issuing of the certificate

The mortgage will be a tricky thing. It will all depend on the mortgage company and the questions they ask on the application form. Some ask only if you have been declared bankrupt. If that is the case then you can answer No and don't mention the IVA. They have not asked for that. However if they ask something like "Have you been declared bankrupt, or entered into any agreements with your creditors" then you have to answer yes. It would be fraud to give a false answer

There are brokers around that specialise in mortgages for IVA people. I would suggest haveing a look over at www.iva.co.uk forums as there are some mortgae brokers on there that are active in the forums and are oftern refered to on this exact thing

Rebuilding credit - This I am guessing on at the moment. My IP will be sending a pack out to me on completion with full details on this. I would think something like a contract mobile phone and one of the "bad credit" credit cards would be the two easiest things to get. Just make a few small purchases on the card each month and pay it off in full.

Anyways, pre-congratulations for December. Bet you can not believe it has been 5 years already. I know I can't

cardomon

Bare in mind it isn't finished until you get the certificate, two years after my last payment I'm still waiting.

Sharleen__82

cardomon wrote: »

Bare in mind it isn't finished until you get the certificate, two years after my last payment I'm still waiting.

Do you know why it's taking that long? Have you contacted the company that did your IVA? Seems like such a long time!!

Mummyisbeauty

cardomon wrote: »

Bare in mind it isn't finished until you get the certificate, two years after my last payment I'm still waiting.

Contact the company. Mine only took about three months after finish.

Congrats to all near finish. I finished mine a year and a half ago and still amazed to be debt free except a mortgage.

Sharleen__82

Mummyisbeauty wrote: »

Contact the company. Mine only took about three months after finish.

Congrats to all near finish. I finished mine a year and a half ago and still amazed to be debt free except a mortgage.

Well done!! Thats great news - was it difficult for you to get a motgage after? I would like to and am going to work hard to get my credit score up )

cardomon

Sharleen__82 wrote: »

Do you know why it's taking that long? Have you contacted the company that did your IVA? Seems like such a long time!!

Grant Thornton.