IVA completed early. What now?

Kittysoftpaws_2

Hi there.
We have just completed our IVA 1 year early. Thec5 years were not up until August 2018. We have received our certificate of completion.

So what now? We want to save for a mortgage and deposit. Our IVA company haven't told us or advised us on anything to move forwards with our credit file and history.

Natalie

fatbelly

Start saving. Your credit file should clear itself 6 years after you got the IVA but it is worth checking all 3 CRAs to make sure default dates are recorded correctly.

Getting a credit card that you pay off in full each month should help how you are viewed by lenders.

National_Debtline

Hi Natalie

Well done on completing your IVA, especially as it was a year early. The IVA is going to drop off your credit file 6 years after it started. All debts will drop off 6 years after the defaults were registered, at the very latest the default must be registered by the date of the IVA. That means you’ll have a clean state from August 2019.

As Fatbelly says, now could be a good time to start saving a deposit for a mortgage. Think about getting some independent financial advice on extra help that might be able available, for example the government has a help to buy ISA for first time buyers. Good luck with it all.

Susie
@natdebtline

fatbelly

National_Debtline wrote: »

Hi Natalie


As Fatbelly says, now could be a good time to start saving a deposit for a mortgage. Think about getting some independent financial advice on extra help that might be able available, for example the government has a help to buy ISA for first time buyers. Good luck with it all.

Susie
@natdebtline

Good call!

http://www.moneysavingexpert.com/savings/help-to-buy-ISA