Credit report repair

Hi there,

I completed an IVA a year and a half ago now - yippee! Anyway, I'm now trying to get my credit file back in order, with the ultimate aim of getting a mortgage in a couple of years. I've managed to get a Vanquis credit card with a £250 limit, which I'm hoping will improve my record. My question is, is there anything else I can do, how long will my IVA and the subsequent defaults stay on my record, and lastly - do I have a hope of getting a joint mortgage?

Thanks for your help.


  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    Combo Breaker First Post
    The defaults/IVA will be on your credit record for 6 years.

    You may get a mortgage, but it probably won't be at the best rates.

    Anyway, most mortgage application forms ask the question "Have you ever made an arrangement with your creditors?" You must answer yes to this, even if more than 6 years has passed.

    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • shrimp76
    shrimp76 Posts: 7 Forumite
    Thanks for the advice. It's quite depressing that I can never really put it behind me - I'm not sure I would have ever gone in for it had I have known that. Surely you might as well go bankrupt as take out an IVA - the stigma's the same after all. I guess it serves me right though.... :(
  • Phonix
    Phonix Posts: 837 Forumite
    First Anniversary Combo Breaker
    Out of interest what is an IVA.

    And yes, it's pretty horrid that your life is affected by it in this way. Do you have a partner? Not a reason to get together with someone persay but if you ever do, you can always have a nice big house if they she gets a mortgage, so lifes not totally depressing.

    I think you should get proper financial advise as to how to improve your credit rating over the next few years.
  • Malestrom
    Malestrom Posts: 983 Forumite
    He huihuinga taangata he pukenga whakaaro – A meeting of people; a wellspring of ideas (Maori proverb)
  • shrimp76
    shrimp76 Posts: 7 Forumite
    It's stands for Individual Voluntary Arrangement. Basically you make a monthly payment to a third party, who distributes it between the people you owe money too. The amount you pay back will probably be less than you owe, and it has to be agreed by 75% of your creditors. It usually lasts 5 years. It was set up by the government, with the aim of helping people avoid bankruptcy. My whole experience of it was relatively positive - except for the after effects.
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