What is my likely hood of getting a mortgage or car finance?

lookingforadvice93

Hello, i'm new to here! Just a bit of background info in 2013-2016 I racked up some debt whilst at University. Not wanting to ask for help I sorted this out myself and entered into and IVA June 2016. After my parents finding out the IVA was paid off June May 2017 and marked as complete. It will be 6 years since it started in June 2022. I am in a stable job with a good salary of 30,000. I have no dependents. I have been rebuilding my credit with a credit card. I have zero debt and the card is paid off in full every month (I only use it for petrol)  Please be honest with me, what is the reality of me ever been able to get a mortgage after June 2022 or to be able to lease or finance a car? Have I ruined my chances or is there hope? 

Many thanks 

[Deleted User]

Once all the negatives have dropped off your files, you'll be in a much better place.

But I would urge you to get savings in place so you don't have to finance a car with further debt. Especially if you have hopes of a mortgage.

lookingforadvice93

Deleted_User said:

Once all the negatives have dropped off your files, you'll be in a much better place.

But I would urge you to get savings in place so you don't have to finance a car with further debt. Especially if you have hopes of a mortgage.

Thank you. I have savings in placed around 25,000 so far. I do not necessarily want the car right now. I do one day though and was wondering whether it would ever be possible

[Deleted User]

It will absolutely be possible. But the key is to maximising your chances is to minimise reliance on debt and not to take interest bearing debt on things that can be paid for by cash, at a much lower cost, such as cars. 

lookingforadvice93

lookingforadvice93 said:

Hello, i'm new to here! Just a bit of background info in 2013-2016 I racked up some debt whilst at University. Not wanting to ask for help I sorted this out myself and entered into and IVA June 2016. After my parents finding out the IVA was paid off June May 2017 and marked as complete. It will be 6 years since it started in June 2022. I am in a stable job with a good salary of 30,000. I have no dependents. I have been rebuilding my credit with a credit card. I have zero debt and the card is paid off in full every month (I only use it for petrol)  Please be honest with me, what is the reality of me ever been able to get a mortgage after June 2022 or to be able to lease or finance a car? Have I ruined my chances or is there hope? 

Many thanks 

Just an update- if anyone has been in a similar situation post IVA please can you advise?

JonVarnas

lookingforadvice93 said:

Deleted_User said:

Once all the negatives have dropped off your files, you'll be in a much better place.

But I would urge you to get savings in place so you don't have to finance a car with further debt. Especially if you have hopes of a mortgage.

Thank you. I have savings in placed around 25,000 so far. I do not necessarily want the car right now. I do one day though and was wondering whether it would ever be possible

It will always be possible, remember "One person's debt is another person's asset"

reliquit

lookingforadvice93 said:

Just an update- if anyone has been in a similar situation post IVA please can you advise?

My wife and I entered an IVA in late 2013 with almost £50k in delinquent credit card debt - our payments plus the mandatory equity release mortgage at the end of it meant that we paid off over 70% of the original balance. In April this year (ie about 18 months after the IVA ended) we were able to get a mortgage at 2.9% with Halifax. Not the world's cheapest mortgage but considerably better than the one which we took out in 2012 when we were in financial difficulty. So yes, it was possible for us.

K_S

lookingforadvice93 said:

Hello, i'm new to here! Just a bit of background info in 2013-2016 I racked up some debt whilst at University. Not wanting to ask for help I sorted this out myself and entered into and IVA June 2016. After my parents finding out the IVA was paid off June May 2017 and marked as complete. It will be 6 years since it started in June 2022. I am in a stable job with a good salary of 30,000. I have no dependents. I have been rebuilding my credit with a credit card. I have zero debt and the card is paid off in full every month (I only use it for petrol)  Please be honest with me, what is the reality of me ever been able to get a mortgage after June 2022 or to be able to lease or finance a car? Have I ruined my chances or is there hope?
Many thanks 

@lookingforadvice93 Based on the limited info in your post, with an IVA satisfied for 4+ years, I don't see any obvious reason why you wouldn't get a mortgage now tbh if you wished to. What kind of rates you will get will depend on what exactly shows on your credit report. Post June 2022, assuming the credit history is clean, you'll only be unable to borrow from the few lenders who don't allow a historic IVA however long ago it was.