IVA Settled Query..

MC64

Hi all,

I was in a position yesterday to settle my IVA in full. However, the insolvency company, though confirming they have received the funds, have said this is now with their closure team... and stated i'll receive my completion report once the account is successfully closed - also that this process takes 3-6 months. 

Is this right?? Kind of feel like I work hard to clear that debt, and now i'm in limbo for months? I currently rent a flat, but was waiting for my IVA to clear so I could look at buying my first property (I know I'd be paying a fortune in mortgage rates if its even possible to get a mortgage!)... but now I feel my life is on hold.

Secondly - how do I go about rebuilding my credit rating? The IVA is cleared but I have nothing "official" to say it's settled, other than an email. So I can't apply for anything in order to "better" my credit rating... so what can I do? Nothing? Just feel so helpless to be honest.

sourcrates

Your IVA is not cleared until you get that certificate of completion.

These companies do not work quickly, and that timeframe is about correct, yes.

Google "Debt Camel" then search on their site for "credit file clean up after IVA".

Jane078

Hi just wanted to share my experience with you having just been approved a mortgage after my trust deed (scottish iva) 
Trust deed was registered in 2015
Complete and discharged feb 2020
Applied for cc and used for small amounts. Always paid off in full 
Td fell off credit report Feb this year and credit score has been going up since. My experian report is 999.

I went to a mortgage broker who specilised in adverse credit. We just haf our mortgage approved last week for our dream home. I do have a 20% deposit from sale of property. So bigger the deposit the better. 
We have a very competitive rate from a building society.

Good luck with everything and hope this gives you some hope