Help - missold IVA??

He isn't 'blacklisted' and the IVA will not stop you for ever getting a joint mortgage. It is just a case of waiting for a few years until the IVA falls off his credit file although there are instances whereby people on the forum have said they have been able to get one whilst it is still showing but is within the time that it shows as 'completed'. However, lender criteria change and who knows what the situation will be in 5 years time but if you have a timescale of after 6 years in your head I think this would be wise.

Take those 6 years to tighten up your budgeting and save what you can from your income / any additional monies of his and hopefully you will be in a good situation in 6 years time, debt free with a decent deposit ready to go!

Muffin5 wrote: »

When you say to save what we can from my pay and 'any additional monies of his', if he manages to have money left in his account at the end of the month, is he allowed to take that out as cash and save it, or would that jeapordise the IVA?

In an IVA that would be OK. In fact it would be sensible to build an emergency fund

Additional monies is where he earns extra at work, such as overtime, over the income level his IVA payments are based upon plus usually a 10% allowance. After this he has to pay in 50% of anything extra. In my experience this was a key part of an IVA that a client needed to understand and get their head round as those that fell behind then struggled more in the long term to comply with their IVA as once you have spent the money it is harder financially to pay it in!

Most IVA's have allowances for things like sundries and emergencies, and any annual bills are budgeted for monthly so it is totally reasonable to be building savings each month. I have probably wrongly made the assumption that he would be unable to save anything substantial month on month due to the strict guidelines of the income and expenditure review so any deposit savings would like come from additional monies - I apologise if I confused you.