2 more years to go

[kidd]

I have been in iva for 3yrs so far and only have 2 more to go, when we finish our iva, how long will it be before our credit rating will get better, ie to change our mortgage and change our car, our company ( debt free direct) told us we get some certificate when we finish our iva, what does that certificate do for us in helping our credit rating.thankyou

[MelanieGiles]

Hi Kidd and welcome to the forum

Your credit rating is generally affected for six years from the date you enter into the IVA - so in theory you should be clear one year after it concludes. At the end of the IVA you will be issued with a Certificate of Due Completion by the Supervisor, thus formally confirming that you have complied with all of the terms of the IVA and are now released from the debts. You can use this as evidence if you need to get entries removed by the credit scoring agencies.

You may also like to be aware that you are able to change your mortgage whilst subject to an IVA, so long as you have the agreement of the Supervisor.

It is nice to see someone over half-way through their IVA - could you share some of the experiences you have had with our other forum members such as

1 Have you found the payments hard to manage?
2 Have you ever needed to miss a payments - and if so what was the Supervisor's reponse?
3 Have your payments been increased at any time?
4 Do you have to effect an equity release during the final year of your IVA.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[kidd]

hi melaine

thankyou for your reply, I would be more than happy to pass some info regarding being half way thru our term.
1.. we have had no problems with our payments infact we have increased them , which hopefully will keep our creditors happy.
2.. our debt company have been so helpfull, if we get a bit worried they reassure us we have done the best thing in our circumstances.
3. every year we have to put in a review, which they look at our payslips for the last few months and our expenditure agian so if they can up our payments, but they are very negotiable.
having to go into an IVA was the biggest decision we had to make, but it is the best thing we could of done, it does get a bit frustrating some times when you want to think of buying a new car etc, but we just think who would love to be completely debt free at the age of 41, we have the chance to start a new slate clean and boy have we learnt our lesson.
if you need me to give anymore info or help of our experience so far i will be more than happy.

[MelanieGiles]

That's great to hear someone supportive of IVA's for a change. Thank you for your contribution.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[princessb]

Like Melanie said it's good to hear some positive experiences from someone who's quite a way into their IVA! Good luck for the future Kidd!

[DebtDummy]

Kidd, well done! I wish you continued success!

All I have left is my humour.

[camiva]

Hi all,

You have no idea how good this makes me feel. I want to be like this also. I am into my 3rd month now. 3rd payment out on the 25th. It was great to read this.