advice needed, im in a iva, 14 months to go,

[myles]

advice needed, im in a iva, 14 months to go, after my iva is finished and im debt free, how long would i have to wait until applying for a joint mortgage with my partner, currently the mortgage is in her sole name as the property is hers alone, in the future after my iva we would like to buy a new house together, can you xplain how long and any difficulties we can envisage obtaining a mortgage due to myself having been in an iva ,etc etc.. my partner has a perfect credit history , any help and advice would be greatly aprreciated as with only 14 months to go, we want to start exploring our options , many thanks. myles and louise

[plasticdaft]

After your iva is finished you can start looking at making sure your credit files are updated. Your iva and any defaults should drop off after 6 years,so assuming your iva runs for 5 years you will have to wait a year before things start to improve.

[myles]

thanks for the reply,,, is it possible to get a settlemant figure to pay off the iva in full thus becoming free of the iva , could my ip furnish me with a figure if i so wished or do i have to wait the full 5 years to complete the iva ,

[Adam Davies]

Hi
You can pay off the IVA early, usually by offering a lump sum equivelent to the remaining payments less a saving of approx 1k for each year saved on IP fees.
Your IVA will remain on your credit file for six years from the start of your IVA regardless of the fact that you have paid it up early
Regards

[myles]

cheers thanks for that.

[Debtwitch]

Hi Myles

There is offering as Andy suggested, deducting fees but as you are very close to entering the final year of the IVA, there's likely to be little saving regards the IP's fees - the fee charging structure may not be 'pro-rata', so by reaching the 4th anniversary and passing over into the final year may attract the whole fee anyway.

If an offer is made as above and rejected, the IVA should continue for the remaining period, but to speed up the changes to your credit report, the IP may accept a third party payment representing anticipated funds to speed up the process.

Be aware though, that at the very least, the IP needs to prepare the final report, calculate and issue final dividend cheques and wait for these to be cashed before the IVA is completed so there may not be much time to be saved by settling early. Just ask the question of what might be saved so that you can give the matter as much consideration as possible.

[Welsh Boy]

myles

You can apply for mortgage funding whilst in an iva you don`t have to wait until your iva has ended. You would need the permission of your IP before you do so.

When your iva has ended you will still have it on your credit file for quite a while afterwards circa 6 years so it will still have an impact on the application.

If you are looking to purchase then you would need a deposit to do so.

Hope this helps.Tony

[myles]

hi, thanks foryour replys, i think were just going to have to sit it out and wait the xtra year to joint apply , least the iva paymants aftyer im paid up will gointo the deposit pot.... thanks again.