I completed my IVA in December 2010 with the Certificate of Completion arriving in April 2011. The IVA has now been wiped off my Experian record and my rating is 740. So now I have two questions...
1. If I was looking for a car loan, do I look for 'deals' as a person with bad credit, or just ordinary Joe Public where 0% finance etc is available.
2. Similarly with a mortgage (I am currently renting) but wonder if it would ever be worth trying to obtain a mortgage and if so, would mortgage lenders still know that I had had an IVA?
You really dave to shop around Vikhibby - I would try the high street first, and if you then get refused you can go to a more sub-prime lender, but expect to pay a higher interest rate if they still view you as a credit risk.
Well done on coming through your IVA and having cleared from your record.....
Just over a year ago I approached a Whole of the Market Mortgage Broker who searched the market for a suitable mortgage for someone who had finished their IVA within the last year - it was limited to one or two lenders but it was possible because I had a large deposit following some inheritance.
The forum does have a mortgage broker who posts on here, and he has been successful in helping several posters in gaining a mortgage - his contact details can be found in the "ask the expert section" and his name is Ryan.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Have you done anything to rebuild the credit rating? A small loan or catalogue may be easier to get 1st than jimping straight for a car loan and mortgage and would boost your score. A low limit vanquis credit card would also help boost your rating. Good luck.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
