I was looking through this forum and feel happy to know that people took this route and still feel it was the best decision. I am however looking forward to completing mine next year. However I have started to think about the future,
What will your credit score be like?
Will I be blacklisted many many years after the event?
Will this stop me from getting further credit, ie mortgage?
Does anyone have any experience of this, I would love to hear your thoughts.
Hi Karen
My future plan is to pay the amount I am currently paying into my IVA back into my mortgage so that the future will be slightly more comfortable.
I hope I do not end up borrowing money again, but I think this has taught me a hard lesson!
I haven't thought about my credit score as I don't ever want credit again !
X
Many thanks for that, however I got into my mess before I bought a house, was wondering if this was still going to be possible after the IVA has finished, or whether I am renting for the rest of my life!
X
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by oliviaseb
Hi Karen
My future plan is to pay the amount I am currently paying into my IVA back into my mortgage so that the future will be slightly more comfortable.
I hope I do not end up borrowing money again, but I think this has taught me a hard lesson!
I haven't thought about my credit score as I don't ever want credit again !
X
Once the IVA has concluded, it remains on your credit file for six years from the time it was accepted and then it drops away. Your credit rating will then repair itself over time, and you will be able to borrow money again - but this will be at the discretion of individual lenders, who may ask you to declare whether you have ever entered into a compromise settlement with your creditors at any time in the past.
Our IVA concluded and cleared from our files in September 2013. Our credit ratings improved significantly once the defaults dropped off.
Both of us have taken out credit cards to help improve our ratings ... We use them for one purchase a month before paying them in full.
We have purchased a new television on 0% finance over 10months and was accepted without question and last week were accepted for a car leasing scheme ..... Credit check "sailed" through according to the broker we used.
We have successfully gained a mortgage in 2011 at a higher interest rate, and very soon will be using Ryan, the forum mortgage broker, to source us a better deal.
Hopefully this shows that the iva millstone does not stay with you forever.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You can rebuild your credit score, you just need to take your time and research
Some companies that you had debt with will hold that on file for manay, many years so best to always use a company that were not part of your IVA. With mortgages use a broker, Ryan and Shaun are recommended.
I'm on the road to repairing the credit files and finally on the update this month from noddle it's looking promising. All defaults and IVA dropped off. It really is in my opinion just worth having a look at your credit files to check the default dates and if they are incorrect getting them corrected so they drop off when the IVA does.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks Lesley, did you check your credit files through a company and pay for that? and congratulations for getting there, I hope mine will feel as good once it is complete.
I used Noddle initially as that is free for life, I wrote to all using a template from Melanie's website to get the default dates corrected. They were all done with the exception of one who I had to write twice to. Just this month the Noddle update shows no IVA and no defaulted accounts. Last night I applied to equifax and Experian for my credit files and only purchased the £2.00 one to check over. I'm just awaiting access to these at the moment. You will get there and it is a really good satisfying feeling. My IVA run for 60 months and that went fairly quick, this last year awaiting credit rating to rise has been a little tedious as I'm impatient but I finally feel like it's now all been worth it.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I have just signed up to Noddle for the hell of it --- IVA still there, as I expected, but showing completed. So all good there. All defaults are dated within days of the start of the IVA, so should drop off when expected. No other nasties mentioned and LOADS of green ticks from the Co-Op and Natwest ( bank accounts ) EE - T-Mobile and Vodafone.
Score only 1/5 at the moment --- again, as expected while the defaults and IVA are sitting there .... but looking good for the future.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Karen- I am wishing the months away until all defaults & iva have dropped off all 3 credit files so by the then of june I think we'll be able to put the whole thing behind us.
We rent. I rang zebra money to ask some questions about getting a morgage & they said once everything has dropped off credit files it shouldn't be a problem. However you need a 10-15% deposit & obviously another load of money for moving costs.
For us since our last payment, there has been one thing after another to shell out for so we have not managed to save anything. But at least we are not in debt as everything is bought & paid for!
I think realistically for us it's going to take years to save up a deposit so I've decided just to accept that jumping back onto the property ladder is going to be extremely difficult & we have to just get on with renting: in the meantime ,, we will will have a nice little stash of savings to be proud of- eventually
What I have realised post iva is that it's all about realistic expectations !
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
