Hi, I am nearing the end of my iva. I was wondering how best to start rebuilding my credit score, I would like to apply for a mortgage at some point, what are my chances after being in an iva.
Everything stay on your credit file for six years whether good or bad so make sure and keep mobile phone bills, Sky etc paid on time and this will help. Speak to a specialist broker when you need the mortgage as they will know where to place the application.
Agree with Michael - speak to either Shaun or Ryan who post on the forum (details in the experts section) and who have helped people get a mortgage after an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The main things I'd suggest are 1) Obtain a copy of your credit file and make sure that no debts included in the IVA show a default date after the IVA date. If they do, you can write to them and ask them to amend, 2) Make sure that you are registered on the voters' roll, 3) Use a credit card to pay for purchases but make sure you pay it off in full every month, 4) Try to avoid using an overdraft but, if you need to, always work within it's limit. These things will help but there are many other factors which will determine when you might be successful with a mortgage application. I hope that helps.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
