We have our completion certificate. It has been a long hard struggle since the start with lots of stress along the way.We started our iva in May 2008 and have had two extensions to make it a very long road to follow.Just a bit of advice is needed on what to do now. When do I check that the iva has come of my records. What do I do about my interest only mortgage.ALso a big well done to this forum for all the help and support I have had thankyou
The IVA will drop off the credit records once the six years is up and will be off the insolvency register once the ip tells them (may take up to three months)
Check your credit records to see if there are any defaults still showing, if so then write to the creditors concerned and tell them to remove the defaults back to the date of the original IVA date.
What do you want to know about the mortgage?
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
If you have an interest only mortgage be careful about switching to full repayment as you will struggle to switch back if your circumstances get worse again. You could probably make overpayments without penalty which would effectively be the same thing but you would not be committed to finding the money each month.
If you have a really good tracker you could even consider saving the money and then make a lump sum overpayment as and when interest rates start to rise but this leaves a big temptation to spend.
Well done on completion and take some time before deciding what to do next and even consider the advice of a financial expert.
