I just wanted to post a quick message to give those of you still in an IVA or waiting for completion a bit of hope.
I entered my IVA in the summer of 2006 and finished paying (no equity in my house) in 2011. It was hard work but we got by and we got our CC in August 2012.
My husband and I got our credit files cleared up by writing lots of letters but we were able to get a new bank account almost straightaway.
My husband also got a loan from Amigo Loans to replace his knackered old car. The rate was high but you can pay off extra whenever you want and we cleared the loan in six months (amazing how rich you feel when your IVA finished). We then got another loan (this time from Co-Op directly at a normal rate!) to buy a new car for me too as I travel more now but we've learned to manage money so well now that we can still save AND enjoy nice things.
We have a rule now that we will only ever have one credit agreement at any time; so until the loan's paid off, we don't buy anything - and we always have savings just in case.
Best news is that since we finished we've also been accepted for a mortgage by Woolwich using the NewBuy scheme on a beautiful new house which will be finished in December - we exchanged contracts on Friday and I also got a new contract at work so a good Friday 13th for us.
We never thought we'd be able to get a 'proper' mortgage from a normal lender but our broker really helped out and we were honest and upfront on day 1 about our past. It was only just coming up to two years since we finished paying before we got the mortgage approved, so was a great surprise and proves that after you're finished life can be normal again.
Just wanted to put this post up and say KEEP GOING. It WILL get better in the end, even though it's hard work.
And for anyone who wants to know, we didn't really do anything special to build up credit rating, just ran our accounts well, had a decent loan amount paid off quickly, mobile phone account, a credit card used to about half its limit and paid off every month, and our existing mortgage.
Fantastic post, thank you for taking the time to update us all and give hope to those still struggling with their debts or midway through their journey to that light that you have proved really is there.
I am so pleased for you both with how life has moved on for you and best of luck with your new home - how exciting!!!
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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