www.iva.co.uk

everything that i published about ivas , tells you about creditors meetings , monthly payments etc . what happens toward the end ?
in our case , we should remortgage this year , so if this is all starightforward , they get a lump sum and we continue paing on 60 months . or if we cant remtgage , we pay a 6th year . so at the end do you get proof that everything then is written off/ completed . i understand that alot of our debt went to eversheds , however we did have unsecured element with northern rock , and we still get sent statements showing the amount . so what exactly will happen ..... at the start i wasnt to concerned with the end as 5 years is a long time but now its getting closer

You will get a certificate of completion from your IP showing that you have fulfilled your obligations. That will be enough to send off to the CRA's for them to put on your record.

I don't think you get anything from the creditors though.

so we start to rebuild credit scoring ? but arent we blacklisted for 6 yrs from start ?

No such thing as a blacklist but your credit file will be tarnished for 6 years from the date of your IVA start.

Any defaults will come off your credit file after six years whether paid or not. Your mortgage payments will stay on file as will mobile phone etc which you will continued to have paid during the IVA so once the file is cleaned up you should be treated like a first time borrower and can avail of all the good deals. Until this time it may be possible to obtain credit but the rates will be penal so it would probably be worth waiting.

am not planning on borrowing for a long time unless i have to . figured if i can pay 539 amonth to iva , when its all over i will save that 539, will soon mount up to a nice tidy sum . just wondered what happened as the iva is finalised /

If you are strong enough to save the iva money it really could grow into a large pot of gold.

I dont intend to get any more credit but probably will end up with a car loan but thats about it. A new sofa will take 3 months to save up for,how good is that??!

I'll be the same - and I will deffo need a new sofa by then! Won't be able to afford one before the end of the IVA, and our suite is 5 years old this year!

However the fact that you have successfully met your IVA committments should stand you in good stead.

I shall be saving up our payments for ours - it'll be nice to go into a shop and pay cash for something big.

It's been a very long time since I have done that!

Jan, what's the problem with your sofa being 5 years old?!?! 3 years ago my mum got rid of her sofa that her and dad got a couple of years after they were married - 56 years ago!

There's nothing wrong with it Skip, it's just that it will be about 10 years old by the time I can afford a new one!

Blimey - your mum's sofa was older than me! Trouble is, they don't make them to last anymore like that!

I was only joking about your sofa Jan!

My mum's was stuffed with horsehair and wasn't exactly comfortable! She had to put a board under the cushion as the seat had gone, but she still wouldn't get rid of it. She only gave in as Dave and I were getting rid of ours so she had those - and saved the wood to put it under the cushion!

I wasn't![:D]

I know what the quality is these days, and the old adage rings true - you get what you pay for!

Our sofa beats you all - a Chesterfield made in 1914!!! Wouldn't be without it nor would the cat. Maybe by the time I finish my IVA it will qualify for the antiques road show (come to think of it maybe I'll qualify too!!)