www.iva.co.uk

Hi

I posted a couple of questions earlier this year with regards to making a F&F offer. My offer of £5000 was accepted and I couldn't be happier! This means my creditors are now getting 27p to the pound instead of the original 68p. I count myself very lucky and hope this provides hope to others thinking about making a F&F offer...now is a good time to do so.

I already have a mortgage, which I took out before getting the iva but am hoping to move house next year and increase my mortgage. After reading a few posts I am worried this isn't going to be possible. My mortgage is currently £146,000 and come next year I hope to sell for £165,000. I am hoping to buy at around £250,000 which means the LTV will be quite high.

I would be grateful for any advice on this. Also when will the iva come off my credit file?

Thanks

Hi,

Your IVA will remain on your file for six years from the date of the IVA approval, even though you paid it off early.

As far as a morgage goes, you will find it harder to get one, and you will have to find a hefty deposit.

Hi Monkey

Congratulations on your F&F being accepted I was wondering whether you would mind saying who your creditors were as I am in a similar position to you in that I am putting forward a F&F offer after 3 years for no good reason other than that a third party has offered to lend me the money.

Where will you get the money from for such a large deposit?

monkey

You will need a considerably larger deposit than the expected monies from the sale of your property if you wish to purchase at £250,000.

There would be other factors to consider also i.e. affordability etc.

I think the iva will be on your credit file for 6 years. Tony