www.iva.co.uk

Hi there,

I have 12 months left of my IVA with GT I was wondering if I could get a mortgage or is my credit rating ruined?

Many thanks

Hi and welcome and well done for getting to the home strait.

Your iva will remain on your record for six years from the date of acceptance. You will also need to make sure there no defaults registered after that date as well

It will be a while before you can get mainstream credit again. You will have to build up your record again

Hi there. You won't be able to get a mortgage while the IVA is on your credit file (6 years from the date the iVA was accepted). After that it will be difficult and need a large (50% - ish) deposit, but will get easier as time rolls on and you build a good credit redcord again.

Hi there,

So hopefully my credit rating should be ok around Sept 2013 ish?

If that is when your six years are up then it will be better but it does take a while to build back up again afterwards.

Thing is, if that's when your 6 years is aup, and assuming your creditors have all dated the defaults correctly (prior to or on the date of acceptance of the IVA) then, when the IVA drops off you will have a blank credit record, which is as bad as a defaulted one, as it appears that you have no "experience" of handling debt.

You will need to rebuild a good credit history by paying mobile phone contract on time ( which many of us are already doing) keeping utilities up to date and getting something like a Vanquis credit card, making small spends regularly and, most importantlt, paying it off in full every month.

Is that right Foggy? Yr credit record becomes blank I mean; don't the annual default notices stay on for a while - goodness knows there are enough of them...

Soreloser, once the IVA is complete you should check your files and ensure that all of the defaults are dated on or before the acceptance date of the IVA (the creditors are obliged to do this, or remove the defaults entirely). So, when the 6 years rolls by, the defaults drop off with the IVA. Once you have "done your time" it all drops off at the 6 year mark, leaving your record clean, expect for any secured lending that wasn't included in the IVA, and which should show as green ticks, as the payments (hopefully) will have been kept up.

Interesting - I have a thumping great secured loan with payments kept up, plus a contract mobile paid monthly. Hopefully this might speed up the credit re-rating.

If I ever get there that is...

Of course you will - I know 12 months sounds a long time but its not quite as long as 5 years! Your good payment record on your mobile and secured loan will help you - ensure you are on the electoral roll correctly as well. There are guides on the interent on how to improve your credit rating further, hopefully not for future borrowing though

Hi
Congrats on getting thus far
I reckon they will throw credit at you regardless of your past As long as you show up as clean and new
In the next couple of years the Eurozone will go belly up and some other new banking scam will take over Thats how it works they create something then wreck as much money as they can and then crash the whole lot and start afresh
As other mention a mobile phone contract will build your credit and cost a fortune in the process or a super high rated credit card will do the trick Just make sure you can pay it back each month Use it for shopping or something then go online and pay it back the same day

soreloser - you'll be fine!

Your secured loan and your mortgage will help as well, as will keeping your bank account up to date.

Every little helps!!

You'll be fine soreloser.

I kept my contract mobile phone as I knew it would help my credit rating (and contrary to popular belief it's cheaper than if I had a PAYG) and I also have a Vanquis card. That's paid off in full every month so the high interest rate isn't an issue.

i was wandering about htis too, i have basic bank account my lst payment is in October, can i then have my bank account changed to a normla current account with debit card or do I have to wait until April 2012 when the legal ends of the iVA are finished?

To be honest it's at the bank's discretion whether or not they upgrade your account.