www.iva.co.uk

Dear all,
We are about the pay our last IVA payment in February, this includes a 12-month extension in lieu of equity so I know it will all be finished very soon. The PPI side of things is all dealt with by a deed of assignment. Our IVA started in December 2009 but had a two-month payment break hence our last payment being the 1st of Feb
We have checked our credit file, as most of are defaults had a date of December 2009 they have already come off. We know our IVA company has said it may take 6 months for the CC to come through.
Our house is valued at 200K and we owe 118K, we are looking to add an extension to our house for our growing family needs, which will cost around 30K. We have been gifted 15K by a family member, we need to find the other 15K, once we have the CC and our credit file are clear. Could we ask for extra borrowing from Nationwide who we have our current mortgage with? Or would we need help from a specialist, and how long could this take after obtaining the CC and our IVA being off the insolvency register?

Thanks

Mark

Hi Mark,

Great news!

Once you have received your completion letter then your IVA will drop off your credit file and also from the Insolvency Register.

Have a word with either Shaun or Ryan (details under the expert section on the left hand side of the page) for some advice.

Hi Mark - speak to Ryan or Shaun as Kallis suggests.

Thanks for your replies, once we have made our last payment but before having our CC could we both apply for a specialist credit cards to help build up are credit scores, it would only be used for petrol and them paid off at the end of each month?

You can try - Capital one will do a soft search to let you know whether or not you are eligible for one and it doesn't leave a footprint on your credit score.

Capital One are one of the company's which was part of our IVA so I think I will have to try another company.

Mark

Your loan to value is good and if the money is for home improvements it should be easier to get. Nationwide are certainly worth asking otherwise speak to one of the experts like Shaun Vickery of Select or Ryan