www.iva.co.uk

Hi

I have just completed my IVA due to an offer of early settlement being accepted with 14 months to go.

I have had a letter confirming that the creditors have agreed to this and I no longer owe anybody anything.

I live with my parents and have a reasonable job but I am not sure of what to do next.

Do I need to contact credit agencies to have my record changed?

I have no more at the moment but hope now to save a house deposit in 12 months and try and get a mortgage.

Is this a realistic possibility?

What is the best way to try and repair my credit so I will be trusted again?

Thanks for any comments

Hi zonta1,
I'm not sure that there's a magic formula to repair your credit. Certainly making sure that your IVA shows as completed will help, as will making sure you keep all your financial arrangements in good order over the coming months.
I see no reason why it would not be possible for you to buy a home if you are able to put together a decent deposit. There are lots of lenders out there who would be pleased to provide a mortgage for someone who had completed an IVA succesfully provided that it's affordable and meets their underwriting criteria at the time.
At the moment (in the current mortgage market) I'd advise you to save as much as you possibly can for the deposit to maximise your chances of acceptance in the future.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

Hi
Once you receive your certificate of completion from your IP send a copy of it to each credit reference agency.
You will find it almost impossiblee to obtain unsecured credit until the six years are up from the start date of your IVA.However you will have no problem with a mortgage,as Andrew states,as long as you have a good deposit
Good Luck

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp