Hi my F & F offer of £6650 has been accepted by creditors after the variation meeting. I’m with credit fix. I started my Iva on Feb 2018.
The offer was approved with following modification. The variation fee must not exceed £300. What does that mean ?
Do I have to pay extra £300 on top of that full and final offer ?
Also what are the next steps for me as I want this sorted out as soon as possible. I will tell my donor to pay it first thing on Monday.
I really want to improve my credit rating. Obviously I have learnt my lesson from being in an IVA. When is it possible for me to start applying for credit cards ? Just to start building up my credit score.
Same with mortgage, when is the best time to apply for a mortgage ?
Any suggestion will be very much appreciated. Thanks
Fab news - well done! The fee will have been included so no worries on that score.
You now have to wait for a letter telling you of completion. The IVA will drop off your credit record six years from the start of your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The creditors are limiting the extra fee that CF can charge to £300. Unless previously agreed, this will come out of the lump sum. CF have, in the past, asked for this to be paid by the debtor ( you), but it seems not in this case.
Do not apply for anything until you have the completion certificate --- which could take a few months. After that you are free to apply, though you will be limited, in practice, to the credit builder cards with high interest.
Mortgage - wise it is better to wait until the IVA clears off your records in 2024. It is possible to get a mortgage while the IVA is sitting there, albeit completed, but your choice of lender will be limited and rates may be higher. They may also want a higher deposit.
There is usually a final review, but, as you say, they already did one recently, so I doubt they will repeat it. I was in a similar position and my IP just told creditors that a fresh review would simply be a repeat of the recent one, so he wouldn't need to do it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I would chat to Ryan and or Shaun regarding mortgage options so you prepare now for when your credit rating is clear. Both are mortgage specialists on the forum who have been able to help lots of numbers over the years.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !