Posted in this forum before ahead of my partner making a Full & Final offer to settle my IVA and found advice great so asking here again ...
My F&F offer was accepted earlier this week and my partner has paid the lump sum. I feel and unreal sense of freedom but I am having to train my brain to remember it’s finished.
My case worker said it can take a while to sort the completion certificate which is fine but i feel a little bit stuck about what to do next. So I have some questions and I wondered if anyone has experience or knows!
1) At what point will my name come off the Insolvency Register?
2) At what point should I review my credit record?
3) I appreciate it takes 6 years to drop off but I have finished 2.5 years early so can I do anything to help in that time?
4) I read a lot about a Loqbox? Is this helpful or not? Does the more you put into it have a great impact on your credit rating? Seems like a good way to save also.
5) At what point should I consider a small credit building credit card if at all?
6) My partner and I would like to buy a house at some point. Are we best waiting until after the 6 years has passed?
1) At what point will my name come off the Insolvency Register? Three months after the issue of the certificate of completion
2) At what point should I review my credit record? It would do no harm to look soon to check default dates, etc. Certainly before the 6th anniversary.
3) I appreciate it takes 6 years to drop off but I have finished 2.5 years early so can I do anything to help in that time? Not a lot -- the IVA itself on the credit file is pretty much the supreme party pooper !
4) I read a lot about a Loqbox? Is this helpful or not? Does the more you put into it have a great impact on your credit rating? Seems like a good way to save also. Some swear by it ... many don't. Persona;ly I think it is a waste of time and effort
5) At what point should I consider a small credit building credit card if at all? I got one (Vanquis) after the completion, but before the 6 years was up. Reallly not sure if it did any good. Potential lenders see a credit builder card and ask why you needed one ... so it is a bit of a red flag in itself.
6) My partner and I would like to buy a house at some point. Are we best waiting until after the 6 years has passed? You will get access to more lenders and at reasonable, even High Street, rates after the 6 years has passed.
Thanks so much for all the helpful responses to my questions.
I had one further question if that’s ok? I currently have a Basic Bank Account. I don’t want an overdraft or anything like that but at what point might I be able to get a normal account? I assume this is credit record linked... just my card isn’t contactless and with COVID-19 a lot of place want you to use it or have screens in front of their machines etc.
Thanks so much for all the helpful responses to my questions.
I had one further question if that’s ok? I currently have a Basic Bank Account. I don’t want an overdraft or anything like that but at what point might I be able to get a normal account? I assume this is credit record linked... just my card isn’t contactless and with COVID-19 a lot of place want you to use it or have screens in front of their machines etc.
I had two Co-Op Cashminder accounts during my IVA and the bank combined these into one 'proper' (grown up ?) account as soon as the IVA cleared my credit record. It really depends on the bank.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Please speak to mortgage brokers who have access to the whole of the market products.
Ryan and or Shaun who post on the firm are both experts in this field and would provide you early guidance on what is needed to acquire the mortgage at the appropriate time.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi,
I think Foggy's answer have been great.
The only thing is size of deposit will depend on when you buy, as whilst the IVA is still showing you would need a 30% deposit
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
