Iva completed Now advice

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Simon77
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by Simon77 » Thu Mar 23, 2017 8:08 pm
Newbie and first post

So I have just completed my lump sum Iva ( 8k paid off 30k ) so v happy completed and certificate in February after about 6 months, and I have got a few questions please.

1. How long should I wait for my credit files to be corrected or should I contact my self ? If my self is there any sample letters and who do you actually contact ?

2. Which credit files should I view ? I have only been using the free ones credit score, noodle and money saving credit club. Should I pay for the big 3 ?

3. Is it actually finished ? Can they come after me for any more money ?

4. I am currently renting but am buying a house with my new girlfriend who is going on the mortgage herself and I will be contributing but not named on mortgage. But what about utilities can they be in my name at new address or will that affect her credit file ?

Many thanks for the answers
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Foggy
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by Foggy » Thu Mar 23, 2017 8:28 pm
Hi -- and congratulations. Have a read here for clean up information, although you will need to wait 6 years from the date your IVA was agreed for this all to start kicking in.

http://www.iva.co.uk/what-does-an-iva-d ... dit-record

Now -- your questions:

1. How long should I wait for my credit files to be corrected or should I contact my self ? If my self is there any sample letters and who do you actually contact ?

6 years as mentioned above and in the article I have linked to.

2. Which credit files should I view ? I have only been using the free ones credit score, noodle and money saving credit club. Should I pay for the big 3 ?

All three -- but nearer the time -- the free online ones can give you a good snapshot. But nearer the 6 years get a £2 a pop statutory report from each agency.

3. Is it actually finished ? Can they come after me for any more money ?

Yes, you are debt free. They cannot come back to you.

4. I am currently renting but am buying a house with my new girlfriend who is going on the mortgage herself and I will be contributing but not named on mortgage. But what about utilities can they be in my name at new address or will that affect her credit file ?

Don't get any joint finances or accounts until your record is clear ( that 6 years again) otherwise her score can be tained by association.
Simon77
Posts: 3
by Simon77 » Thu Mar 23, 2017 8:36 pm
Thanks foggy for your quick response.

I know the Iva will still be on my credit file for six years from start date, but thought my credit accounts would be cleared off or changed to not default payment ?

And I would only get the utility accounts in my name not joint but at the new address, would this affect my partners credit file ?
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Foggy
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by Foggy » Thu Mar 23, 2017 8:47 pm
Simon77 wrote:
Thanks foggy for your quick response.

I know the Iva will still be on my credit file for six years from start date, but thought my credit accounts would be cleared off or changed to not default payment ?

And I would only get the utility accounts in my name not joint but at the new address, would this affect my partners credit file ?



It shouldn't do --- it's only a financial association which can carry across. Years ago they used to associate by address as well, but that has now stopped.
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luluj
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by luluj » Fri Mar 24, 2017 3:06 pm
Great end result - really good news. Hopefully foggy's answers to your specific questions has helped you go forwards.

Positive thinking now ... look forward not back !
Simon77
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by Simon77 » Fri Mar 24, 2017 8:12 pm
Just another quick question regarding buying a house after Iva completed.

As previous my girlfriend is getting the mortgage in her name as my credit file is poor, but is it ok for the solicitors documents to be in joint names ? The house will be a jointly ours with both of us paying same deposit and paying same towards bills & mortgage.

Many thanks for replies
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Foggy
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by Foggy » Fri Mar 24, 2017 8:19 pm
If you own the property together -- i.e you are also on the title deeds, then the property will be subject to the IVA -- there will be a restriction placed on the deeds and you will be required to attempt to release equity in your final year. Additionally I do not see the lender allowing you to be on the deeds and not joined in the mortgage.
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