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cowpie

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Post by cowpie » Fri Feb 14, 2020 11:50 am
Hi all

I am nearing the end of my 6 year IVA and can finally see light at the end of the tunnel. I have found this forum to be very helpful so thanks to everyone. I just have a couple of questions to ask if anyone can help ?

1. Has anybody recently had their final review with StepChange ? What did it entail ? Was it like a normal annual review ? Did they ask for 3 months payslips and 1 month bank statement etc ? Or is it more in depth ?

2. We really want to move to a bigger house next year and was wondering if people think it feasible to get a mortgage approved a year or so after completion of IVA ?

Thanks in advance

Foggy

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Post by Foggy » Fri Feb 14, 2020 12:00 pm
Well done on getting this far.

The final review, from your point of view is much like the others before it. They will still need to confirm the past years income, but will be less bothered with ongoing expenditure. Internally they will cast an eye over past reviews, just to dot the i's and cross the t's, and creditor claims and dividends. We rarely hear of nasty surprises from Stepchange.

Mortgage-wise, it is better to wait until the 6th anniversary has passed and make sure everythibg has cleared down from your credit files before applying, to get more choice of lender at better rates. I would suggest a chat with Ryan or Shaun to start preparing the ground. Thie rdetails can be gleaned from their profile pages here:

Ryan: memberlist.php?mode=viewprofile&u=18488
Shaun: memberlist.php?mode=viewprofile&u=22837
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

cowpie

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Post by cowpie » Fri Feb 14, 2020 12:33 pm
Many thanks for the reply.

That's what I thought with regards to mortgage. Will definitely contact the experts mentioned when the time comes.

I've never had to provide a full years income when doing my annual review, only the past 3 months ?????

Thanks again

Foggy

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Post by Foggy » Fri Feb 14, 2020 12:58 pm
I've never had to provide a full years income when doing my annual review, only the past 3 months ?????

Payslips generally have running totals, so the annual income can be deduced. Stepchange is, it seems, fairly relaxed as well as sensible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Fri Feb 14, 2020 2:33 pm
Good news that you have got this far.
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.
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recovering

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Post by recovering » Sat Feb 15, 2020 9:23 pm
I completed in January 2018
Got finance for a new car in July 2018 through Fiat and remortgaged in 2019 through Zebra money who were fantastic

Tatty280

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Post by Tatty280 » Sun Feb 16, 2020 1:24 am
I was with StepChange and finished my IVA mid January. For my final review I was asked to provide my most recent payslip and most recent P60, no income or expenditure info was needed.

If it helps to know the timelines at all my last payment was on 2nd Jan, I received my completion certificate on 24th and the insolvency register was updated to reflect completion the following week.

Regarding credit, we are attempting to remortgage and release equity at the moment however 3 default dates across mine and my husbands credit files are incorrect, we’re in the process of correcting these and have been advised that once they’re updated and therefore drop off our files then we’ll be able to remortgage.

Not sure if this helps at all, hopefully it will :)

luluj

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Post by luluj » Sun Feb 16, 2020 6:48 am
So close now ..well done. As others have said use our experts Ryan or Shaun to get you back on the housing ladder with a mortgage.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Radish

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Post by Radish » Sun Feb 16, 2020 1:43 pm
I started rebuilding my own credit rating with the free score-rating websites, I also got a first credit card to use but pay off each month, once my limit started going up - so did my score. I recon it took my two years to get to the stage where I could get a mortgage if I applied, but there are better and quicker ways I'm sure.
IVA complete March 2014 after 6 years.

Shaun Vickery

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Post by Shaun Vickery » Tue Feb 18, 2020 4:57 pm
Hi Cowpie (like the name!). It's certainly possible. As mentioned already, it's certainly an easier job once the IVA is over 6 years old although there may still be other options before then. There's a bit of prep work to be done which a good Specialist Mortgage Adviser should be happy to help you with.
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