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 ?
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:
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
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.
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.
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.