What when IVA finishes?

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Post by just11n » Tue Aug 10, 2010 7:59 pm
I'm almost 1/2 way through my IVA. I understand when it finishes that my credit rating will still be affected for an additional year.

Where will I stand after that year? Does it start at zero again? Will I be able to get credit/mortgage etc?

Many thanks in advance,
Justin :-)


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Post by kallis3 » Tue Aug 10, 2010 8:03 pm
Hi Justin.

Your credit rating will need to build back up again, but as long as you maintain things like your bank account, mobile phone account then it all helps.

You should eventually be able to get more credit and a mortgage.
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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Post by Shining » Tue Aug 10, 2010 8:03 pm
Hi Justin and welcome to the forum as far as I'm aware you can begin to repair your credit file 6 years from the date of acceptance of your IVA. Some posters have got themselves a credit card such as Vanquis, high interest but so long as it's paid in full at the end of the month it is irrelevant. Other things like paying your mortgage or mobile phone contract assuming you have one all helps.

Not sure about when you can obtain credit again but mortgages without a large deposit are few and far between right now, although I do acknowledge the market place changes all the time. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by just11n » Tue Aug 10, 2010 8:35 pm
Thanks for the info :-)

It's the mortgage really I was looking at but as you point out, it's doubtful we'd be able to get one without a hefty deposit (that we obv. can't save right now!) Maybe the market will change again ;-)

Credit cards I hope to be able to do without...as we know, it's a slippery slope!

Thanks again.

Adam Davies

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Post by Adam Davies » Tue Aug 10, 2010 10:36 pm
It is a difficult market at the moment for mortgages but if you use a good broker you should be able to find one, as long as you have a 20%+ deposit
Andam Davies
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