I'm in the same boat as you; settled my IVA back in October last year and now the wait for the 6th year to tick past...
I looked into whether I could do anything to improve my position (rather than look back in future and wish I'd done something earlier). Following advice on here I spoke to Shaun - he was excellent.
I'm on an int-only mortgage and was looking to see if I could get a better rate than NRAM's SVR and move onto repayment. Shaun said that until I passed the 6th year it was unlikely I'd get a better rate than I'm on now, said I didn't need him yet and to call again in 18 months' time. I must admit I was expecting a 'hard sell' so to be told that was refreshing to say the least, not to mention reassuring that I wasn't being pushed toward something just to make a fast buck...
I suggested that I might start paying down the capital in the interim and he gave me some great advice on something I hadn't considered; paying of thousands over the course of the next 18 months would probably save me £10-20/mo in interest, but I couldn't pull the money back out if I ever needed it.
He suggested putting it into savings with as high an interest rate as possible and whilst it wouldn't earn what I'm paying out on the money staying on the capital, it wouldn't be far off. Then, when I reach the point of remortgaging, I can simply pay that money in when it needs to come off (ie. to move the LTV ratio further in my favour and get better rates).
Good advice and I'm now working on putting as much aside as I can over the next year or so.
Last edited by thisusernameistaken on Mon May 09, 2016 11:19 pm, edited 1 time in total.
