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J.N
- Posts: 3
- Joined: Tue Jan 05, 2010 6:01 pm
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by
J.N » Tue Jun 07, 2011 5:40 pm
Hi, I have a couple of questions:
1. What happens after the IVA is completed? How is my credit repaired? I am nearly 40 and I would like to buy a house in the future!
2. Also, I have an overdraft facility with my Bank (have had it for 10-11 years) which they have kept and I have found it very hard to be in the black, so have been in the red for most of the past 3 years. I keep replenishing it with my monthly salary (and amazingly, they have kept increasing it whenever I needed the overdraft), but it is always in the red. I am plannig on clearing it out once (or before) I finish my IVA (November this year). What effect will this have, if any, taking into account that a lot of money (abour £400 pcm) will be freed once I finish with the IVA payments?
Thanks
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ginger3232
- Posts: 2610
- Joined: Tue Jan 11, 2011 4:06 pm
- Location: United Kingdom
Hi JN - welcome to the forum.
Is your IP aware of this overdraft?
If you are living on an overdraft at present - despite the allowances given within the IVA - then perhaps you need to look at the household expenses or the allocated allowances
Once you iva is completed - you are issused with a certificate of completetion. You need to check that no defaults are registered on your credit file after the date of your IVA.
In a total of 6 years the IVA will fall from you credit report.
Then you need to start to build up a postive credit history - well managed banks account etc.
It takes time /patience - to build a good credit score
Last edited by
ginger3232 on Tue Jun 07, 2011 5:56 pm, edited 1 time in total.
