www.iva.co.uk

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

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