www.iva.co.uk

Hi my F & F offer of £6650 has been accepted by creditors after the variation meeting. I’m with credit fix. I started my Iva on Feb 2018.

The offer was approved with following modification. The variation fee must not exceed £300. What does that mean ?

Do I have to pay extra £300 on top of that full and final offer ?

Also what are the next steps for me as I want this sorted out as soon as possible. I will tell my donor to pay it first thing on Monday.

I really want to improve my credit rating. Obviously I have learnt my lesson from being in an IVA. When is it possible for me to start applying for credit cards ? Just to start building up my credit score.
Same with mortgage, when is the best time to apply for a mortgage ?

Any suggestion will be very much appreciated. Thanks

Fab news - well done! The fee will have been included so no worries on that score.

You now have to wait for a letter telling you of completion. The IVA will drop off your credit record six years from the start of your IVA.

Well done on getting the offer accepted.

The creditors are limiting the extra fee that CF can charge to £300. Unless previously agreed, this will come out of the lump sum. CF have, in the past, asked for this to be paid by the debtor ( you), but it seems not in this case.

Do not apply for anything until you have the completion certificate --- which could take a few months. After that you are free to apply, though you will be limited, in practice, to the credit builder cards with high interest.

Mortgage - wise it is better to wait until the IVA clears off your records in 2024. It is possible to get a mortgage while the IVA is sitting there, albeit completed, but your choice of lender will be limited and rates may be higher. They may also want a higher deposit.

Have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

Thank you very much for both of your replies.

Yeah I will carry on with the closure process very soon, I will keep you updated on it.

Thank you again

Lastly,

will my IP conduct a final review before issuing me with the Completion Certificate ??

I assume they won’t as it’s F&F unlike a regular 5 or 6 years payment, and they also did the review when my F&F offer went in.

There is usually a final review, but, as you say, they already did one recently, so I doubt they will repeat it. I was in a similar position and my IP just told creditors that a fresh review would simply be a repeat of the recent one, so he wouldn't need to do it.

Yeah I hope so and thank you for the reply.

Congratulations on your full and final.

I would chat to Ryan and or Shaun regarding mortgage options so you prepare now for when your credit rating is clear. Both are mortgage specialists on the forum who have been able to help lots of numbers over the years.

Well done getting through it, you may find this useful
https://www.ivamortgageexpert.co.uk/fil ... an-iva.pdf