Been following this forum from 2016 when hubby and I first took out the IVA and the forum has been such an amazing support. With the help of my mum, we made an offer to pay the remaining payments off a year early in 1 lump sum and it was accepted. Iva was extended to 6 years as we renewed a car lease so was expected to pay until Jan 2023. But creditors accepted the offer this month and we're now waiting for the completion certificate. Please could someone give me an idea of next steps. How long will it take for the Iva to drop off our records and for our credit history to repair itself (iva started Nov 2016)? Really thinking of a mortgage as our rent keeps getting increased (we might get some help from family towards a deposit when the time comes). When can we realistically think about applying for a mortgage and who do we go to? Even though we're at the end, I'm now anxious about next steps. Our IP is McCambridge Duffy and they've been absolutely amazing, would highly recommend them. Thank you
Your IVA will remain on your credit record for six years from the start even though you have completed. You could speak to one of our mortgage experts either Shaun or Ryan (details under the expert link) and they both come highly recommended. Your IVA will disappear from the IR approximately 3 months after your completion letter is received.
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. http://kallis3.blogs.iva.co.uk
I agree with Kallis, that you should speak to a whole of market broker who has experience with applications for those of us with an IVA in our past. Both Ryan and Shaun, who also post here, have helped many of our posters.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk