Just wanted to update since some of my last posts - I have now paid my debts in full at the end of October and am in the process of the account being closed down and awaiting the completion cert, which I understand could take a few months.
I would like to be in a position to get a mortgage at the end of 2023 and believe that the 2 years between now and then will allow me to stockpile some decent savings.
I've seen alot of posts on here referencing Ryan (and his company) as a great help for post IVA mortgages and although we didn't go into much detail, I did exchange a couple of emails regarding the deposit % required for a mortgage at certain intervals post IVA.
With no savings at this time, my guess it that it's not worth having a conversation with anyone at the minute, but I'd be interested to get some advice from people on how to proceed from here regarding building some good credit history for when the time comes.
Also, a thankyou to all who have posted on here and the responses from the regular posters.
All have really helped me work out how to navigate the IVA waters with confidence.
And to those who are still on the journey - I assure you that your day to make similar "end of IVA" posts will come, even if it doesn't feel like it some days
That's great to hear, and hopefully, you will be debt free and sign off your iva very soon.
Building credit rating with the iva still on your record is quite difficult, but you can take small steps
- mobile phone contract
- be on the electoral roll
- Once completion certificate issued, apply for a credit card with small balance on and use it once or twice a month for fuel for instance, then pay it immediately off
Ryan and his team will support you and give you other suggestions on how to improve things - its worth a call or email to keep in touch with them as you "grow" your deposit.
Good luck and keep in touch on the forum with hiw things are going.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Your IVA was in 2019 and so it and all the defaulted debts in it will remain on your credit record until 2025. these will be the problem for a mortgage, not your credit score which is largely irrelevant. Nothing you can do to improve your credit score will make much difference to a mortgage application. You will need to go through a bad credit mortgage broker who specialises in this sort of situation eg Ryan. You may as well talk to him now so you are informed about likely deposit requirements etc.