Coming out of an IVA.
Discussion
When I was younger, I was a financial w
ker, leading me to enter into an Individual Voluntary Arrangement.
I've been making the payments religiously for over three years now, meaning I don't have too long to go.
What I want to know is, does anyone have any experience of coming out the other side of an IVA? Did you notice improvements straight away? How long before you can realistically look at things like a mortgage?
Cheers.
ker, leading me to enter into an Individual Voluntary Arrangement.I've been making the payments religiously for over three years now, meaning I don't have too long to go.
What I want to know is, does anyone have any experience of coming out the other side of an IVA? Did you notice improvements straight away? How long before you can realistically look at things like a mortgage?
Cheers.
Broadly speaking you need to demonstrate you are creditworthy again, get a contract phone, a credit card, (both if possible) something you can use and pay off every month, and do it for six months at least, probably 12.
Get your credit report from all three main bureaux every month and read it like a hawk. Never let one payment be late.
As for a mortgage I would concentrate on having a deposit as much as this. To get anything like a reasonable mortgage rate I would suggest you need 15% to put down, but the more the better. If that is going to take a year then you have your target for credit repair.
Get your credit report from all three main bureaux every month and read it like a hawk. Never let one payment be late.
As for a mortgage I would concentrate on having a deposit as much as this. To get anything like a reasonable mortgage rate I would suggest you need 15% to put down, but the more the better. If that is going to take a year then you have your target for credit repair.
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