Get the permission of your Insolvency Practitioner. The advice is free and confidential. This is possible. You agree to pay a portion of your debt every month, and they agree not to contact you during that time. The process of getting a remortgage after an IVA can be quite straightforward if you are working with a specialist adviser. It is important to ensure that you have your IVA completion certificate before proceeding with a house sale. We were able to get a mortgage 5 years into. Get mortgage after IVA. Individual Voluntary Arrangement. :-) So not all bad news. If any of your creditors is in the process of applying for a CCJ, Attachment of Earnings or even petitioning for your bankruptcy this action will cease. Once the cash sum is paid, the Arrangement is completed straight away. There are specialist lenders who will consider your application, but this is likely to be an expensive option. Therefore, the IVA will last until you have made your 60th or 72nd payment. An individual voluntary arrangement (IVA) is a formal and legally binding agreement between you and your creditors to pay back your debts over a period of time. Once an IVA is in place legal action currently being taken against you must stop. We are saving at the moment to be able to get our first mortgage, and after a visit to the bank last month the lady we spoke with said my partner would have to wait 6 years from the completion of his IVA (which we were very upset about at the time) - we now. Firstly if you plan to use a letting agent you need to understand they will carry out a credit check against you. Barbosa70 Posts: 4 Newbie. Then deduct this from the total debt you plan to include. As mortgages can liaise with mortgage after iva completion certificate and specialise in an impact the majority of mortgage? Iva showing on completion as mortgage after an iva is kept in case you hide. 0800 077 6180. Once that is done, you can proactively focus on improving your credit score. 4 thoughts on. However depending on the original terms of your IVA any. On receipt of your certificate of completion you should send a copy to each of the 3 major credit reference agencies, namely ‘Experian’, ‘Equifax’ and ‘TransUnion’. This is because an IVA. You are not allowed to hold any back. My name is Marija, and. After the completion certificate has been issued, it will be easier, but still fraught with difficulties. It’ll mean you have to be open and honest about your financial history, but also about what has changed since the IVA was set and the measures you have. Most car finance debts are also excluded as they are. For the Variation to be agreed at least 75% by value of the creditors who respond must say yes. Yes, just as there are options for getting a new mortgage after an IVA, you should be able to remortgage too. Related Articles. Unlike an IVA, this even includes debts you. It can be longer than six years if your IVA doesn’t complete within the 6 years, perhaps because you have had payment breaks. Whilst your IVA will be removed from your credit file after six years, you may still need to declare it to potential lenders after this time if you wish to apply for further credit. The Arrangement enables you to settle your debts over a fixed period of time (normally five years) by making a single affordable payment which covers all of your debts. A Completion Certificate is written confirmation that you have completed your IVA. Getting a mortgage with an IVA is difficult, but not impossible. Calls from mobiles may be chargedIf you need debt advice we can help. Tweet. It is very important that you get your Certificate as soon as possible after you finish. James Falla. Generally speaking you will be able to borrow a maximum of 3-4 times your gross annual income. Dave I'm often perplexed by posts like this. Your IVA is over only when you have received a Completion Certificate. 27 February 2012 at 10:42AM. Even mainstream lenders such as Halifax now consider borrowers with previous debt problems but there are several specialist lenders, including Platform Home. Calls from mobiles may be chargedIf you need debt advice we can help. If you make mis sold PPI claims after your IVA has finished the bank may simply send you a cheque for any compensation due. g. Its free and confidential. If that was the case and after your annual review your surplus income is still £200 then your payments will remain the same (£200/mth). However if you include expenditure budgets which are unreasonably high these will be. Contact us. However, there are some lenders that will consider your application immediately as long as you have a sufficient deposit. An individual voluntary arrangement ( IVA) is a formal and legally binding agreement between you and your creditors to pay back all, or part of your debts over a period of time at an affordable rate. At ams: our expert advisers guide you through the process. 00 in PPI -2013:j Received £1400 charges - 2006:jYes, once your IVA is complete the property is yours to do with as you wish. Your Name* Contact Number* Email Address*A Completion Certificate is written confirmation that you have completed your IVA. POP over to where there is a lively forum and you can. Most mainstream lenders will refuse you. So if it is valued at £200,000 the equity calculation will use a value of £170,000. If you need debt advice we can help. This is fairly unlikely. Yes, once your IVA has been completed, it will be possible to get a mortgage. In addition any CCJs or Attachment of Earnings that have already issued against you by creditors included in. Here we'll assess the options for remortgaging an IVA and whether it will continue to impact your credit assessment. IVA Mortgage Expert are here to help you own your own home. To get an IVA, you should have some spare income each month to pay your creditors, usually at least £100. This is calculated by deducting your total monthly living expenses from your monthly income. When is the Record of your IVA removed from your Credit File? Your IVA ends once you have received your completion certificate. If you are keen to get a joint mortgage sooner, there. Your home is not as risk as long as you follow the obligations. Share. The IVA record will drop off your file automatically 6 years after the start date. Struggling to get your head round this?Yes. However it will be difficult as you will require a deposit of at least 45% of the value of the property. In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the property value or purchase price, whichever is lower. What happens at the end of an IVA? After what might have felt a long time coming, you will finally be debt free. You are allowed to apply for a student loan if you are in an IVA. As part of the process for starting a Debt Management Plan (DMP) you will need to complete a living expenses budget. You will simply pay back more of your debt then first anticipated. This will be signed by your Insolvency Practitioner and is proof that your IVA is officially done and dusted. 5. Take care not to use Payday Loans after completing an IVA. Looking for a mortgage? Give us a call (0800 011 4712) or complete. Struggling to get your head round this? We can help. 0800 077 6180. Improving your credit score after an IVA. Required fields are marked *. It is vital that you wait for this to happen before looking at buying your property. It is only finally completed when you have received your completion certificate. Calls from mobiles may be chargedIf you need debt advice we can help. Also, some cost of living increases should be added. Instilling healthy financial habits are necessary to truly rebuild your credit after a foreclosure, such as: Make consistent, on-time payments. You can keep the full amount after taxes, and there would be nothing wrong with that. If you get any windfall income that is smaller than £500, it shall not be usually paid towards the IVA agreement. In March 2017 the Court of Appeal ruled that in “All Assets” IVAs PPI compensation paid after the issue of a Completion Certificate must still be paid in the Arrangement. Know if you can get a mortgage after an IVA. Getting a mortgage with an IVA is usually a simpler prospect than getting one after having filed for bankruptcy. This is a form of insolvency that can affect your financial situation in many ways. Your IVA completion certificate will typically be sent to you by your. Calls from mobiles may be chargedGive us a call: 0800 011 4712 or complete the form below to speak to one of our experts. It is possible to get a mortgage after an Individual Voluntary Agreement (IVA), but it may be more difficult compared to getting a mortgage before an IVA. While the Arrangement is running you can offer to pay your creditors a one off cash payment. However, overall you will pay more back towards your debt over a longer period of time compared to if you go bankrupt. Advice and cooperationOnce your IVA is completed, you are free to sell any property that you own. Given this if you start an IVA you do not have to offer your creditors any money from your pension as part of the Arrangement. Share. For example if your total income is £2000 per month and your total expenses are £1700 your disposable income is £300 (£2000 – £1700 = £300) The. You can then calculate this as a percentage of the total debt owed. While you have an IVA on your credit report, you’ll probably struggle to get a mortgage. Get Help and Support. In this section. Want assistance negotiating a payment plan or settlements with your creditors after cancelling your IVA? Call us (0800 077 6180) or complete the form below. It’s therefore really important that you include enough to cover all the expenses you need (including things like hobbies and entertainment) when you complete your living expenses budget. After your IVA finishes, in theory you don’t need to do anything and all the problems will disappear from your record. As stated previously, rebuilding credit after an IVA is crucial to get a mortgage again. PPI compensation may have to be paid into your arrangement even if it is completed – if the PPI is for a debt that was prior to your IVA starting. The property may have formed part of your IVA agreement, but because this is now completed and finished, all rights to the property are returned to you. You make reduced payments for an agreed length of time. Make sure you honour the terms of your IVA agreement in full and repay all of the outstanding debt. 0800 077 6180. This form of borrowing will not help your credit rating. Creditfix > Debt Solutions > IVA (Individual Voluntary Arrangement) Help & Advice. Once a monthly payment IVA starts it usually lasts for 5-6 years. Typically, the time scale for receiving your IVA completion certificate is within twelve weeks (three months) of you making your final IVA payment. so i guess we hang in there. An individual voluntary arrangement may be right for you if: You owe more than £15,000 (to two or more creditors). If you need to reduce the payments due to increased living expenses. Share. Time since IVA completion: The further you are from the completion of your IVA, the more likely it is that lenders will consider your. You can approach your creditors at any time after you have moved and ask them to accept a reduced payment proposal. Want to discuss your IVA expenses. However, the IVA proposals may still give your Supervisor. Advice Help and Support. The role of the insolvency practitioner is to examine. The amount left is what you can expect will be written off. If this happens there are usually no other implications for the Arrangement. If you apply for a mortgage right after completing an IVA, there could still be something standing in your way. Once your IVA is completed there is nothing to stop you claiming for PPI mis-selling yourself. Calm, Professional and reassuring bankruptcy service. by GavinA - Tue Oct 25, 2022 4:14 pm. An IVA usually lasts five years if you’re making monthly payments. Started my IVA Jan 2006 and received certificate of completion Feb 2011. 0800 077 6180. At IVA Mortgage Expert we offer a range of IVA Mortgages to help you find the best IVA Mortgage rates. Debt management expert with over 20 years experience delivering debt solutions. For the most part, IVA mortgages will come down to your circumstances at the time. A pay-out or transfer of equity to a leaving party or ex partner. Share. Likewise, completing it early would only help in so far as the monthly. In some cases, interest can also be charged. But it can be more difficult compared to someone without one. This will increase as time passes with a good credit report, and a couple of years following the end of your IVA, you will find offers up to 85%. 0800 077 6180. 0800 077 6180. The remaining figure is the amount that could be written off. i got a vanquis card and a home order catalogue now to help boost my green dots on my file. Selling a property you own. For the purposes of an IVA the calculation of equity is based on 85% of the value of your property. 0800 077 6180. If your total debt is £22,000 you will pay back 55% and write off 45%. credit card debts or personal loans (You can. Your creditors get back more of the money they are owed. Once your IVA has successfully completed any outstanding balances will be written-off an you will be officially debt free. On receipt of your certificate of completion you should send a copy to each of the 3 major credit reference agencies, namely ‘Experian’, ‘Equifax’ and ‘TransUnion’. 03/08/2017. Because it is an informal agreement there is no legal requirement for you to be living in the UK when you set up the Plan. Although, it can be difficult — especially shortly after your IVA ends — and you may only have access to products from specialist IVA mortgage lenders and with high mortgage interest rates. Once you have made your final payment the Arrangement does not finish immediately. Local Rate 0330 0945876. Most mortgage lenders don’t like applicants to have an IVA on their credit file because it signals to them you’ve had credit issues in the past. Secured debts cannot be included. 16 May 2012 at 6:42PM edited 16 May 2012 at 6:43PM in IVA & DRO. Time since IVA completion: The further you are from the completion of your IVA, the more likely it is that lenders will consider your mortgage application. Give us a call (0800 011 4712) or complete the form at the bottom of this page. It is used by over 4000 individuals each month to resolve their debt problems. Get mortgage after IVA. This depends on how long it has been since your debts were discharged, plus your personal financial circumstances and how much equity you have in your property. You will need to apply for a Basic Account. We understand the impact that an IVA can have on your application, whether you’re trying to get a mortgage after IVA completion or you’re still in an IVA. This will normally be 6-8 weeks after you have made your final payment. credit score. The record of the IVA is removed from the credit record six years after its completion. But most important of all, once your IVA starts, you must save this money each month. It can take up to 3 months after completion for your IVA listing to be removed so just keep an eye on this and query if it has been longer than this. Home; Apply now; Speak to a broker; Bad credit mortgages. Given the split is amicable, you could both agree to carry on paying the agreement between you as normal. Your IVA company will only be able to reduce your payments, if the Arrangement will still remain viable. My partner paid off his IVA early in July 2010, the actual end date was August 2010. Options after your IVA is Completed. Can you choose where your IVA is moved to? You don’t have any say in where where your IVA is transferred after your IVA company has closed. As an IVA holder, you will have to ask your IP’s permission to access new credit over £500. The process can seem long, but it is definitely worth taking the time to rebuild your credit score, to make. However, if you’re a homeowner, you will be asked to release some equity to pay into your IVA. This document will normally be sent to you by your Insolvency Practitioner (IP) 6-8 weeks after your final payment is made. As with forgotten debt, your IVA company has the option of simply adding any new balance which is less than 10% of the amount already in the Arrangement. There is no guarantee that interest and charges. What are the first steps to take? The first thing you need to get is your IVA completion certificate which should be signed by your Insolvency Practitioner. If your payment has gone up, this does not reduce the length of. If for any reason you believe the status of the IVA on your credit file is inaccurate you can. An IVA stops you falling into more debt from increased interest, and gives everyone involved a clear timeline for when the debt will be repaid. Even after that time if a lender asks you if you’ve ever been subject to an IVA, you must answer honestly. It is important to check your IVA proposal and terms and conditions. A buyout. Talk to an IVA Expert. If you need debt advice we can help. 0800 077 6180. Local Rate: 0330 0945876: Mortgages; Calculators; News & Latest Rates; AffordabilityGive us a call: 0800 011 4712 or complete the form below to speak to one of our experts. 74%) and our LTV is approx 65%. When you first began your IVA, it marked the beginning of the six year period that it stays on your credit file. Yes, it is possible to get a mortgage with an IVA. Speak to an IVA Expert. Get mortgage after IVA. 4660 Monday – Friday 8am – 8pm ET,. Calls from mobiles may be chargedIf you need debt advice we can help. 14 Nov 2019 Although specialist. Your take home pay so to speak, is the average amount you draw from your business after deducting all of your business expenses and any provision for any tax. Waiting six years after your discharge can make a mortgage easier, but you can get one before this. However, it’s likely that the terms will be less favourable, with a requirement for a high deposit (often around 25-30% or more) and higher interest rates due to the perceived risk. Calls from mobiles may be chargedpersonal feedback on IVA; ↳ who would you recommend? ↳ IVA creditors meeting soon: wish me luck! ↳ IVA completed !! when the going gets tough; ↳ we salute the special people managing disability; the IVA forum experts discuss; ↳ reclaiming bank charges while in an IVA; ↳ Mortgage default under IVA; ↳ IVA expenditure allowances; ↳. If you have no surplus income and are unable to make further payments towards your debt you will not have to. Leave a Reply Cancel reply. Speak to an IVA Expert. Speak to an IVA Expert. Select to retrieve a real after an IVA. Our speciality is working with mortgage applicants with a poor credit score. 12 June 2020 at 11:40AM. The record of your IVA will be marked as ‘Completed’ by The Insolvency Service, which will also. For example if your total income is £2,000/mth and your total living expenses are £1,800 your disposable income and therefore IVA payment will be £200/mth (£2,000 less £1,800 = £200). Yes, you can get a mortgage with an IVA on your credit file. This is a very important document that serves as evidence that the repayments have been made in full and no outstanding loans remain. Theses are things like a mortgage or any other debt secured against your home such as a Charging Order. As such it is very important that it is done correctly. Once you have your completion certificate, you will want to apply to a high street lender. If you need debt advice we can help. Mortgage applicants who have fully satisfied the terms of their IVA and are in possession of a completion certificate are far more likely to be considered for a mortgage, although you should bear in mind that you will have less options available. Would you be better off going bankrupt? You might want to cancel your IVA, but paying off your remaining debts with a monthly payment is still going to take a long time (more than. The other crucial factor will be the amount you earn. Calls from mobiles may be chargedIf you need debt advice we can help. Our speciality is working with mortgage applicants with a poor credit score. The plan allows you to reduce the payments to all your creditors to an affordable amount. This will prevent you from taking the usual student credit facilities which may have been available from your bank. Apply for an IVA. However, in any event, the reference agencies will update. Definitely use a broker. What is an IVA Completion Certificate? An IVA Completion Certificate is an important document. Once your record of your IVA is marked as completed by the Insolvency Service, you can start sorting out your credit rating and file. Advice and cooperation Once your IVA is completed, you are free to sell any property that you own. By Andrew Jensen ; 5 Minutes Read Last updated: 23 August, 2023You should include specific expenses increases. However you will be allowed to keep the equivalent of 6 months take home pay to maintain your living expenses and IVA payments while looking for another job. Getting a Mortgage After an IVA. It is very important that you get your Certificate as soon as possible after you finish. It confirms you are no longer in an IVA. However this will only be agreed if their debt is significant and. Any benefit overpayments can be included in an IVA. The mortgage term can’t extend any longer than your existing mortgage or past your state retirement age. Six years. An IVA allows you to settle unsecured debt that you cannot pay. The IVA was in my name only and it was our first mortgage. 0800 197 0504. Get Help and Support. I have since been awarded PIP as my sight is so bad. Making regular payments into your pension is important for a secure retirement. Typically, an IVA will last for 60 to 72 months, or 5-6 years. There are two reasons for this: The set off argument. However the amount you can borrow is restricted. An individual voluntary arrangement (IVA) is a way to deal with debt you're struggling to repay. Build a Stronger Credit Profile. Search. 21 Octe 2022. Complete a personal budget to see how much spare income you have to pay into an IVA. However, there isn’t a straightforward answer to this question. An IVA stays on your credit file for six years from the date it was agreed or until it completes (if that’s longer than six years). These debts are unsecured. A lower LTV makes you a better prospect and less risky for a lender, meaning you’re more likely to get a better interest rate. Hi, I managed to get a joint mortgage with my husband 6 years and 5 months after the start of my IVA. Cancel and start a new IVA with a different company. My husband has an IVA which is due to finish in 18 months time. IVA mortgages or a mortgage with IVA are descriptions of a person wanting to take out a mortgage during an individual voluntary arrangement that is authorised and regulated by the court. Here we'll assess the options for remortgaging an IVA and whether it will continue to impact your credit assessment. You make reduced payments for an agreed length of time. They may be able to identify problems with your first proposal which can be changed to make a second. If your IVA lasts for five years, it will still be visible on your credit report for 12 months after you have received your IVA Completion Certificate. Share. It is vital that you get your certificate as soon as possible after your last payment is made. It is not always possible to reduce your IVA payments. It means you are insolvent and cannot pay your debts. Whether or not you have been overpaid housing benefit, Universal Credit, tax credits or other benefits, the debt owed can go into the Arrangement. Apply for an IVA. It confirms their interest in your affairs is over. However, there is a group of so called sub-prime lenders who should be willing to help. Order new checks by calling our Customer Service Department at 855. Menu. 0800 077 6180. An individual voluntary arrangement (IVA) is a legally binding agreement between you and your creditors that helps you pay off your debts at an affordable rate. Time since IVA finished – The amount of time that has passed since the completion of the IVA – Many lenders require you to wait for a certain period of time, usually 3-6 years, before they will consider you for a mortgage. Time since IVA finished – The amount of time that has passed since the completion of the IVA – Many lenders require you to wait for a certain period of time, usually 3-6 years, before they will consider you for a mortgage. If you started your IVA less than 3 years ago it may be possible to get a mortgage. Reminder - after October 31, 2022 your current Home Equity Line of Choice checks will no longer be accepted and a replacement checkbook will not be automatically mailed. Once you find a job any remaining funds from your redundancy payment have to be handed over. Secured debts cannot be included. Your IVA Company can agree to reduce your payments by less than 10% without getting permission from your creditors. Sometimes, creditors will accept a lump sum to settle your debts. It is a statement by your Insolvency Practitioner that they are no longer acting as the Supervisor of the Arrangement. However, your options will be severely restricted until the. However, do not worry, you will be able to get the normal loan facilities from the Student Loans Company. However, their products will usually come with. With IVA can help you geting out of debt but could make it tougher to get one mortgage at the future. Bankruptcy might be an option, if you have no assets to protect or your career would be in jeopardy and a good IP will discuss all options with you. In fact this is one of the reasons why the IVA solution was introduced into the law in 1986. Residential mortgage rates start from 7. Generally speaking you will be able to borrow a maximum of 3-4 times your gross annual income. Calls from mobiles may be chargedIf you need debt advice we can help. The best way to improve your chances of getting a mortgage following an IVA is to rebuild your credit score. This may be as soon as you make your final payment if you were in a 6-year IVA. They will then decide if a reduction of your payments is necessary. So, should your IVA have been for a duration of 5 years, it will still remain for a year after it has finished. Payments into a company scheme are taken directly from your wages. If you’re unable to do this, you’ll need to make a further 12 months’ worth of payments into your IVA, meaning it’s complete after 6 years. I started my IVA with Payplan in November 2009 & my final payment was November 2014 :j im now awaiting my completion certificate, my IVA is the only bad thing on my Credit reports. If you need debt advice we can help. Your IVA is over only when you have received a Completion Certificate. Thanks for replying. However, you need to understand that some (and in some cases all) of the money you have already paid in will be taken by your IVA company to cover their. If you need debt advice we can help. Time required for Creditor Meeting. Once your IVA is up and running, you will have to start making monthly payments which will last for 5-6 years. Call us (0800 011 4712) or complete the form at the bottom of this page. This means it’s approved by the court and your creditors have to stick to it. This is written confirmation that you have made all the necessary payments. We also list the top-5 mortgage lenders for people with an IVA in their credit history. An IVA – or Individual Voluntary Arrangement – is a legally binding agreement between an individual and their creditors. You should not have to make up payments missed due to a break by increasing your ongoing payments. If your income increased a number of months before your review, you may also have to pay an additional lump sum to make up the arrears. You could rather put these funds towards saving for a deposit to buy a property. Most mainstream lenders require a minimum of two to four years to have passed since the IVA was satisfied. What is an IVA? An IVA (Individual Voluntary Arrangement) is an agreement with your creditors to reduce your monthly debt payments down to a single affordable amount. If you are a home owner your IVA agreement will usually require you to try and release equity from your property. You can get a mortgage after an IVA, and some lenders may accept you during your IVA. Get Help and Support. You will have to give them a new income and expenses budget. Residential mortgage rates start from 7. Calls from mobiles may be chargedIf you need debt advice we can help. 09. After the Arrangement is completed any future rise in your income will be protected. Immediately After Completion: Some specialist lenders might consider a mortgage application immediately after the IVA has been completed. Assuming your IVA payment was £250 per month, after 5 years that amounts to £15,000 – which would pay for a deposit on a £150,000 house should you be eligible for a 90% LTV mortgage, which could be possible 5 years following the end of your IVA. If they agree with the changes, they may be able to reduce your payments by up to 50% of the current. Get Help and Support. 1 August 2011 at 8:59PM. Hey folks, I was looking for some advice on securing a post IVA mortgage. Applying for a mortgage after an IVA. The reason is that if the record remains on your file (even if after have your completion certificate), it will impossible to get a right to buy mortgage. Finding a suitable mortgage after your IVA can prove challenging. Tweet. You can start an IVA in the knowledge that mortgage options will be available once it is completed and off your credit file. They will then update your credit file to show. By submitting your details you agree to them being used by Clever Mortgages to respond to your mortgage enquiry. If it has been over 2 years this could increase to 85%. The agreement will state that where extra funds allow, you have to pay back 100% of the. Firstly, you will no longer have to make ongoing monthly payments. How long does an IVA last; Credit Rating and an IVA; Bank Account and an IVA; What happens to my house in an IVA; Job and an IVA; Car and an IVA; Who is told about my IVA; Debt Payments and an IVA; Already in an IVA. Getting a mortgage after an IVA can be a complex process, but with careful planning and preparation, it’s an achievable goal. Things like your mortgage and a car finance still have to be paid. The longer it has been since your IVA, the more likely you’ll be able to. – read more here. Getting a Mortgage after an IVA; Want further help and advice? Give us a call (0800 077 6180) or complete the form below to speak to one of our experts. I suggest you use a broker, as 3-4 years after completion you need to pick the lender and frame the application well, it may be that an online application gets rejected just because you have ever had an IVA. Call us (0800 011 4712) or complete the form below. Sorry for the length, just wanted to give all the context. I agree. 07/10/2021. Our IVA mortgage. Mortgage after IVA. If your IVA is relatively new, it’ll have a much larger impact than if you’ve had it for four to five years. Skip to content. For more information on getting a Mortgage after Completed IVA. Check Your Credit File. When you are completing a mortgage application, you are legally obliged to declare an IVA even if your lender doesn’t ask. You have to pay 100% of your disposable income into your. The certificate is a formal document (often in the form of a letter) from your Insolvency Practitioner (IP). You can apply for a Mortgage after an IVA. To notify the Insolvency Service that your listing is out of date, simply click ‘report an error’ at the bottom of the page detailing your case, then explain what is wrong. Yorkshire Bank – Ready Cash. It is however possible to reduce this period.