is the amounts what you for bills more generous than a IVA or the same?
ladyc you should have no problem renting my landlord did a credit check and I had no problem I think references that you pay you rent are more important also not all do credit checks.
In my experince the Official Reciever's allowances are more generous than the CCCS guidelines or the Common Financial Statement generally used to benchmark allowable IVA expenditure - however this is probably because the OR's staff are allowed to use their own discretion as to what is reasonable.
I need to have a good think what I want to do have been thinking of going bankrupt for a while but always back out of it. thats probaly because I dont make any decisions when I feel deflated!
And one of the downsides of bankruptcy is that once you are there it is rarely a possibility to turn the clocks back - so you have to accept your fate to a certain extent.
I just get the feeling that even when we out of a recession that im always going to struggle getting a mortgage even with a deposit if I do its going to be high interest! so I think to myself go bankrupt and carry on renting !
There are opportunities to obtain mortgage funding whilst in an IVA or with an IVA on your credit file. Don`t give up hope,the earlier poster with a potential deposit of £48,000 could feasibly get the mortgage funding they require but they would need to check with a broker to see what is available. The marketplace is changing constantly so keep an open mind and good luck.Tony
F.P.C. 1,2,3 Qualified
Financial Planning Certificate
CeMap Qualified
Whole of Market Mortgage Broker
Managing Director : Debt Advisory Bureau
Debt Advisory 4U
Principal : All Mortgage Products
And you could do no better than having a chat with Tony, who is one of the best mortgage brokers I have had the pleasure to work with. If it is available, he will find it for you.
If you check previous postings on this thread, Welshboy is on there, and his website in his signature. There should be contact details on there.
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
100% mortgages can't be got for love nor money at the moment. You will need a decent deposit, and I think you might need more than 10%.
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
Both hussa and Ladyc posyt highlight what I dreaded - a complete seizing up of the credit market for DMP and IVA folks current past, current and future for any form of remorgaging??
I am not a gloomfest person but even I would say this is a bad situation.The IVA discharge certificate seem to have as much mojo as a burnt piece of toast.
It confirms my view that even though Banks can't legally force you pay the amount written off under the IVA, the fact they wrote off some must create some consternation.
Size, had already cited that banks can decide not to lend an they don't have to say why.Being opaque is how they still want to operate.
Last edited by kalla on Tue Feb 03, 2009 3:10 pm, edited 1 time in total.
Getting into an IVA should not be a 'very last resort'. Your credit rating will be shot for at least 6 years, probably more if you do a DMP.
What other solution do you suggest Kalla? The only other one open is BR, and you will be in exactly the same situation with that.
We took the money, we have to face the consequences - it's just unfortunate that credit is not easy to come by these days.
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
Banks will start lending again but it will take time. There is a glimmar out there now and it all just a question of confidence and getting the economy working again. It will take time though.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
