Hello All
A number of years I used to be on this forumn with user name - james.c, but since then i have changed email and had to register, so i thought it would be good to give an update on my story and hopefully it may help me people - to start with -
Got divorced in May 2005, left with nothing other than enough to pay for a deposit on house, when bought the new house had to start again, basically got in to debt and by November 2006 could not cope. I rand up a company who suggested an IVA, sold house no equity and by January 16th 2006 IVA started and I moved in with my Girlfriend who is now my wife.
June 2007 my girlfriend became pregnant with twins (now 5 years old), and with the allowance for children would make it very tight and why should my children suffer becuase of something i did in the past, spoke with a finicial adviser who advised my girlfriend to remortgage and increase it to pay of my IVA, so with the help of people on this forumn in January 2008 I paid £11k to finish the IVA. the finicial adviser didi some digging around and said in 2 years we can get you a mortgage no problem. Then the recession hit us we got married in 2008, came back from honeymoon and noticed a new house that was up for sale 12 months ago for £380k now at £219k, so we went and paid a deposit, and you guessed it we could not get a mortgage, with the equity in my wifes house she could get a mortgage for £40k which i pay for and luckily my dad remortgaged his house for £120k which i pay so we could get it. A couple of years later my FA looked in to a mortgage again and basically things were changing and i had no chance until the IVA was of my credit rating.
So this year January 17th my IVA came of my credit report, applied for a mortgage with nationwide, every thing was ok until the underwriters looked at it and rejected it, why? because i thought back in september i will take a payday loan out not becuase i needed it but i thought it would improve my credit rating, which it does, but as soon as lenders see it on your credit file they do not want to know you, so we left for a couple of months and we applied to sanatnder and they accpted it and by friday this week we should have the mortage offer, but their is some bits i have not mentioned.
1 - When we purchased the house even with my dad remortaging we was £10k short so my wife took out a loan with santander over 5 year which i pay.
2 - both of us have visa cards with a combined balance of about £7k
3 - 2 years ago we had to take out a car loan cause my wifes car was a shed and i wanted her and my kids to be safe, that is £5700
4 - My visa is with santander who gave me the card whilst iva still on credit file.
Now some people me gasp that i have been in an iva and now in debt and quiet rightly, but its debt we had to have and its managed and we can afford it, and the new mortgage will pay it all of then getting rid of the visas, the only thing we could not do is add my dads my mortgage on to which i now know we can do in 12 months, so even though its debt we managed it and knew we could afford it when we took on it and i still have no regrets.
So what else have i learnt -
1 - An iva was wrong for me, i had not equity in the house should have gone BR - was i correctly inadvised - no - it was my descion.
2 - If i could go back and knew what was going to happen would i enter an IVA, no i would of gone BR, but if we all could go back and change things then no one would be were we are and if we all knew what the future held, we would all win the lottery every day.
Its different for every one.
it will be of interest to me any comments you have or any questions
