I completed my IVA in July 2012 and am now looking to get a mortgage with my partner. I have done an Equifax report, which has an excellent rating and my IVA is not listed on it. However, as I am an honest person, I informed the building society and they referred it to their underwriters, who have stated that you cannot get a mortgage for 6 years after the IVA is discharged, meaning I have to wait until July 2018.
Is this correct? I was advised to arrange an IVA and not bankruptcy on the basis that my credit would be affected for the 5 year period plus an additional 12 months, whereas bankruptcy was 10 years. It now looks like I will be affected for 11 years not 6!
I am very upset about this and would appreciate any advice.
There options open to you. We have a couple of experts on the forum who are mortgage brokers ...Ryan and Shaun. I can personally vouch fr Ryan and know that he has successfully gained mortgages for several forum members at different stages of there IVA journey.
There ontact details can be found on the left hand side under the ask the experts link ....give them a call ad I am sure you will feel more confident having done so.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
This 6 year post IVA limit is a company policy and not a general rule. Some lenders operate this, some don't. Have a word with Ryan and / or Shaun, as Luluj suggests. They know the market inside out and Ryan, I know, has helped several ex-IVA'ers.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Good advice from Luluj, worth a chat with Ryan or Shaun in the first instance. Others have gained mortgages so it might be worth hanging around for a few more replies from people who have managed to obtain a mortgage post IVA.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Some companies are more strict than offers, we got a mortgage offer yesterday from a high street bank through a mortgage broker who was actually one of my creditors. Before this we had two other mortgage in principals and i spoke to a different mortgage broker who said they would not touch us for another six years. I hope you manage to get it sorted and get the mortgage you are after.
Statute being a point of law with point in time of absolute severance from you financial history as if it never existed. That being the case any lender from that severance point surley can't discriminate against you, otherwise makes a mockery of the law makers and an act or parliament?
The statute provisions mean the items are removed from public record. Much like convictions .. however, if asked if "ever" these have occurred you are expected to tell the truth. How do you define "discrimination" ?
A lender will apply their own company policies on lending criteria --- in the broadest sense of the term they are ALL discriminatory.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think you’ll find statutes purpose was far from being removal of any financial history from PR in itself that was just being a by-product of the act. It’s was to make the debt unrecoverable as if it have never existed to which you’ll never have to account for it
As you know Kelly.R23 obtained a regular high st mortgage and that was with a previous creditor six post the start of the IVA and we know what her answer was
Might be an idea for you to have a listen Experian Director Heads position on the subject sure you should be able to get download it was on Raido 2 last week @ 6.45pm. Cutting to the chase they wrote the tools that make the decision and his take on it, fly’s in the face of what you have said.
I think Kelly.R23 is living posting proof of the way forward but if you want to shackle yourself to a life time of IVA misery that’s fine to, but then again some posters, so I take Andy Davie view on it answer it as you see fit or find a why round it!
Sponge -- we are going to have to agree to differ on this one What the Experian Head said does not agree with actual, real life, in the field experience I have had. He is upping his own importance, experian credit scores are merely a number which many lenders give no heed to. However .....
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Like I said the other day it's CML that use the National Hunter engine, but that's fed of the Experian Analytics Decision system, the principle tool that decides a mortgage application fate…not sure on your credit score comment as anything relevant.
Anyway lets wait until your time comes for a mortgage, your choice High St rate or Sh*te St rate ho ho
Sponge -- apart from the "Experian being the almighty deciders" issue I have totally lost track of where we differ ... I put it down to me being of feeble mind !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
What the Experian Head said does not agree with actual, real life, in the field experience I have had. He is upping his own importance, experian credit scores are merely a number which many lenders give no heed to. However .....