One of the main reasons i went in to an IVA instead of BR is so i still get a mortgage.
I started my IVA in Jan 2007, did a full and final settlment in October last year, and my finicial adviser as tried everything and i cant get a mortage, throught the information he as found, i would be lucky to get a mortage in 12 months, but perhaps a chance in 2 years.
We need a bigger house, and found one at a good deal, and on pay i can afford the payments very easily, because unlike most people i havent got loans and credit cards because i cant get them, instead my wife as taken out a mortgage, which isnt mush as she is on part time hours, and luckily my parents have re-mortaged their house so we can get one.
If I could back i would go bankcrup and not and IVA.
Do you know what really gets me i owed £27k when i went in to an iva, banks have had over 50billion plus pay outs from the goverments, which is part of my tax, the goverment gave the banks a second chance but the bast***ds wont even help me, when i have sorted my life out and got a family, i would love to win the lottery so i could tell all the main street banks were to go
I am sure it is not personal James. Most banks seem to be very reluctant to lend at the moment to anyone without a squeaky clean credit rating, and a low loan to value requirement. Things are bound to move soon, unfortunately not perhaps in the timescale you require. What a shame that you cannot secure the purchase of this property.
I have now secured the purchase through my wifes mortage and the money my dad as lent me through re-mortgaging his own house, i am paying both mortgages
Don't want to appear confrontational - but we are all told that our credit rating will shot for six years from the date the IVA starts - therefore my expectation is that I would struggle until after this period to gain a mortgage.......it is the same for 5 year IVA's and F&F IVA's so sorry - but we were warned !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The only difference I see between IVA and BR is the fact that you pay your creditors back alot of what they were owed - whereas BR you don't all of the time.
Hints and tops for building a credit rating up are I am told having a contract mobile phone, having a credit card would you believe it - but make sure you use it and pay it off each month, and that you are on the electoral role in your current address.
Ensure your IVA is showing as complete on your credit reports - if defaults are still showing anywhere then that won't help the situation
good luck
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
luluj wrote:
The only difference I see between IVA and BR is the fact that you pay your creditors back alot of what they were owed - whereas BR you don't all of the time.
Hints and tops for building a credit rating up are I am told having a contract mobile phone, having a credit card would you believe it - but make sure you use it and pay it off each month, and that you are on the electoral role in your current address.
Ensure your IVA is showing as complete on your credit reports - if defaults are still showing anywhere then that won't help the situation
good luck
I have been told in the past that it is preferential to have a small credit card debt left every month rather than paying it off every month,not sure why.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
luluj wrote:
The only difference I see between IVA and BR is the fact that you pay your creditors back alot of what they were owed - whereas BR you don't all of the time.
Hints and tops for building a credit rating up are I am told having a contract mobile phone, having a credit card would you believe it - but make sure you use it and pay it off each month, and that you are on the electoral role in your current address.
Ensure your IVA is showing as complete on your credit reports - if defaults are still showing anywhere then that won't help the situation
good luck
I have been told in the past that it is preferential to have a small credit card debt left every month rather than paying it off every month,not sure why.
I believe you're right PD.
My BF pays his CC off every month and has no loans etc but wants to buy a flat at some point in the near future after renting for some time. Because he's paid up and owes nothing, he doesn't have a credit rating at the moment ! I'd have thought that would qualify a person for top marks, but clearly it doesn't because you don't give the bankers an income !!!! [8D]
There's light at the end of the tunnel - it's just that sometimes the tunnel seems so long.
I believe by not going bankrupt and by doing a successful IVA will stand you in good stead once the mortgage market opens up again. It will but not for about 12 months in my estimation (crystal ball gazing. The banks have to start lending and they will. In my day in the 70's the banks did not do mortgages and it was left to the building societies and there was a rationing system. Try to start saving with a Building Society and then apply for a mortgage in 8 or 9 months time.
Last edited by David Mond on Wed Feb 11, 2009 11:55 am, edited 1 time in total.
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.
Surely the fact that you pay your credit card off should show up on your credit rating? From what I remember when I could afford to subscribe to Credit Expert, it will show up on your Experian file at least, as a 1 in a green circle, which shows that payments are up to date.
Similarly, your bank account should also show that it is in good health with green circles.
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
I think people who have completed and iva successfully should be a good bet as they have learnt to budget and scrimp and save for the duration of their iva and are experts in budgeting their finances[:)]
Know it does not work this way, but it should[:)]
Be positive & look after yourself, there are more important things in life than debts....
We should be a much better bet than someone who has loads of creditors on their records!
As you say - it doesn't work like that!
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
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
