i have applied for an IVA via Gopher money - harrington brooks.They have informed me that i will be able to refinance my car (which is on Hire purchase for three years)after the three year period in order to settle the outstanding debt on the car . Is this correct? They have also advised me that my partner and i will be able to remortgage our home in two years (mortgage in both names).The IVA will not affect my partners credit status.
Hmmm --- I would take this advice with a (rather large) pinch of salt.
Refinancing the car will be at the whim of the lender and Gopher cannot, in any way, shape or form predict this. Indeed it is unlikley that you will be granted finance.
It is also unlikely that you will be able to remortgage, as the market currently stands. Why do you plan to remortgage ? Indeed, are we actually talking about remortgaging, or simply the end of your current plan?
Finally, as you have, I presume, a joint mortgage your partners credit rating will be adversely affected by association to yours.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Another fine example of 'pressure selling'. There's no guarantee that you can remortgage or refinance. An IVA on your credit file will ensure that it's nigh on impossible for you to obtain any form of credit.
I'd query this with Harrington Brooks if I were you, it's wrong for them to guarantee this. What they may turn around and say is that they're happy for you to try and apply for a remortgage or finance for your car, but what they haven't told you that it'll be very difficult or impossible to obtain.
Your partners credit rating will not be affected unless you have any joint liabilities.
They cannot make any of those guarantees to you - no-one can apart from the lenders concerned, and even then they may not be prepared to commit so far ahead.
Your IVA needs to be properly worded to allow for flexibility when it comes to finance agreements ending - at the end of the day a "one size fits all" approach is not correct for arrangements that need to be individually tailored.
