Mortgage & Bank Account Query

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r_c

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Post by r_c » Tue Jul 24, 2007 1:58 pm
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Hello

We have just heard that my partner's creditors have agreed a full and final settlement. This f&f settlement has been accepted after only 1 year into the iva. Am I correct in thinkg that the iva will remain on his credit file for another 5 years (6 years in total) and will this affect his chances of getting a mortgage with say a 'high street lender' or will he need to seek advice from an iva mortgage specialist?

Also, would he now be able to change his bank account back to a switch account? The account he had prior to the iva had an overdraft facility, not that he would want one (I won't let him get into debt again) but it would be handy to know, would he be able to have his old bank account back or equivalent?

Thank you very much in advance, r_c
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Oliver

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Post by Oliver » Tue Jul 24, 2007 2:03 pm
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Yes the IVA will stay on file for 6 years from the start of the agreement. This may preclude him from a high street lender as this will give him an adverse credit rating.

He is free to change bank accounts if he so wishes and the provider is willing to give him one.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
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Oliver
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iva_squirrel

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Post by iva_squirrel » Tue Jul 24, 2007 2:09 pm
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That's true r_c,

The IVA will remain on his credit file for 6 years and he can change bank accounts any time.

Regards,
Michelle P.
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iva experts

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Post by iva experts » Tue Jul 24, 2007 2:51 pm
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Its true, eventhough your partner's Full & Final settlement has been agreed to this will remain on his credit file for 6 years.

It is possible to get a mortgage but it may be better to speak with a mortgage specialist, Tony Parsons who posts on this forum as "Welsh Boy" might be able to offer some advice.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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r_c

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Post by r_c » Tue Jul 24, 2007 4:07 pm
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Thank you very much for your replies they are very helpful, r_c
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iva experts

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Post by iva experts » Thu Jul 26, 2007 1:23 pm
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Glad to be of help [:D]

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Michelle Pontes
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Oliver

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Post by Oliver » Thu Jul 26, 2007 1:24 pm
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No problem. All the best with everything in the future.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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