I was hoping that one of you could help answer my few questions. As of Jan 2010 I have completed the six years since my IVA started and hopefully my Credit report will reflect that Im not in an IVA anymore at this stage.
I will be hoping to buy my first property shortly after this time, I was wondering if this would be possible? or should I wait a little longer. Will I still have to declare that I was once in an IVA even though its not shown on my credit report? Will my credit rating increase from poor to a better score? Would it be possible to get a personal unsecured loan to use as deposit on my property?
Congratulations on nearing the end of the IVA, a great achievement!
You need to take specialist advice on the mortgage query, Tony Parsons ( Welshboy) or Andrew from Brightoak will be able to help. I'm sure their details can be found on the experts link to the left.
Individual mortgage lenders are bound to have different disclosure criteria, but if you are asked about having done an IVA or any compromise with creditors in the past you should answer that honestly.
I would be very careful of taking out further borrowings to fund the deposit on your property. This could be the start of the rocky road back to being in debt again, and it is generally better to try and save up for a deposit if you can.
One is a legal process which confirms a debt as rightly payable in the eyes of the law, the second is an insolvency procedure for an individual to make an offer of settlement to their creditors.
Remember, if you do get a loan the payments you make on that would mean that the mortgage people might lend you less so it is best to save up your deposit first.
