'Not all that it seems' has evolved into sport!

[GeneralMutton12]

Hope all is well.

I am 2.5 years into an IVA and have been offered a nice sum of money from a relative to settle my IVA. Following several discussions with insolvency people I am assured this will be accepted.

"Great" I hear you say.

WRONG - i want to get a mortgage but every one of the IFAs and mortgage people I have spoken to tell me no one will touch a recently settled IVA applying for a mortgage unless you have a 10% deposit.

How the hell can someone who has complied truthfully with an IVA, have a penny spare to have a deposit. I was told at the start of my IVA and everyone says that you are free to start fresh once IVA is complete.


If anyone knows of a LEGITIMATE mortgage that can give a recently discharged IVA a 100% mortgage let me know

message amended by Admin

[Sadsack]

Hi and welcome to the forum

I am not a mortgage broker and therefore cannot offer you any advice. However, there are companies who regularly post on this forum who deal with situations such as yours who I am sure will advise you and give you the best solution.

It is "Great" that you are in a position to offer a full and final settlement to your IVA. You are able to start afresh once this is completed - you were not "missold", but there are certain restrictions which are going to apply to you. You were/are a debtor who for whatever reasons, were not able to pay your creditors, hence your entering into an IVA. Therefore, it stands to reason that anyone offering credit to someone in your position is going to want some form of deposit from you.

Why don't you speak to your colleague who went BR and have a chat to the broker/lender who assisted them in getting a mortgage? Perhaps they will offer you the 100% mortgage you are after.

Take a "stroll" and read some of the postings of others who have been in a similar situation.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[mikebdomain]

Hmmmm, we are whole of market and have access to EVERY product on the market.

I can assure you the criteria for adverse mortgage products DO NOT favour bankruptcy. In fact the requirements are similar for both bankruptcy and IVA.

And just to correct your post a little further a 5% deposit mortgage product from Chelsea Building Society is available for both recently discharged IVA's and Bankrupts at a rate of approx 7% (obviously depending on your personal circumstances)

I would suggest you seek guidance and advice from a broker who is whole of market and who has experience in these situations.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[MelanieGiles]

What do you mean by "blow the IVA market to shreds?". Are you not grateful that you found a solution to help you deal with debt you had incurred but found yourself not in a position to repay? And working in the legal industry I am sure you will appreciate why future lenders will see you as somewhat of a credit risk.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Sadsack]

Well said Melanie! I wanted to say something like that - it annoys me that people think that it an easy option entering an IVA, or BR, have someone to effectively "bail them out" of a situation they clearly created for themselves and then have the audacity to have a go at IP's and IVA companies. Granted, there are some companies out there who are not great, but the majority do their best to help debtors like myself get out of the predicament we put ourselves into in the first place.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Skippy]

I totally agree Melanie. I'm getting very fed up with people appearing on this forum and stating how easy BR is - it's not. It's stressful and is with you for life. I have also noticed that it's never the people who have actually gone through BR, only people who claim to know a friend. I had no option but to go BR, but I wish my IVA had worked - I would have been very grateful to get out of the mess I was in without going BR.

Anyway, rant over.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[scaredkez]

well said skippy, all of us who have gone BR didn't want to, we all wanted to pay as much back as possible, i think people really see iva's as an easy way out, but they don't realise how hard it is actually getting one approved, and the duration of compliance with one,whatever route we take to sort our debts will always leave some form of pitfall at the end of it, what do we expect! we have made mistakes and have to learn by them, not to be able to walk straight back out and be able to get in the same mess again.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Sadsack]

What with "GeneralMutton" and "Sausage Machine IVA companies" from a previous thread ........... am I reading too much into this???

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[Skippy]

It crossed my mind Sue - the tone of the email seems very familiar!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[scaredkez]

i thought that too!
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[GeneralMutton12]

I love the way the man talks of a 5% deposit.

Er, the whole point of the IVA is not about saving a penny as you have to account for your pennies.
Oh Mr administrator I am holding back £100 this month as I need to save money!

Big help

[GeneralMutton12]

Rant over.

The answer I need is not there are some companies who offer .........

I want to know legitimate companies who offer 100% mortgages with no deposit otherwise where will my deposit have come from?

[R1chard]

you start saving after your iva.

58 PAYMENTS TO GO..

[mikebdomain]

My point is, there are currently NO 100% mortgage products available for bankruptcies or IVA's that have just finished..

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

Firm FSA No:313790
Personal FSA No:MJB01557

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[R1chard]

"As someone who works within a large legal practice within Manchester I am currently seeking advice that I hope will blow the IVA market to shreds. People are being missold a product"

lol every time i read that quote it makes me chuckle.

58 PAYMENTS TO GO..