Success story!

[IVA2010a]

Hi Everyone, Success Story!! I have just Purchased my first house post IVA I started my IVA in 2010 and finished it early when I became pregnant I told the IVA I would be leaving work to raise my child and therefore would have no income and they agreed to a really low settlement. I had a partner but as we were in the military and not married we could not live together so his income was not used and all the bills were in my name anyway. We were careful not to put his wages into my account and he gave me the lump sum from his months wages and the IVA was finished. I went back to work after and we saved money every month and I was brought out of the house I owned with my first partner and this went towards the deposit too. For some reason my mortgage was never picked up on the IVA I suppose cause i was not paying it from my account and I did not declare it (Who knows) Anyway I got 30k from that this month and we are now completing on a £500,000 home I was never asked about having any IVA from our broker and even if I was I would not disclose they cannot find this stuff out unless you tell them. If you declare an IVA the interest rate is insane mine rate is 1.2% fixed for five years so good!! There is no secret register that holds a list of IVA people once its off your credit record its gone for ever forget about it! I do feel my IVA was very easy as I had a lot of support my EX paid £600 CSA into my new partners account which was not declared and they would never find out about plus its for the kids not the IVA people!!. I do not feel guilty as banks have ripped people off over the years with excess charges I am glad I Had the IVA as i now save so much money. Once you get rid of it you can move on debt free

[Foggy]

Well done on your success, though I cannot condone the actions that might have helped get you there.
Although there might not be a secret register many lenders do keep archival records and also share information. Let us hope that your IVA does, indeed, remain buried in the past.

[luluj]

Like foggy, nice to see you have moved forward; although never say never that your iva won't be 'found' in.the future.

[IVA2010a]

Just purchased £500,000 house after completing IVA in 2013. I completed uni whilst on my IVA and now have a job as a social worker. I did not tell the mortgage company as they will never find out the IVA is off my credit file and I never told a soul about the IVA except my mum. I found the IVA relatively easy I kept my CSA to myself as my ex paid it into my mums account after paying into my childs at first. I worked part time and my student finance was also paid into my mums account.

I managed to save a good deposit for the house as my CSA was a very good amount and my salary is £34,000. one thing I found strange is owning a house on the IVA as my ex paid the mortgage from his account I never declared the house or the mortgage and they never knew about it (IVA people) My ex brought me out of it this year and as we brought the house in 2001 we made over £250,000. I kept have the profit as my ex is a good bloke. I came out of the IVA very well! I think im just lucky that as I kept the whole thing private I am not looking over my shoulder! My credit file is now excellent and I must admit that was the hardest thing after finishing my IVA. Sending letters and emails to keep my credit file clean. But you can do it, and your credit does not take long to go back to normal. I cannot believe I had 90k of Debt all written off, i ended up paying hardly anything back. It really is a great way to reset your finances if you are struggling.

The IVA really is a great way to get back on your feet and your credit file will recover, its the best thing I ever did.

[luluj]

Iva2010a - I am glad it has worked out for you, but personally cannot support "hiding" such matters from your IVA company.

If I read your post right you were joint owner of a property with significant equity that has not been taken into account during your iva so your creditors have not been given full opportunity to receive the return they could have done. For me honesty from the outset should always be considered.

[lisakent86]

Loved this success story. Though I am suffering because of my credit score. I have joined this forum to find the solution.

[Foggy]

Loved this success story. Though I am suffering because of my credit score. I have joined this forum to find the solution.

Lisa, have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

[lisakent86]

Loved this success story. Though I am suffering because of my credit score. I have joined this forum to find the solution.

Lisa, have a read here: https://www.iva.co.uk/what-does-an-iva- ... dit-record

Thanks Foggy.

[IVA2010a]

I have now brought a £750k house and yet again did not declare my IVA it would be stupid to at this point. There is no trace of it and my mortgage would just be more expensive which is ridiculous. My advice would be clear your record and instead of being put in a position of financial stress by being given a high interest rate you’re better off paying a regular rate so your not at risk of paying inflated interest rates.

All declaring does is line the banks pockets further. They’ll never find out either way

Good luck on your journey

[Foggy]

I have now brought a £750k house and yet again did not declare my IVA it would be stupid to at this point. There is no trace of it and my mortgage would just be more expensive which is ridiculous. My advice would be clear your record and instead of being put in a position of financial stress by being given a high interest rate you’re better off paying a regular rate so your not at risk of paying inflated interest rates.

All declaring does is line the banks pockets further. They’ll never find out either way

Good luck on your journey

I wouldn't put money on the IVA never being discovered and, it is possible, and quite common, to get a mortgage, after an IVA has completed, at 'normal' high street rates.

[luluj]

@iva2010a I stand by my post of several months back - I don't condone the hiding of information that you did when your iva was live. Not only you hid the equity from a sale of undeclared property, you failed to declare the receipt of CSA that was paid into a relatives account so that it was "hidden" from view of your bank statements whilst in an iva.

The iva would be clear from record now as over 6 years ago so like many it doesn't need to be declared when seeking a mortgage unless of course the questioning asks

"Have you EVER been in / had an iva"

I feel your post/posts are encouraging others to be less than truthfulness their iva's which potentially could land them in hot water.

[IVA2010a]

I’m not encouraging anyone to do anything i did what i needed to do. I got into debt due to not having support and my relationship.

I completed my IVA years ago now and have no regrets what so ever. I’ve since gone to uni gotten my masters applying for my PHD and feel no guilt or shame. I am living my best life and this process is a great tool if you need support out if a tricky situation. IVA’s are ver expensive and a business on themselves don’t forget.

There is zero chance of my IVA ever being discovered no one knows i had one. There’s no record of it on my file and GDPR means that my private information can never be shared without my consent so i will never ever declare it. I tick the no box everytime.