tenancy credit checks & IVA

[kerrie2]

going br is far worse iva is the last step befor this
just try to do your best with the ccj if this as to stay then dont worry about it.
i know that its easy for us to say but we are here to give you our support as we are all in the same kind of boat.
but please keep trying with you rented situation and ccj if this can be removed then keep trying
lol
kerrie
x

kerrie kirkham

[Adam Davies]

Hi
Your credit rating will be bad for a total of six years and you were given poor advice regarding an IVA not tarnishing your credit record.
Do you realise that you are on the national insolvency register for all to see[well those that know about it] ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[newtenant]

Thanks Kerrie

Andy, of course I knew that it would tarnish my credit, otherwise I wouldn't have asked how deep it did in this thread initially, it's just I didn't think that as far as credit checks go, CCJ's BR's & IVA's all put you in the same boat.

From what I had read on these forums I thought it was ment to get better over time?

Yeah knew about the register...

[Adam Davies]

Hi
It will only get better once the six years are up.However none of the above seems to affect the ability to get a mortgage it,s just unsecured loans,credit cards etc etc that are near impossible to obtain for six years.
Regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[mikebdomain]

From a mortgage brokers point of view (all depending on lender and product criteria)
1) A satisfactorily conducted IVA will allow a mortgage or remortgage, but will carry minor loading.
2) A unsatisfactorily conducted IVA same as a bankruptcy (No products)
2) A satisfied CCJ will carry less loading than an IVA.
3) An unsatisfied CCJ will carry the same loading as a satisfied CCJ.
4) An active bankruptcy – No products available.
5) A discharged bankruptcy, timings are important e.g. if it was discharge a year ago you would get better loading than a current IVA. If it was discharged yesterday, the loading is pretty much the same as a current IVA.
6) Defaults on unsecured borrowing are mostly ignored…


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

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

[newtenant]

2) A satisfied CCJ will carry less loading than an IVA.
3) An unsatisfied CCJ will carry the same loading as a satisfied CCJ.

This is what I mean, its like landing one more boot in.
So even if I did manage to wipe the CCJ it would still carry the same weight on my credit?

5) A discharged bankruptcy, timings are important e.g. if it was discharge a year ago you would get better loading than a current IVA. If it was discharged yesterday, the loading is pretty much the same as a current IVA.

So if I did a year of BR, I would be debt free and have no worse credit than an IVA (without all my monthly payments)?

Oh and a satisfied CCJ on file (basically the same as a CCJ on file)


I am grateful for all the info guys, I might come across offish at times, just angry at my situation ;(

[kerrie2]

Hi newtenant,just wanted to say dont worry about being offish this is what we are all here for.
to listen and to try and help.
I can see what you are saying
i was going br but descided that im going to try the nationional debt line to defer my crediters for a while as im off waiting for a back operation so i should be back at work within the year.i want to pay my crediters but unfortunatly dont have the available income
keep us posted to what happens
kerrie
x













kerrie kirkham

[newtenant]

Cheers Kerrie

A friend of mine did that, it helped them alot
Hope all goes well with the op

Ill keep you posted

[broke]

Hello Everyone

I'm new to this forum and am quite interested in this current discussion. I am considering an IVA but what newtenant is upset about has brought about a question I feel is very improtant.

What is the point of an IVA if you end up being treated the same as a BR(credit scoring-wise) but make payments for longer?
For those with properties or sensitive jobs to protect,I understand, but for tenants and those with jobs not affected by being BR is there any point?

Out of interest how are DMPs rated? The same as IVAs which seem to be treated by SOME credit scoring systems the same as BR? Hmmm [?]!

This has brought me a fresh worry over the IVA process as like newtenant I was under the impression that having an IVA was better than being bankrupt.Good this I came across before entering into an IVA! I feel clarification on this issue is very important.

Imagine all the tenants in IVAs unaware of this! The day they need to move................[:0]!

Thank you for all your help!

[MelanieGiles]

I suspect the answer to your question is there is no real easy way to get away from debts if you cannot afford to pay them back. Given the choice of all options, many people prefer the dignity of repaying more to their creditors over a longer period, or the fact that they are demontrating to their creditors best effort over a realistic time period. Others do not like the idea of being bankrupt and the involuntary publicity that goes with this procedure.

Whilst most people would be financially better off by declaring bankruptcy, it may not fit their moral or social sense of responisibility, and this is where the IVA fits into the process.

Most people already in IVAs will understand the implications of credit checking by prospective landlords if the need to move arises, as this will have been explained to them by their IP prior to them entering into the arrangement - I hope!

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

[broke]

Hi again!

I still find it odd but if that is how it is,then that is how it is! I have been reading a lot on this forum over the last couple of weeks and am amazed at the amount of information they don't tell you when you phone the IVA comapanies. I understand from Melanie that the IP should tell you when you do meet them but feel that these disadvantages should be highlighted sooner.

IVA companies highlight the disadvantages of DMPs and BR but seem rather quiet when it comes to IVAs (check any typical website)! This gives the impression of an IVA being like a 'middle ground'. That you pay back as much as you can for longer and are 'rewarded' by being in a better credit profile position than someone who opted for BR. This appears to be totally untrue and I belive this is mis-selling.

By the time you get through the the debt advisors and actually speak to the IP you would have already decided an IVA is for you. Is it not a bit late to find out such things then (if they tell you! - Clearly no-one told newtenant or me for that matter!)

Correct me if I am wrong, but CREDIT RATING WISE,there realy aint no point in an IVA? People with IVAs seems to suffer a lot for little return over BR (CREDIT RATING WISE).

I am not taking a negative approach but am a bit guarded now as I find much more helpful and information on this forum than from the firms I have contacted. THEY SHOULD TELL IT AS IT REALLY IS.[V]

Thanks for your help!

[MelanieGiles]

I would have thought for people in serious debt that a credit rating is pretty low down the priority list to be frank, in terms of a future wishlist.

It should not be easy for anyone to leave behind unpaid debt, but I agree that this ought to be made clear from an early stage. There are many, many advantages of an IVA over bankruptcy, but perhaps a similar number the other way around, and it is a very personal decision which only the person in debt can make. And no-one ought to be told by an IP or a debt counsellor that an IVA is the best solution. That choice lies firmly with the debtor, and we are merely there to give advice as to all options available.

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

[catullus]

I completely agree Melanie and the companies that spout on about "best advice models" (know who I mean?!)are talking clap trap and miss the point.

It's the client who should make the decision based on the information and advice they receive.

Two completely identical people could take exactly the opposite decisions and neither would necessarily be wrong. It's just how they perceive how the different options will affect them personally, that's important.

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