Our IVA was completed in March 2014 , it doesn't show on my Experian Credit report. We wanted to consolidate a secured loan with our mortgage but our bank , who we never owed any money too and have banked with for 18 years has rejected our remortgage application because they see the IVA . It's been 7 years since we started the IVA . We've had nothing for 8 years in terms of credit , when will this nightmare ever end ? Our bank accounts are healthy we have money in it and appear wealthy yet can't get credit ?
Your likely to find your mortgage lender has their own lending criteria - there are some lenders who will not entertain secure lending with an previous IVA. Seek all three of you credit reports - and if clean seek advice from the two lenders who post on here (Ryan and Shaun)
As Ginger says, lenders criteria vary. NatWest, for instance, has been quoted as stating they will never lend to a former insolvent, but others do.
Although your bank weren't part of the IVA they were probably aware of it and this will be on their ongoing records.
Also check each credit agency's report on you for any mention of the IVA -- sometimes a Notice of Correction will highlight a defunct arrangement. The NoCs have to be removed manually, which they will do on request, otherwise they will sit there for ever.
Last edited by Foggy on Fri Jul 03, 2015 6:41 pm, edited 1 time in total.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Clair.m
I am sure you can get this sorted, you just need the right person to help you get over the hurdles.
If you get in contact directly at the website below I will happily look in to this for you
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
I'm afraid that mortgage lenders generally have a very negative attitude when it comes to anyone who has previously been party to an IVA. I can't justify nor explain it but we do a great deal of work trying to re-educate lenders! Our experience and track-record with customers who have been through the IVA process evidences that they are, in fact, LESS likely to default on payments in the future. A fact which I'm sure wouldn't surprise you, but that's what we're up against.
Unfortunately the length of time you have remained loyal to a bank and your credit score with credit reference agencies such as Experian also play little part in their thinking, lenders today often use purely statistical 'profiling' and have very rigid criteria when it comes to these things. It's very frustrating for you I know, for all the reasons you point out.
That said, there are lenders who, depending on the rest of your circumstances, would consider an application so don't despair!
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
