My partner has been refused for a mortgage because I have an IVA, even though the mortgage was going to be in his name only. The reason stated was our financial association. My question is, if we close our joint bank account( our only joint finances), will he stand a better chance of being accepted in the future?
The fact that you do have a financial association will impact on his credit rating.
Is this account included in the IVA at all?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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This may not be insurmountable so speak with one of the experts who post here as they have come across this is in the past. You will find the details of Shaun Vickery from Select Partnership and also Ryan in the experts section.
No the account isn't included in the IVA as it was opened after the IVA was in effect. It's a 'basic' bank account with no overdraft facility which was the only current account available to us because of the IVA
If you have a financial association on each other's credit file the only solution is to close any joint accounts or mortgages or whatever is reported as the association (see free noddle credit report) once you have closed these you may need to sign forms at a bank to confirm you are no longer financial associates. I had this about 6 years ago when I split up with a previous partner and we both had to sign forms with Natwest once we had closed joint accounts etc and sent a copy of these to the CRA's and the financial associate link was removed.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
P.s. Once you have closed said account you can send a "report inaccurate data" on the credit file.
My Blog details, the route I took before IVA, how I choose my firm, equity release advice (year 4-5), challenging the CRA's keeping IVA on credit file once gone from insolvency register
IVA ended August 2015. Would recommend McCambridge Duffy
Have a chat with Ryan and or Shaun as suggested.Your financial association will remain on file for a while even if you do close your joint account, although as suggested you can request it be removed and your account updated.
Expert advice from Ryan or Shaun will hopefully identify a solution.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi Elizabeth.j-
We have helped someone in a very similar position as you.
I would need ton know more information so please get in touch to discuss further.
Ryan Radford
IVA Mortgage Expert
Zebra Money Centre
IVA Mortgage advice needed? Looking at Right to Buy and completed IVA still on credit files ?
