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Hi I started an IVA in April 05 and successfully completed in June 06 after making a setlement figure. I have a good job, own home and rental from another property. After 10 months I seem to hve a definitive answer regarding future lending from my B[ank NAT WEST. Although I have a £2000 overdraft facility my bank will not consider me for a loan, now or even when my credit file experian, equifax etc is clear in 2010. The Bank recieved all relevant paperwork during the appeal process.

Quote from NAT WEST "Having liased with the Bank's underwriters, the position in respect of a completed IVA is that Nat West will not look to lend whilst it is detailed on a credit file or after it has lapsed from the credit file.

Has anyone else experienced this with te mainstram lenders or know of a mainstream Bank that differs from above quote?

Hi
You would be best to wait until your IVA has fallen off the end of the credit agencies files in 2010 and go with another bank.
I think there is instances of people obtaining credit post IVA when the IVA is still registered,you yourself have a 2k overdraft,but a personal loan requires a very good credit score and would think that a still registered IVA will preclude you.
You would fair better with a secured loan as the underwriting for this is normally done manually and not by a computor points score.
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

Having settled your IVA and having 12 months up to date payments on your mortgage makes you a good prospect for a decent mortgage (remortgage) product.

If you feel that you require a secured loan speak to a reputable mortgage broker/advisor who will for no charge take you through a full fact find and advise you of the products that are available to you, based on your wants, needs and circumstances.

A good advisor will examine all your financial circumstance (past and present) and fully explain and advise on what you are able to achieve.

FREE ADVICE IS THE BEST ADVICE

Mortgage Broker
Specialising in adverse credit.

Thank you for your replies. You still have to get through this question in the future.

Quote from NarWest " Have you ever been insolvent, bankrupt, sequestrated, involved in any court proceedings for debt or made arrangements with your creditors?" NatWest have it on file and you would have to answer yes to any oter lender.

Please do not look upon me badly, I just needed to know where I stoodhaving satisfied my creditors.

Mortgage no problem arranged with GMAC RFC who arranged credit whilst in IVA.

Ive just completed my IVA also, have to admit i havent come accross the issue with Nat West. My IVA has been updated on experiean as satisfie now, but i need to find some legislation to get the creditors to reduce the debts on file to NIL as technically they are now all satisfied.

Any ideas?

Hi
I think Storm,who is an expert in this area,has stated that the creditor reports the last status of the account prior to an IVA and this last status stays on the file for 6 years,so the final status is normally a default or similar so the fact that you have completed your IVA doesn,t seem to show as a nil debt as hoped.
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