Hi,
We have our last IVA payment this week (yay!) and then will be waiting for completion papers etc. Our question is to Shaun or Ryan as we have a mortgage with NRAM and would very much like to remortgage as we are paying way over the odds each month. Would this be possible after IVA completion? Who should we approach about it? Is there any particular companies that would take us on? We are aware that we will have to wait a little while yet but are clueless as to where to start now.
Any suggestions would be very welcome.
Thanks
Angie
Hi, well done on almost completing! Great feeling. Best to get your credit files all nice and clean and get that IVA off them. I'm sure Ryan or Shaun will be along soon to comment.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Given that you have an NRAM mortgage I assume your IVA ran for six years. If this is the case then your credit file will be cleared up pretty soon which will help matters. If it was a five year IVA the likelihood is that you will need to wait another year so can you tell us whether it was five or six.
Hi Angie. Congratulations on completing your IVA (nearly!). Presumably you have dealt with the equity release clause in your IVA (possibly with an extension?). Can you tell me when your IVA was first registered?
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Shaun Vickery
Hi Angie. Congratulations on completing your IVA (nearly!). Presumably you have dealt with the equity release clause in your IVA (possibly with an extension?). Can you tell me when your IVA was first registered?
Hi Shaun,
It was first registered December 2009. It was set to 6 years from the start. We had a one month payment break and that has been added to the end of the arrangement. We were told that we needn't attempt to release any equity from our home and confirmed this week would be our last payment.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
Given that you have an NRAM mortgage I assume your IVA ran for six years. If this is the case then your credit file will be cleared up pretty soon which will help matters. If it was a five year IVA the likelihood is that you will need to wait another year so can you tell us whether it was five or six.
Hi Michael,
You are correct, it did run for 6 years. Does that mean our credit file will be cleared as soon as we get our completion papers? We would like to start improving our credit rating ASAP and someone suggested getting a credit card to use to pay for normal monthly outgoings and pay for it immediately. Would this sound like a sensible approach (the irony of getting a credit card after going through this process is not lost on us!). If so, what are the chances of an application being accepted at this point or are there particular companies that are, let's say, more flexible in their requirements?
Sorry for all the questions. We really want to get things right from the off.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by lesley_
Hi, well done on almost completing! Great feeling. Best to get your credit files all nice and clean and get that IVA off them. I'm sure Ryan or Shaun will be along soon to comment.
Hi Lesley,
Thank you. There were some dark days when we didn't think we would get this far, but we are so excited to be this close! Do you have any tips for "cleaning" our credit files? Is there a certain time period that we will have to wait prior to getting our "clean slate"? We would really like to get a "normal" bank account but just don't want to be applying for anything without knowing what we are up against from the off.
Hi Angie. A lot will depend on your other circumstances (income, deposit etc.) and there are other things you can do to improve your chances too. Getting and using a credit card but settling every month can be useful. You should also ensure that you are registered on the voters' roll and obtain a copy of your credit file to make sure that none of the debts included in your IVA have defaults after the date of the IVA. It's not possible to provide individual advice through this forum of course but these are a few things to start off with. You should stand a reasonable chance with a well prepared application to the correct lender.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Shaun Vickery
Hi Angie. A lot will depend on your other circumstances (income, deposit etc.) and there are other things you can do to improve your chances too. Getting and using a credit card but settling every month can be useful. You should also ensure that you are registered on the voters' roll and obtain a copy of your credit file to make sure that none of the debts included in your IVA have defaults after the date of the IVA. It's not possible to provide individual advice through this forum of course but these are a few things to start off with. You should stand a reasonable chance with a well prepared application to the correct lender.
Thank you for your response. When obtaining our credit files, should we wait until the completion papers are sent to us or can we do that now as the iva started 6 years ago?
Thank you for your comment about the credit card. We weren't sure if that was a wise move or not. It's reassuring to hear it on this forum. Is it simply pot-luck in apply for one or are there particular companies that you would recommend? Am I right in assuming this should be done after checking our credit files are good first?
Thank you again for your advice, sorry for all the questions.
Angie there's no problem in obtaining a copy of your file now because the task is to identify whether anything needs dealing with prior to and in anticipation of making an application. You should AVOID making pot-luck applications to lenders because this can actually reduce your chances of success but I'm afraid it really is impossible to say where you should apply because that constitutes formal advice which cannot be provided on the forum, aside of the fact that it would be necessary to gather other pertinent information from you.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
I agree woith Shaun in that you should use someone who is experienced in these type of cases. For example if you try Banks A&B who have a policy of rejecting ex IVAers this could show on your credit file. You then apply to Bank C who normally do not discriminate but they see two recent applications or rejections and decide to run a mile. Had you gone there first you would have a mortgage whereas now you have three rejected applications on file.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Shaun Vickery
Angie there's no problem in obtaining a copy of your file now because the task is to identify whether anything needs dealing with prior to and in anticipation of making an application. You should AVOID making pot-luck applications to lenders because this can actually reduce your chances of success but I'm afraid it really is impossible to say where you should apply because that constitutes formal advice which cannot be provided on the forum, aside of the fact that it would be necessary to gather other pertinent information from you.
Thank you Shaun. Very helpful as always as has all the other responses on this site. It's great to have actions we can take that will positively contribute towards our future goals.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
I agree woith Shaun in that you should use someone who is experienced in these type of cases. For example if you try Banks A&B who have a policy of rejecting ex IVAers this could show on your credit file. You then apply to Bank C who normally do not discriminate but they see two recent applications or rejections and decide to run a mile. Had you gone there first you would have a mortgage whereas now you have three rejected applications on file.
