do i have to declare my iva

[Septicsheep]

Hi

out of iva since Nov 2016 so now well past the 6 year so it's no longer on my credit ref or on the iva register so as its not there to be seen by mortgage lenders etc do I have to declare it if asked as I will only be punished for it by a higher interest rates I have read that it's not compulsory once past the 6 year time limit

Thanks

[Foggy]

Hi

out of iva since Nov 2016 so now well past the 6 year so it's no longer on my credit ref or on the iva register so as its not there to be seen by mortgage lenders etc do I have to declare it if asked as I will only be punished for it by a higher interest rates I have read that it's not compulsory once past the 6 year time limit

Thanks

It depends on how they phrase the question:

" Are you in an IVA / arrangement ..etc. ?" --- NO
" Have you been in an IVA / arrangement ..etc. in the last 6 years ?" --- YES
" Have you started an IVA / arrangement ..etc. in the last 6 years ?" --- NO
" Have you ever been in an IVA / arrangement ..etc. ?" --- YES

To answer dishonestly could invalidate the application if and when found out. I suspect that some lenders have access archival information and might already know the answer.

Incidentally from posts by those who have used brokers experienced in adverse credit many still get High Street rates if they apply to the right lenders.

[Septicsheep]

Hi I have been out of an Iva since November 2016 do I have now declare it to a mortgage lender event though it is no longer on my credit records as if I do I refused.

[Ryan]

I agree with Foggy.

As he says we have access to High Street Lenders who are willing to lend normally 6 years after an IVA began. Feel free to contact us.

Regards

[Ryan]

I've replied to your other question in this regard.

[Foggy]

Duplicate topics merged.

[Tony.mac]

I have a similiar question. IVA ended 2016 C.C received 2017 and in middle of selling my house. I have put offer in on another house and explained to Mortgage Advisor about IVA which he is trying to reassure me everything will be ok. This week received paperwork to set ball rolling and one of the questions state; 'Have you ever been bankrupt etc' I have not been bankrupt but it is the 'etc' part I am not sure on whether this means any other adverse debt such as IVA ?

[Foggy]

I have a similiar question. IVA ended 2016 C.C received 2017 and in middle of selling my house. I have put offer in on another house and explained to Mortgage Advisor about IVA which he is trying to reassure me everything will be ok. This week received paperwork to set ball rolling and one of the questions state; 'Have you ever been bankrupt etc' I have not been bankrupt but it is the 'etc' part I am not sure on whether this means any other adverse debt such as IVA ?

I would take the "etc." as meaning "or any other formal debt arrangement" --- which the IVA is !

[Ryan]

Most Lenders as part of the application process will ask the IVA question in one form or another. If you are using a Broker in the High Street they probably won't have come across a Client who has been in an IVA in the recent past so they may well not be aware of which Lenders are willing to lend. If they make multiple applications in the hope of getting an Agreement this may well result in a drop in your credit score which can have an adverse effect on future applications.

Regards