There is no such thing as a black list but your credit rating will be in the gutter. New bank accounts are available but mortgages etc may be hard if not impossible to come by.
The defaults on your credit file drop off 6 years after your iva starts,at that point you will find it easier to get credit,not easy,just easier.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi
Plasticdraft is spot on,your credit rating will be no good for six years from the date of your IVA starting.
You can still obtain mortgages but will need a healthy deposit,the agreement of your IP if still in an IVA and a reference from them.
Regards
Andy so what happens if at the 4th year point whereby there is an agreement to release any equity and the present climate we find ourselves in, would it be expected that you go to 100% mortgage? For example i purchased my house nearly 3 years ago, with a 5% deposit, in just over 3 yrs i shall be expected to remortage so if i am paying say £500 to my IVA i shall be expected to raise equity of over £6000, but however if say i only have £9000 equity or if i am in a negative equity which could be likely, then i presumably carry on paying an agreed amount for the final year? This does puzzle me and would i be if i am lucky enough to have adequate equity in my home be expected to pay a higher interest rate because of my credit or lack of it rating?
15 down, 45 to go.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Hi
The maximum that you will probabaly be able to remortgage for will be 85% of your house value less youcurrent mortgage.
Your remortgage will be subject to affordability and if you can't get a mortgage your IVA will conclude at the end of the fith year unless you have a clause to extend your IVA for a year instead of releasing equity.
If you do remortgage in the fourth year your IVA monthly payments will reduce by the extra amount that your mortgage is costing,so you will be no worse off
Regards
I doubt you can get more than 80% loan to value at the moment, and unless the mortgage industry starts becoming more friendly towards IVAs again, I doubt many people will be paying over more monies as a result of the equity release provision - which is good news for property owning IVA clients.
