Hi Please can you provide advice on my case, I obtained an IVA in Feb 2007 but sold my house following divorce in July 2007 subsequently recieving my Completion Certificate then. My IVA came off my credit file in Feburary of this year with just one more incorrect entry to sort which Im in the process of doing. I am currently living in private rental accomondation with the view of getting a morgage later this year, before the house market starts to improve and house prices rise. I am a little nervous of the IVA thingy and remember the way I used to be looked at when mentioning its existance to banks when I was in one. Also on the morgage application there is the dreaded question about an IVA which will undoubtably result in them turning me down or being in a high interest category thus paying for my IVA yet again. Coming round to my question how long will I need to wait after my IVA completion before I dont have to mention it as it will be 3 years this year.
Just41 - some lenders continue to ask "have you ever" ? - speaking from personal experience and to save yourself all the leg work - consider using a whole market broker - you then can compare your product with whats offers with the main stream lenders - so see how comparable they are.
Again form personal experience both One account(RBS) and Co-op dismiss mortgage /remortgage application from ex IVAs
Last edited by ginger323232 on Sat Mar 09, 2013 1:30 pm, edited 1 time in total.
Within the collee where I work an enrolment form will only ask for unspent convictions so although they may be recorded we would not need to send this to student services to assess the suitability of a learner for a course.
An all of market broker as someone suggests may be an option to discuss this with more in depth and as Paul says it will depend on how the question is phrased.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Harpic appreciate your post however when the IVA has exceeded the 6 Year period it should be spent / completed and you start afresh it seems you dont start afresh but have this horrendous episode following you for the rest of your life.
I promise you that you can get a mortgage after an iva. I am living proof. Use a whole of the market broker to source your deal ..they have access to non high street and high street lenders ...everyones circumstances are different and interest rates do vary but it s possible to get a good deal .....contact Ryan who is an expert on the forum...he will be able to provide you with reassurance and clear direction.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Some companies ask have you ever entered into an agreement but others, such as nationwide ask have you entered into an agreement within the last six years so then you would not need to tell them. We recently got a mortgage in principal from nationwide and i did tell them about our iva but they said it was not needed as it had been over six years.
When i applied for a remortgage with Leeds & Holbeck building society, (even though I have never had credit with them) It was refused when i mentioned IVA, the manager told me that i would need to wait for a further 6 years after the finish of my 6 year iva.
So was told not to approach them until 12 years after Start of Iva. [:(]
If that's any help !!!
All the best,
Regards Daz (webspark)
[:D]
Completion Certificate Received 2nd October 13. [:)]
Guys some good feedback here it seems nationwide is an option if any have any further Banks / building societys that have the correct wording perhaps that would be worth a post just to allow people in our situation the opportunity to get suitable morgages after an IVA. I did try Ryan however he needs a 20% deposit on a new house my partners is dead set on a new house, she wasnt involved in the IVA and can see her point so for me its either try the market or save more money which will probably take me another 8 months thanks guys for your posts.Keep at it those of you still in IVAs you will be well happy when the completion certificate lands on your carpet and your well rehearsed budgeting and living on nothing will serve you well when you come out the other side.
Sorry to rant (I expect lenders review this site) but as nearing an IVA myself and looking at the posts for future mortgage type transactions, it does seem sad and odd that for people who have various reasons for entering an IVA and having realised and dealt with the issue and the journey of it over 5/6 years, that mortgages may then be refused or sky-high interest rates added through an alternative lender. Yes, we have gone insolvent, but why label someone forever and make things difficult? For many reasons people enter an IVA and with good intention to put right a bad situation. Once you have done your time and you earn, have enough income etc, chances are, you are most likely in a better position than someone who has many debts/a large mortgage already. For the lender, writing off money is not great but I thought the debt was insured anyway? By the sounds of it, post IVA, large deposits and very high interest rates through an 'alternative' route may be the only option (despite the mortgage secured on the house) and so as usual, taking advantage of someones predicament through inflated charges, rates, deposits etc appears to be the norm. For both the bank account and mortgage issue on the forum for IVA or BR people, it may be in a 'high street' banks best interest to tap into this and offer a fair and transparant service, although can someone either lender related or not, confirm what the current, consistant mortgage/loan procedures are for post IVA'ers and what the timeframe is for a fair deal? Thanks.
