Iva completed

[Hair_bobbles]

[:)] I wish I'd found this site sooner!! But better late than never! My hubby & I started a joint iva on 30/04/2008. Our completion certificates came through on the 22/08/2013. It's only since then that I've been scrambling to find info about post iva .There's so much info from all who post,,it's brilliant!
There's a couple of things that need to be done before we can actually celebrate & say we've done our time with it!!


I've set the ball rolling for a credit file clean up. We have one creditor who has incorrectly marked the account as default from 28/06/2013. & there are others who have not updated to settled or satisfied.
Apart from the one above,all the defaults should drop off by the end of june 2014.
The iva has already dropped off the insolvency register.

As we rent,The only debt we planned to take on ever again was a morgage. I've since found out that most lenders won't touch you with a barge pole if you've been in an iva. WE WERE NOT TOLD THIS WHEN DISCUSSING OUR OPTIONS ORIGINALLY.

What I really want to know is ( by going on what I've read all over the web) to repair a credit rating you need some form of credit??is that really so?? Aargh the idea of it. We took a vow of abstinence from all forms of credit apart from a morgage.

You see if life was simple,,,in my head for the last year of the iva i thought that once all the debt had dropped off the credit ref agencies- ( & after a year of saving hard for a 10% deposit) applying for a morgage shouldn't have been a problem. But now it looks like a pipe dream & we're running out of morgage years!

What's the experience of you iva' ers out there?

[MelanieGiles]

Hi there and welcome to the forum

I don't think you can blame your IP for not discussing future mortgage options with you, although they should have let you know that your future credit rating can continue to be effected once a case has concluded - but that this is in the hands of creditors.

I'll leave it to those more experienced - ie those who have actually lived through the credit repair experience - to assist you with methods to assist with this.

[ginger323232]

I agree with Melanie - there is enough information on the credit references agencies websites (free) - about obtaining credit post IVAs.

Some mortgage lenders wont touch you post IVA - regardless of when this was.
Speak to a few mortgage brokers - two are on here - who will advise and point you in the right direction in obtaining a mortgage post IVA

[Michael Peoples]

All clients are told about the damage to their files and provided with an R3 booklet plus loads of other paperwork. It is not the fault of the IP if banks do not lend to people who were in IVAs because only a few years ago they would. How the mortgage market is at any one time is a guess but without the IVA, Hair Bobbles would be in an DMP or bankrupt and their credit file would be wrecked anyway.

[Hair_bobbles]

Thanks for the comments everyone.

Way back in the beginning at the time we thought iva was the best option because we were told our credit rating would go back to zero after 6 years & that was that. We knew if you went bankrupt there was little or no chance of getting a future morgage.
But nobody actually told us that an iva will impair your morgage chances. If we had been told that we would've gone bankrupt & got the whole process over & done with a lot quicker.

it's not been easy.

I've read thru the initial blurb of pro's & cons we rec'd after we spoke to them on the phone but nowhere does it say that post iva your credit rating will still be affected on the chances of morgage. Really that info should be imparted verbally to you at the time.
I just think that that info should be disclosed to you whovever you talk to about your options.

Anyway what's done is done. We made massive financial mistakes & have paid for it the hard way. The lesson learned & fingers burned. Not going back there not ever.
Overall I can't complain about the service we've had from Mcduffy.

[Elephant]

I was not told about Mortgages at the time of my IVA in no way whatsoever I was told that after 5 years ( now over 15 months passed finish date btw ) I would be free and clear
I was told the IVA was not the same as Bankriptcy as I was told by the CAB to do that I thought an IVA would be better for the future ie a mortgage if I ever got in that position
So if I was not told that then is it mis sold ? I have the folder I was sent for proof

[ginger323232]

Lender attitudes have change dramatically over the last few years - you cannot hold your IVA company responsible for their changes.

As for being mis sold - has your remaining debt been written off - was all the interest on your debt frozen ?? .The term mis selling is used to describe a product you either did not know about - or it was sold to you by the provider knowing it was unsuitable

[Hair_bobbles]

I have to confess I'm glad it's not just us who has had this little piece of very important info held from them. whether its intentional or an oversight remains to be seen.

We've had a letter from the iva watchdog. I'm assuming everyone who enters into an iva gets one?

In the meantime I'm going to give zebra money a call to see what the low down is.

This whole process has made me decide that I will train as a debt counselling specialist.

On the up side we are debt free & our creditors got more than expected thanks to all the ppi claim money going in the pot.

[ginger323232]

Use Zebra myself - quick /friendly and in our case very fast in arranging stuff. Any charges are fully detailed up front and only payable on completion of your mortgage

[esgt1967]

Different lenders have different criteria when considering ex IVA's and/or bankruptcy. It is true that most high street lenders will not take on people in an IVA but that's why we have specialist mortgage brokers who have experience of this type of customer and they know who to speak to and how to package the application. All the IVA literature I have seen advises you that the IVA will impair your credit history/rating and that includes mortgages.

[Hair_bobbles]

Good luck to you. At least you know from the start that a morgage is a slim chance at the end.

Way back in 2008 we did not know this.

We might be lucky & get a high street lender to morgage us .if not ,to be honest at this stage we're undecided as to whether or not apply for a morgage that by all accounts is going to have a much higher interest rate. We only want a 10 year morgage anyway- & we won't be over stretching ourselves either way.

Let's see what advice zebra has to offer...

[Elephant]

I think if you not told that your IVA will have the same effect at Bankruptcy then thats mis selling As if the banks are paying up coz they didnt tell you various things I dont see the difference I was not told that I could go elsewhere for PPI I was not told I would have probems with a mortgage at the end in any shape or form I was not told that I could have done the IVA myself etc thats mis selling Only saying but its a bit rich calling the banks when the IVA companies NOT ALL before you start going on about that ,,,,, are not saying it straight As I say I was told to go BR by the CAB I dint go that route as I wanted a fresh break at the end so I have paid out more time than a BR 5 not 2 or whatever the yearly was and I am now just as worse of it not more so as I lost 3 years of payments that I could have had and still a year on no CC now if thats not mis sold then I dont know what is I just hope in a year or so a loophole is found out so they have to compensate the people who they acted for They are all Legally bound and are not doing as what was agreed at the start Simple as that No excuses PPI what next the price of apples had gone up so thats got to be re calculated in the payments etc
Glad its over but I would not ever ever tell anybody to do an IVA

[Hair_bobbles]

I agree. But what can you do? They have us over a barrell. We feel the same- I would not recommend anybody enter into an iva lightly. It may seem like the answere to all financial problems, but is it? We still feel like the jury is out.

I 'm glad you've come out the other side( elephant) hopefully we'll be able to say that after we have done battle with our creditors to get everything wiped off credit file!! ( however we sill don't want credit- we've gone back to the ethos of days gone by- save up for it to buy it)

[Elephant]

No problem thats not rantish I hope coz its not meant to be I was happy to go with it but when you are under that amount of pressure you will do almost anything at the time as you cant see any other way out In the Iva you just do as your told keep your head down and dont make waves I am now a year past and still no CC no contact from them whatsoever Again what service are you actually paying for When you call them at 10000000000 pounds a second on the phone you wait an hour then they cant answer a question its well its your choice NO I am asking for advice I am paying you to advise me No well its your choice I cant say No tell me whats the best thing to do No I cant say its your choice arghhhhhh!!!!!! thats as good as I got for what £2500 of service I have no cards I could do with 1 for an emergency for holidays etc but as I am now my own bank will not give me a cash card coz my IVA is still live and I cant do a thing about that until the Iva get their act together and do some actual work I read on the Martin Lewis website you can do your own IVA so that would have been a lot easier I could have controlled it better and saved a fortune on phone calls But you think its all Legal so you go with it cest la vie at least its over thats all I can say my money is now mine and they cant touch it or control me

[MelanieGiles]

Who are the IVA watchdog? Is this a company who will take your money off you promising to help you clear up your credit file? Do not be mistaken - they are not part of the statutory or legal framework once an IVA has ended - and I suspect that the only people who get their letters are those whose names they find on the public insolvency register.