Which direction do I go??

[hughes2500]

Hi

I'm new to this forum, and both my husband and myself have been in an iva since 05 so yes we are coming to the end and it's due to finish in Aug this year (yipee-counting down the months). The road seems to be getting longer with my husband been made redundant twice in the last 5 months, snowed off because of the weather and so only relying on my income. Seems as if someone up above wants to make things as hard as possible for us before things get better!

We've decided to have at least 6 months fun and live life to the max and then save, save, save but could do with some advice, we are desperate to get our own house (nothing expensive) but realise we need to put at least 20% deposit in - new houses looking favourite as they pay 5%. Any advice on should we definately buy or rent for ever and save a regular amount for ever into a savings account! Any help or guidance would be appreciated.

[kallis3]

Hi, and welcome to the forum.

Well done for almost finishing your IVA. It must be a fantastic feeling.

I don't blame you for wanting a bit of fun when you have finished - I intend to do exactly the same!

Don't forget that the IVA will be on your credit record for six years from the date of acceptance. Once you have completed then ask the credit reference agencies for a copy of your records. Make sure that you have no defaults added after the date of acceptance. If you have, then once you have completed, write to your creditors and tell them to remove those defaults.

You should be able to get a mortgage at some point.

[bjt03]

Hello,
Sorry I don't want to worry you but here is my story.
Entered into an IVA on 01/10/03. Full and Final on 01/10/07. October 2009 all records of IVA removed from all 3 CRA's (Experian, Equifax and Callcredit). No defaults or late payments, no CCJ's. In fact no information about any of the creditors included within the IVA are on my credit file except in the linked address section on Experian. Have got 2 mobile phone contracts, 2 credit cards with no outstanding balances (used monthly but full payment every month) and a catalogue account (again paid in full when we order something). We have lived at the same address for 7 years (private rental) and have always been on the electoral role. No credit applied for within the last 12 months and no searches showing. I have worked for the same company for 15 years and earn £43500 + guarenteed overtime of £3500 P/A (I have averaged £55000 for the last 3 years). We have a £67000 saved (partly a gift from a relative) to use for a deposit and fees. I checked my credit score on Experian and scored a perfect 999, equifax and Callcredit both showed as almost perfect. So i thought no problems, nows the time to get a mortgage. Found a house (£180,000), went to a broker and explained everything. He said if we mentioned the IVA then every lender would flatly refuse in the current climate. However, due to the IVA being over 6 years and no records showing on any CRA then it should not be a problem. Went to Nationwide and got accepted (They offered up to £210,000). We were placing a deposit of £60,000 so only required £120,000. Credit check on Experian only. Ask to see last wage slip and P60 from last year. Last bank statement and copy of passport. Accepted again when full application was submitted and no extra ID required. Valuation carried out and no issues. Then I noticed that Nationwide carried out 3 alias checks and a generic search on Experian (not on any other CRA). Phone call to broker saying that mortgage declined with no appeal and no reason. Broker contacted someone he knows and they said they must have seen a record of the IVA but clearly not on any of the current credit reports. So he goes to Halifax next and I get accepted with a "A pass" on their scoring system. Full apllication and again "A pass". Valuation and no problems. Again a single search on Experian and 1 generic search (other CRA's not searched). Phone call today saying declined due to a previous history of bad payments and no right of appeal. Problem is where are they getting this information because it is certainly not showing on any of the current CRA's?
My broker says that I will probably be accepted for any mortgage I apply for and get refused at the final underwriters stage. He can't be sure but they must check previous records because all current records are clean.
I have never owed money to Nationwide or Halfax and any of their associated partners.
My broker seems to think that I may have to wait 6 years after the completion of the IVA in the current climate. If this is the case then it is completely different to the information given about IVA's and having a fresh start 6 years after the start date.
If anyone else has got a mortgage recently or if anyone can help me then I would be eager for more information because I am in a state of shock at the moment.
Thank you.
B.

[Shining]

Hi that is disappointing to read and I do know that some professionals will pick this up and give their comments. It does seem unfair we'll be penalised for so long.

Hughes2500 well done to you for nearing the end of your IVA and you enjoy those months of having fun x

[jane.l]

have you ever had a house repossessed? I was told that if we let our house be repossessed we would go on a repossession register and would NEVER get another mortgage in our lives! We weren't bothered as we now have a council house.

[bjt03]

Hi,
Never been repossessed. Never had a mortgage before. My broker said the same thing about anyone who has had their home previously repossessed.

[MelanieGiles]

I would try another broker - does this guy deal with whole of market? So far as I am aware people are getting mortgages so long as they are debt free for 3 years following the end of their IVA.

[s.b.w]

Are you telling them up front about the IVA?

Someone I know has awful debt, but still managed to get a mortgage (albeit at a slightly higher interest) but this was solely because they were honest with them.

You will get one, but have you tried the high street rather than a broker?

Good luck and I hope you get accepted soon!

Shaz x

[Michael Peoples]

It is possible that there is a CIFAS warning registered and this is different to adverse credit information. It may be that there were fraudulent attempts made to obtain credit/insurance etc either in your name or at the address where you reside.

Ask for the reasons you have been rejected and have them put these in writing. This should clarify the position and if necessary you can then contact CIFAS who can then liaise with the lenders and maybe sort the situation out. Make no more applications for mortgages until you have cleared this matter up as more applications will only make the situation worse.

[bjt03]

Hello,
Did have a CIFAS on my file 5 years ago but this came off in 2007. This was someone attempting to open a bank account and credit card using my name at an old address. All clear now and not showing on any of the CRA's. The mortgage broker was a whole of the market broker. He was aware of my history and rang around to see if anyone would accept me with a satisfied IVA. All of them said No. The only exception was Royal Bank of Scotland who said they would if satisfied for 3 years and no current problems showing on CRA's. To be honest if I knew I had to wait 3 years after the satisfied date; then I would have waited. The broker said because my CRA files were currently spotless and because of my earnings/affordability and deposit then there should not have been a problem. He kept saying that I had not began the IVA within the last 6 years. Like I said both applications seemed to be straight forward until the very final stage. Both Nationwide and Halifax performed full searches when the initial application was made and then when the full application was submitted. They both made me pay for valuations which were Ok. After this they both did unrecorded (Generic) searches and for some reason a number of Alias searches? The Alias searches seemed to be made using variations of my name (full name, initals and first name and initial. I have just found out that my Dad was declared bankrupt in 1987 (Inland reveunue). He has the same first name as me but different middle initial. He is worried that somehow this is affecting me. I can't believe it would because it was 23 years ago and a different middle name and date of birth. My dad has since had a mortgage and paid it off. Does anyone have any specialist brokers I couuld contact? Don't want to be paying 3 or 4 % over the odds but for the first few years I could handle up to a couple of % more.
Thanks, B.

[MelanieGiles]

I think your broker ought to have known about the 3 year post-IVA ruling - it is widely known in the IFA industry at the moment.

[D&G]

Mel i don't think it is widely known, for the people thinking about, or in an iva. All the adverts from some of the lets say not so reputable firms do not advertise the fact either. It needs to be emphasised i feel because people need to take this into account when deciding on a debt solution. Some may take an iva instead of bankrupcy thinking that it may make it easier to get a mortgage at a later date. It is nice to know that you are up front about it. But i would'nt expect anything less from our very own Mary Poppins, remember her measuring tape?

[MelanieGiles]

Aah that is sweet! Thank you so much. I love that film - it was made the year I was born!!