will we still be considered an risk to lenders?

[millie1]

We paid our IVA off early in May and have still not received a completion certificate. We have chased this numerous times and keep being told that they are busy. ANy advise on what we should do next will be gratefully received

Also we want to look at changing our mortgage lender to get a more competitive rate. As we have paid our IVA off will we still be considered an risk to lenders??

[bagpuss]

Hiya x

Our IVA was completed nearly 2 years ago..we got our cert about 6 months after the creditors meeting.

We have just had to do a remortgage as our 2 year fixed was up. I have found that high street lenders will still not except you...and possibly not for another 4 years in our case.

This doesnt always mean you have to get mortgages through the mafia though...LOL. If you go through a brokers they can search the whole market for a mortgage for you. They do usually charge a fee of some sort but these amounts do varie and some will reduce that fee slightly.

I have found that you fall either into sub prime lenders or in our case near prime lenders. We have managed to get a good rate on a mortgage with Acord which i think are part of/owned by Yorkshire Bank, so its a step in the right direction.

Leybridge are great and go through everything with you and i can also reccomend Moneyquest.

As for a more competative rate...Mmmmm thats what i thought too..thing is everyone is in the same boat...not just ex/current IVA's...the rates arent great at the moment for anyone. But the rates you would get are not that far behind what "norm" people are getting.

The best rate i got was 7.4%

Hope this helps.,xx

[mikebdomain]

Thank you for your kind words sue

Hi Millie

And welcome to the forum, the sub prime mortgage market is in a bit of a flux at the moment, I would just like to say that the market is changing fast. The rate you can obtain will depend on your unique circumstances.

I would always suggest speaking to your current lender to see if you can negotiate a better rate, failing that contact a mortgage broker who will take you through a fact find and be able to advise you on the best mortgage products that are available to you.

We have just seen a number of lenders enter the market with new rates and products for sub prime mortgages…


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[Adam Davies]

Hi Millie
Your IP needs to pull his/her finger out and conclude this IVA.Have they actually sent the dividend cheques out yet ? if so the certificate should follow.
A formal letter sent recorded delivery asking for a difinitive conclusion date and a remark that you will be contacting their regulatory body for further advice if a response is not forthcoming.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[iva.com]

Hi Millie,

Would you consider posting a review of your experiences at www.IVA.com? This could be very useful to others who are considering entering into an IVA.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[Cybus]

You have done everything required of you.

In my opinion it is unacceptable that you have not had a notice of completion.

Had they not agreed all your crediotrs claims then I would expect a delay from receipt of funds whilst a Notice of Intended Dividend was issued (Those creditors who had not proved would have been given 21 or 28 days in which to submit a claim otherwise face exclusion form the distribution). They would then have to declare that dividend within the time period in which was stated in the Notice - usually 3 or 4 months). I would not expect that delay to run in to 6 months.

The problem they have if they have not declared a dividend within that period of time and there are still claims outstanding, they have to go through that process again of issuing a Notice of Intended Dividend

The only possible exception might be if H M Revenue & Customs are a creditor. I suspect they are not in your case.

As suggested above, write to the IP. As a matter of courtesy I might suggest you ask for a response within 14 days and in the lack of a satisfactory response (Being too busy is not good enough, in fact it's shoddy behaviour!) advise them you will seek direction from their regulatory body.

That should do the trick [:)]


Tell it like it is.

[ray_a]

I have the same problem and I really can't understand why it takes so long perhaps one of the IP's on this forum could explain why this is happening!

In saying that our regular IP's are most probably the exception!