Disclosing iva information to mortgage advisor

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Bubbly

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Post by Bubbly » Wed Jun 16, 2021 12:37 pm
Hello

Please can someone advise if I need to disclose what the IVA was for to a mortgage advisor? I'm going to start looking at talking to a mortgage broker and I will tell them about the IVA but I would rather not discuss what it was for if at all possible?

Foggy

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Post by Foggy » Wed Jun 16, 2021 1:15 pm
You mean the reasons for entering an IVA ? No, they don't need to know that, usually.

Might I suggest that you approach a broker with experience of working with those with an IVA in their past as lenders policies vary wildly and we have seen more than a few instances where an inexperienced broker has obtained an agreement in principle, which was then rejected at the point of the full application.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Bubbly

Posts: 28
Joined: Thu Nov 01, 2018 12:11 pm

Post by Bubbly » Wed Jun 16, 2021 1:20 pm
Thank you for your reply :)

And yes I will do thank you! So I wouldn't have to explain what the IVA was for i.e credit cards and which credit cards?

Foggy

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Post by Foggy » Wed Jun 16, 2021 1:26 pm
Wed Jun 16, 2021 1:20 pmBubbly wrote:
Thank you for your reply :)

And yes I will do thank you! So I wouldn't have to explain what the IVA was for i.e credit cards and which credit cards?
I shouldn't think so --- they would know, however, that an IVA is a debt solution and so, by extension, that you owed money in the past (and most of us had credit card debt in there anyway) But the "whys and wherefores" are not relevant.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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