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Devilinside

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Post by Devilinside » Sat Mar 14, 2020 12:33 pm
Hey guys, first time posting, quite a while reading, just looking to say hello quickly and hopefully try and gauge a bit of support and some advice down the line, my name is Rhys, I’m 40 in April and had been living the dream for about 15 years until my  marriage broke down about four years ago and I lost my house and my boys full time and was saddled with some very large and unsecured debt,and although I’ve been really lucky over years, fortunate to have a great job, pretty well paid, I’ve really struggled to maintain those debts  when setting up a new home which I’m currently renting at the moment and now paying quite large maintenance costs. Basically things have just got on top of me and I find myself staring down the barrel of an IVA which I’ve recently set up with Payplan. I’m fortunate  in so much as I’m in a position I can make a final payment which I hope will be agreed by my creditors shortly, a work bonus allowed for this. Payplan in fairness have been truly excellent to date. I guess from my perspective this is all just totally daunting and very new, I’m worried about so many things right now whether I’ll ever get my life back on track and be able to buy a home again, the implications of it affecting my current home and rental, implications towards my job which I hope shouldn’t be affected but having read some of the posts I’m not sure whether to discuss with my manager. I work within the insurance industry, I’m not client facing or responsible for financial transactions. But it’s still a worry. Ironically the final payment I think will actually leave me in a much better and stable position and I fully intend at least if I can help it to never try to use credit at the level of use that I used the past again. 
All very scary really, I’m stuck between feelings of relief and feeling like a total failure. I also at this point haven’t told anyone about it at all and I kind of wouldn’t really want to unless it’s absolutely necessary, obviously other than you guys. 
I guess just a quick question really, whilst in an IVA is there any chance at all of securing any kind of mortgage? I know there are a couple of mortgage experts on here and I would envisage within about 3 to 4 years having a fairly sizeable deposit again. I would love the security of being able to own a home again and knowing my children have a solid place with dad. Any advice hints or tips would be amazing. Thanks for reading. 

Foggy

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Post by Foggy » Sat Mar 14, 2020 12:58 pm
Hi, Rhys, and welcome. A mortgage whilst in an IVA is out, one after the final payment and while the IVA is still on your records is possible, but better to wait it out until your record is clear to get a better rate. You will also get a better deposit together, so win win.

Things do level out after the IVA has completed and credit will be there, whether you want it or not. I am 7 years post completion and only now venturing into credit --- saved a bit and borrowed a modest sum for a car. To be honest the IVA disappeared into my past and, so far, has not raised its head again at all.
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

Devilinside

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Joined: Sat Mar 14, 2020 12:27 pm

Post by Devilinside » Sat Mar 14, 2020 1:01 pm
Thanks for the reply foggy and for taking the time, I guess from my own perspective up until the point where things crashed and burned I’ve been lucky enough to buy three houses as I worked my way up. Like I said in my opening post, I’m 40 this year and I’m just scared that time is running out to lay down some foundations once hopefully this is all in the past as you said. I know it sounds odd but I never thought I’d be looking to start over again and buying circa mid late 40s you know?

kallis3

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Post by kallis3 » Sat Mar 14, 2020 1:04 pm
Whilst in an IVA you are unlikely to be able to remortgage. Your credit record will be shot for six years regardless of whether you pay it off quickly or not.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Devilinside

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Joined: Sat Mar 14, 2020 12:27 pm

Post by Devilinside » Sat Mar 14, 2020 1:08 pm
Hi Kallis, this would be a new mortgage, first time buy so to speak. No remortgage.
Cheers.

kallis3

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Post by kallis3 » Sun Mar 15, 2020 10:13 am
You won't be able to get a mortgage whilst in an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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