Ill advised by IP

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john754

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Post by john754 » Sun Jan 13, 2019 9:11 am
When can I get a mortgage?

john754

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Post by john754 » Sun Jan 13, 2019 9:12 am
It appears that I have been ill advised by my IP when taking out my IVA. What are my options?

To keep this brief, I entered into my IVA knowing that I would be able to achieve an early F&F settlement through a family loan. The alternative of bankruptcy was considered but as I wanted to get back on the property ladder asap I decided against that. I discussed this with my IP at the time and they advised that after early settlement her would be mortgage providers out there available to me. However, reading through this forum now it seems this isn't the case.

Clearly this appears to be incorrect 'professional' advise from my IP. What can I do about this?

Thanks

kallis3

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Post by kallis3 » Sun Jan 13, 2019 9:28 am
Your credit record will still be shot for the full six years anyway but have a word with Ryan or Shaun who are our mortgage experts who can advise you.
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

kallis3

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Post by kallis3 » Sun Jan 13, 2019 9:29 am
Merged topics - same subject.
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

Foggy

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Post by Foggy » Sun Jan 13, 2019 10:14 am
Your IP isn't a mortgage advisor and you would be expected to take independent, qualified advice. The mortgage market changes almost daily and, at any given time, there might be someone out there willing to lend, even though the rates would be eye watering. When I went into my IVA, 8 years ago, there was no way on earth you could raise finance to purchase a house while the IVA was on file ( 6 years from the start date). Now, there are lenders who will consider you 3 years after an early completion.

Might I suggest that you have a word with one , or both, of our two mortgage experts, who both have experience of dealing the IVA's:

They are Ryan from Zebra Money Centre --- Website: http://www.ivamortgageexpert.co.uk and
Shaun fron Select Partnership --- Website: http://clients.theselectpartnership.co.uk/
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

john754

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Post by john754 » Mon Jan 14, 2019 9:04 am
Foggy - Thank you for the response. Sorry I probably didn't explain fully what I had been told, I was a little annoyed and angry yesterday morning when I realised what had happened

Appreciating that the IP is not a mortgage advisor, i put several questions to them in order to ensure that my IVA (coming up to its 3 year anniversary) would not be on my file for any longer than 12 months after i had completed a full and final payment early. I have it in writing (email) that should i complete payments early that it would be removed from my credit file early also

Has anybody else come across this? Does it happen? Do i have to apply for anythign or have i been ill advised and this is soemthing that i wont be able to have removed any ready to move forward with a mortgage etc

Thanks for all of your help, it is greatly appreociated

Foggy

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Post by Foggy » Mon Jan 14, 2019 9:43 am
john754 wrote:
Foggy - Thank you for the response. Sorry I probably didn't explain fully what I had been told, I was a little annoyed and angry yesterday morning when I realised what had happened

Appreciating that the IP is not a mortgage advisor, i put several questions to them in order to ensure that my IVA (coming up to its 3 year anniversary) would not be on my file for any longer than 12 months after i had completed a full and final payment early. I have it in writing (email) that should i complete payments early that it would be removed from my credit file early also

Has anybody else come across this? Does it happen? Do i have to apply for anythign or have i been ill advised and this is soemthing that i wont be able to have removed any ready to move forward with a mortgage etc

Thanks for all of your help, it is greatly appreociated
If they stated that early completion would result in your credit files clearing early they were wrong ! What they could have meant was that you would be removed fom the Insolvency Register three months after completion ( so earlier than otherwise). It will not be removed from CRA files earlier than the 6th anniversary of the start date.
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

john754

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Post by john754 » Mon Jan 14, 2019 9:59 am
Yeah the email states
Early settlement of your agreement will ensure that your credit file is cleared of any record of your IVA earlier. This process can take up to 12 months after settlement, but will be achieved quicker than allowing your agreement to go full term.
Please tell me I am not the only one that this has ever happened to? I am going to seek legal advice about this and will let you all know the outcome

Thank you again

kallis3

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Post by kallis3 » Mon Jan 14, 2019 10:08 am
I have never heard of it before - as far as I am aware it will stay on your credit file for six years from the start date.
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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