Will past iva hinder bounce loan application?

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danielle883

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Post by danielle883 » Sun May 24, 2020 5:34 am
Hi, I have applied for a bounce back loan with my bank as a sole trader
But I still have a iva on my account even though it says discharged. Does this mean I can get the loan or will this stop me.

kallis3

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Post by kallis3 » Sun May 24, 2020 7:25 am
Not sure - your IVA will stay on your record for six years from the start -when did you start it?
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 May 24, 2020 8:17 am
It has been said that credit ratings will not hinder your application, but the banks do seem to be playing a bit fast and free with the rules, from what I can gather. The government say, if turned down by one lender to try another ... so they are expecting refusals, for whatever reasons.

Best of luck with your 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

kevin323

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Post by kevin323 » Sun May 24, 2020 8:23 am
Hi I had an Iva that ended last September but finished early so is still on my records . Lloyd’s approved me for a bounce back loan with no questions. I had to upgrade to a business bank account first which again I had no problems with . The loan will enable me to invest in my business which my previous debts had stopped me doing . Hope this helps.

lifenoteasy

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Post by lifenoteasy » Sun May 24, 2020 10:32 am
The application process specifically says they will not do credit checks.

They are looking at whether your business was solvent and the level of cash that was going through your account to see if it matches what you are applying for.

Where it works, it works really well but banks have been swamped with applications.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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