Will the mortgage defaults remain now that IVA is over?

Get expert opinion. This is the place for new questions to be posted.
6 posts Page 1 of 1
User avatar
jenn
Posts: 2
by jenn » Fri Apr 20, 2018 11:19 am
We had an IVA that we have completed early. It will be six years in Oct 2018. We would like to get a mortgage then which an advisor has said we could in principle.
We have received the certificate and are going to be applying to the credit agencies for defaults to be cleared off the credit report etc. However three years ago we had to default on the mortgage and sold with negative equity which was added to the IVA. Now the IVA is over will those defaults stay on fill for another 3 years or will they go as included in the IVA?
Thanks
User avatar
ginger3242
Posts: 2
by ginger3242 » Sun Apr 22, 2018 11:18 am
My understanding - is you defaults will clear (provided they are marked correctly) will fall of when the six year period is up. However i think your mortgage default will remain, until that separate 6 year period is up.

Perhaps you need to look at getting advice from a mortgage broker used to dealing with IVA/Defaults etc
User avatar
jenn
Posts: 2
by jenn » Sun Apr 22, 2018 11:31 am
When I asked the IVA company they said the newer defaults would clear along with IVA in October but I don't really trust what they say tbh.
I don't know how to confirm either way?
User avatar
kallis3
Forum Expert
Posts: 73177
Contact
by kallis3 » Sun Apr 22, 2018 12:26 pm
Have a chat with either Ryan or Shaun (details under the experts link) as they may be able to help you.
User avatar
ginger3242
Posts: 2
by ginger3242 » Sun Apr 22, 2018 2:24 pm
It is well worth chatting to the brokers who post here - they will give you the most up to date information, personally i have used them , and found them quick and very approachable.

Good luck in getting your new mortgage
User avatar
Foggy
Forum Expert
Posts: 26327
Contact
by Foggy » Sun Apr 22, 2018 2:42 pm
I believe the Mortgage default will show for 6 years from when it was lodged -- so another 3 years. Including it in the IVA will only allow it to be marked partially settled ( if the lender reports it as such).
6 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 19 guests