The 'have you ever had an IVA' question

josievg

Quick question - do you have to declare your IVA for ever on forms?

thechippy

I don't think they should be allowed to ask this anymore tbh.

Upon completion of the iva or br, you've paid the penalty and done the time.

Both are designed to give a fresh start. Not a true fresh start if you have to declare them for evermore and continue being indirectly penalised....:mad:

skintflint103

oops! sorry you mean this wasn't explained? If you can't get a C/card loan , mortgage in and IVA and you can't get credit card loan mortgage in Bankruptcy. Is an IVa a Bankruptcy or a Bankruptcy an IVA? charco will be along to explain in a mo' . seriously though it was always straight forward to get a mortgage in an IVA provided it was conducted well and there was sufficient equity At least 15/20% remaining AFTER the mortgage. Of course you would not get a high st rate, similarly I could get a mortgage at the right LTV but the wrong interest rates for someone the day after discharge from BK. Unfortunately the crunch took 90% of sub prime lenders out of the market. It's hard enough getting a prime mortgage at 85% now. (I don't miss mortgage broking). Your IVA will stay on your history for some time . Remember lots of agencies buy the insolvency register so even if it drops off public register today, they have a record on their computors forever .and credit ref agencies view it as BK. you need to take a year or 2 to 'clean' your file by getting positive info on it. Lots of ways to do this see on this site how.This is why it's so much quicker to 'come back' from BK if you were able to go in at the time ,you would have been removed 4 years ago!. Times are a changing and lenders have short memories ,don't give up, that never was an option for you, but patience required . Good luck

skintflint103

It won't work if you are married or been 'associated' with your OH. Mortgage and loan underwriting is very sophisticated and has 3 decades of looking at all applications. Think about a 'deed of disassociation' no doubt someone will tell you this is dishonest and not allowed! Also your OH will need to prove all income without yours. do you see a problem with this? Time will heal.

althas

It is a difficult one. On one hand, yes the IVA is a way to clear the slate and start again, but on the other hand do you not think the mortgage company have a right to know this info. After all they are lending a substantial amount of money for a LONG period of time, and the fact something as drastic as an IVA has been done, what is to stop it again

I am in an IVA, so I am not a bandwagon jumper, I just think both sides of any argument need to be looked at and discussed, right or wrong

But fingers crossed for you, I hope you get what you want, and CONGRATZZZZZ on the completion of your IVA

thechippy

When you have finished an iva or br, you are debt free, so I would suggest you are a good risk, not bad. Also, it's a serious lesson and most people post ive or br tend to be very responsible with their finances, as they would have no desire for a repeat!

skintflint103

The point here is timing, you are coming out at a time when there is no wholesale money going into mortgage books, the reason for which we all know. You have to kind of wear two hats on this, I've been asked so many times why if I can pay rent of 7/800 a month can't i get a mortgage?. It's a fair point, but lenders go by underwriting experience only. And they got years of experience. It's unfair,unjust but isn't all of life? It's their investors money so they have to do this . It's a !!!!! but time WILL heal it. Just build your credit file with care and patience try a VANQUIS credit card first or maybe a pre paid credit card but make sure it's credit repairing and you pay on the nail every month. I was once repossessed and i now have multiple properties but it didn't happen overnight. You gotta want it enough! good luck , cos that plays a part too