IVA finished 3 years ago but still no mortgage

Kopite72

My iVA was cleared in July 2008 but I have recently applied to get a shared ownership mortgage but was told by my broker these were rejected due to my IVA, he mentioned these banks will only give me a mortgage 6 years after the IVA was completed..

The banks are Barclays, HSBC, abbey Santander - unfortunately on the shared ownership scheme you have to get a certain mortgage ad only 5 lenders supply this mortgage

Any advice greatly appreciated, I am confused as I have got a loan from my bank last year for £7k, got 2 credit cards so my credit seems to back to normal

The mortgage was only for £40k (30% share)with £10k deposit (20%)

Unfortunately my wife is self employed (owns a restaurant) but only fr 18 months so can't use her wages.

Kopite72

Kopite72 wrote: »

My iVA was cleared in July 2008 but I have recently applied to get a shared ownership mortgage but was told by my broker these were rejected due to my IVA, he mentioned these banks will only give me a mortgage 6 years after the IVA was completed..

The banks are Barclays, HSBC, abbey Santander - unfortunately on the shared ownership scheme you have to get a certain mortgage ad only 5 lenders supply this mortgage

Any advice greatly appreciated, I am confused as I have got a loan from my bank last year for £7k, got 2 credit cards so my credit seems to back to normal

The mortgage was only for £40k (30% share)with £10k deposit (20%)

Unfortunately my wife is self employed (owns a restaurant) but only fr 18 months so can't use her wages.

Also forgot to mention I am not sure what date my IVA finished and don't have the paperwork of the company I used, stupidly I shredded it when I recently moved. How do I find out when I completed the IVA

Thanks in advance

Anondebtadvisor

An IVA will generally have a significantly negative impact on your credit rating and will appear on your credit record for six years from the date the IVA was approved.

A default notice, much like an IVA, will remain on your credit file for six years from the date of issue. Therefore if a default notice is issued after your IVA is approved, it may remain on your credit file for longer than your IVA. It should therefore be considered an incorrect entry which you may want to address with the creditor.

If you check your credit file and notice that a debt included in your IVA has a default notice marked against you after your IVA was approved then you can write to the creditor (enclosing a copy of your IVA statement of affairs which shows their debt as included), asking them to change the default notice date to the date the IVA was approved.

Sometimes a creditor in an IVA might refuse to change the date of the default notice. If this happens you can write to the Information Commissioner enclosing your IVA documentation and the letter from the creditor refusing to change the date of the default notice

Kopite72

Anondebtadvisor wrote: »

An IVA will generally have a significantly negative impact on your credit rating and will appear on your credit record for six years from the date the IVA was approved.

A default notice, much like an IVA, will remain on your credit file for six years from the date of issue. Therefore if a default notice is issued after your IVA is approved, it may remain on your credit file for longer than your IVA. It should therefore be considered an incorrect entry which you may want to address with the creditor.

If you check your credit file and notice that a debt included in your IVA has a default notice marked against you after your IVA was approved then you can write to the creditor (enclosing a copy of your IVA statement of affairs which shows their debt as included), asking them to change the default notice date to the date the IVA was approved.

Sometimes a creditor in an IVA might refuse to change the date of the default notice. If this happens you can write to the Information Commissioner enclosing your IVA documentation and the letter from the creditor refusing to change the date of the default notice

Think i may have found out why the mortgage was rejected, just checked my credit expert & found out i have a default against me for a payday loan i didnt take out (Identity Fraud)

They are currently on the case to get this removed in the next few days so hopefully then i can reapply for the mortgage

I should have checked my credit report before i applied for the mortgage

Anondebtadvisor

At least you know what it is and can get it sorted now

You may also want to add a notice of correction with the credit reference agancies to explain