IVA on Bank Records

gareth.tomlinson01

I have been turned down by NatWest / RBS for a loan, the reson given was that my records with them show that I was in a IVA that was completed and finnished in April 2009 (thats including 1 year after the 5 year IVA). This record in on NatWests / RBS inturnal records. I have checked on Experian and the IVA has been removed infact it is showing as me as low credit risk. My question is why can RBS NatWest still hold and use this finnished IVA against me????

No NW/RBS were not creditors of of mine. Is there on rule that says a IVA only stays on your record for 6 years?? And why should a bank like NW/RBS not be governed by the same rule??

Johno100

gareth.tomlinson01 wrote: »

I have been turned down by NatWest / RBS for a loan, the reson given was that my records with them show that I was in a IVA that was completed and finnished in April 2009 (thats including 1 year after the 5 year IVA). This record in on NatWests / RBS inturnal records. I have checked on Experian and the IVA has been removed infact it is showing as me as low credit risk. My question is why can RBS NatWest still hold and use this finnished IVA against me????

No NW/RBS were not creditors of of mine. Is there on rule that says a IVA only stays on your record for 6 years?? And why should a bank like NW/RBS not be governed by the same rule??

The bank can use any criteria they wish when considering your loan application. You do understand that credit is a privilege not a right?

creditguy54

I agree with Johnno100. Thought you may have learned your lesson and would never borrow again but if you need to there will be other lenders that will accommodate you with a more relaxed criteria and probably charge you more. Good to see that a state owned bank is adopting a very conservative policy to ensure the country does not get into an over borrowed and bad debt environment as in the early 2000s which individually and collectively has placed us in the mess we are now in.

Standy

creditguy54 wrote: »

I agree with Johnno100. Thought you may have learned your lesson and would never borrow again but if you need to there will be other lenders that will accommodate you with a more relaxed criteria and probably charge you more. Good to see that a state owned bank is adopting a very conservative policy to ensure the country does not get into an over borrowed and bad debt environment as in the early 2000s which individually and collectively has placed us in the mess we are now in.

Not that I borrow from RBS/Nat West or any other state linked bank, but there's conservative and there's only lending money to people who don't need to borrow it. I guess most people recall the credit madness of a few years ago, but let's face it - it was the BANKS chasing us to borrow money on increased mortgages, credit cards, unsecured lending through junk mail, phone calls, TV and press ads. The real issue with these Banks was they were SO inter-twined with other Banks around the world and there was a testosterone fuelled takeover spree led by Mr Fred "Badloss" where they didn't look at the books properly thinking size was everything. Us taxpayers are showing currently a huge loss on RBS etc and they'll only give us a break even return (eventually) by lending money (carefully, I'd agree) and getting a reasonable return. tbh, I feel that Banks should not be allowed to keep records going back as long as they fancy - let's face it the idiotic greedy Bankers that got us into this huge mess will probably be the same people working in banking now - it's not like they are barred for life or even 6 years from operating as a banker?