Bank Balance in IVA

mother_hen_2

Just a quick question -

cheesedoffwithdebt

and a quick answer, no it doesn't.

Credit scoring is based on your history of repayments on debt, and looks worse with late or missed payments, and even worse with defaults, and positively dreadful with an IVA. DMP or bankruptcy.

If you were applying for a mortgage, any savings you have would be shown on your application but oddly, your net worth is of less interest to lenders than your credit scoring.

mother_hen_2

Thanks for your reply -

cheesedoffwithdebt

HI-its a long time since I applied for a mortgage!!!

Firstly why would anyone go on a hunt to find out what you have? Do you mean an IP now? The answer to that one is I don't know really.


I meant, if you apply for a mortgage then you'd have to show what deposit you had to put down on a house and therefore as part of the application process would effectively indicate your level of savings.

I don't think anyone has the time, money or inclination to go hunting for what savings you have there is no reason surely?

mother_hen_2

No I agree it was following a comment in someone else's post that got me thinking,