Any one out there been told bad or wrong iva advice?

ccon

I went into an iva in about 1996/7 I can't quite remember.
My wife and I were visited at home by a representative of the company. We now realise we were SOLD the iva.
We were told that this is an alternative to bankruptcy as bankruptcy stays with you for life and an iva does not.
We were told that once the iva was completed the iva and everything connected with it was gone, there was no trace of it and it would be as though it had never been there in the first place. We were specifically told I would not be under any legal obligation to disclose it to anyone at all. I would have difficulty obtaining credit for 6 years afterwards but that once this was gone I would be completely free.
This is somthing we have believed for years until recently.
This has the potential of causing problems with my mortgage lender.
Without going into more detail has anyone else out there been told this before going into an iva and has anyone else fallen foul of it?

UpToMyNeckInIt

ccon,

I am sure that you were given the hard sell etc. But it is up to all of us considering entering into such an arrangement to check the t's & c's before signing up.

I know hindsight can be wonderful, but how else would you have repaid your debts if you did not do the IVA?

Have you checked your credit files with the 3 main agencies?
Are there any defaults etc, for the time of your IVA?
What 'potential problems' with your mortgage company are you referring to?

Without you providing mre detail, I am struggling to understand the point you are trying to make.

Your IVA will be (or should be), long-forgotten. Many former IVA customers reporting on these forums seem to suggest that your credit rating is restored - fairly promptly in most cases without any bother, or maybe having to write a letter or two to a rogue creditor, or to the credit agency to remove 'notice of correction' / default details.

However, some creditors hold your data for a considerably longer period than 6 Years, (Eg: Santander I hear, hold onto this sort of information for 20 Years). It is possible therefore, that if you attempt to get a mortgage with a former creditor, you might encounter problems.

Please provide more of you concerns, and people will be in a better position to assist you.

Foxy-Stoat_3

You must of completed your IVA over 10 years ago, very much doubt you will have any problems with your lender or any other now if you are truthful.

If your asked have you EVER entered into a voluntary agreement with creditors, the answer must be YES but once you confirm the dates it shouldn't give you any real issues though. The advise that you have no legal obligation to disclose your IVA would be incorrect.

The IVA should be well off your credit reports by now and assuming you haven't missed any payments since you will be ok. Up to you if you want to lie about it now.