a certificate to get credit rating cleared?

[teena]

My partner has an IVA and we have been wanting to get a mortgage but his credit rating is bad. How long does it take to clear from his name and when he has paid back all the money will it just clear. please help as i've heard you can get a certificate to get it cleared??

[Oliver]

The IVA will be registered on his credit file for 6 years from the start of the IVA. Once he has completed his IVA he will be given a certificate of completion and this will be noted on his credit file, although the IVA will still show for the 6 year period. After 6 years this will be removed and he will start again from scratch.

Having bad credit shouldn't necessarily stop you from getting a mortgage as Secured lending is underwritten differently from unsecured. You may need to discuss this further with a specialist mortgage broker who will almost certainly be able to help you.


Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com

[jamesfalla]

Hi Teena

If your partner is in an IVA, this in itself will not prevent him from getting a mortgage. The IVA will be recorded on his credit file and this will mean that his credit rating will be poor. However, there are many mortgage lenders who are willing to lend to people who have poor credit ratings.

The more important thing to note is that your partner MUST NOT take a mortgage or change a current mortgage without first discussing this with his IVA Supervisor (normally the IP who set up his IVA). Someone who is in an IVA must not take additional credit without the agreement of their Supervisor 1st. If your partner took credit without his Supervisor's knowledge, this may break his IVA agreement and cause it to fail.

Of course, if you are not in and IVA, you can take a mortgage at any time. However if you need your partner to be included, then this can only be done with the agreement of his Supervisor

All the Best
James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

[teena]

Thanks for replying this really helps

Teena

[Oliver]

No problem Teena glad to help.

All the best in the future.



Best Regards
Oliver

Thomas Charles Ltd, A medium sized debt solutions provider based in London.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

I know a really good mortgage broker who specialises in these type of mortgages and would be happy to pass on his details

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[teena]

Hi Melanie,

Thanks for your reply, i would like the details of that mortgage broker please as i would be nice to keep all our options open.

Thanks again.

[MelanieGiles]

Teena

His name is Tony Parsons and his company is AMP Mortgages. Mobile number is 07970-438874.

Good luck

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jamesfalla]

Teena

Just remember, before changing your mortgage, discuss the implications with your IP. By all means look at options and even go so far as getting offers. However, tou must not do anything that my cause problems for your partner's IVA down the line. Otherwise it will all be in vain.

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk