I wondered about this. If after six years it clears from your credit file as it have never existed then how would a lender know? I have seen on a car insurance form have you ever been made BR which truthfully I said no. However I seen on other forms asking If I have been subject to formal insolvency proceedings, gulp? So is it still held elsewhere?
Some lenders have their own criteria for keeping records and so could keep them longer.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think we have to be very careful answering that question, I have concerns that if you did answer no you could be done for fraud and get a cifas marker.
Much as I don't like the idea of being penalised for the rest of my life, it looks like the only option available is through a whole of market broker at higher than normal standard rates.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
The mortgage lenders share information with each other (to prevent mortgage fraud)(same as insurance companies)as Maxtrix has indicated to answer falsely on a mortgage form is illegal!!
It sucks that forms are now asking about having ever been in an iva but I would be worried about answering falsely. Weighing up the arguments for and against, against wins as the penalties and punishments could be severe. Mortgage lending criteria does seem to be softening so let's hope this isn't a conundrum we'll have to keep on facing.
Personally i think that if you answer yes i have been in an IVA for 5/6 years it shows that you have been able to budget and manage your money and this should go in your favour not against it, some views from banks etc are somewhat out of date.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Indeed but that's not the way the banks see it unfortunately. Answer Yes and it's automatically rejected. Answer No you could get done for fraud. Go to a broker and you'll be charged higher rates.
You simply cannot win.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
that question was asked as early as 2006 - (well it was with Abbey National/ then Bank of Ireland - of what i can remember It was "have you ever in the 6 years entered a formal agreement with creditors"
Last edited by ginger3232 on Wed Mar 14, 2012 7:37 pm, edited 1 time in total.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by ginger3232
that question was asked as early as 2006 - (well it was with Abbey National/ then Bank of Ireland - of what i can remember It was "have you ever in the 6 years entered a formal agreement with creditors"
Yes, I have seen it phrased that way in the past. I always found it amusing, as taking out a loan is a formal agreement. And, being pedantic, after the IVA has dropped off of your file, you would have entered it more than 6 years ago!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
@thematrix..... broker fees = happy result for those of us in an IVA situation and wanting to move forwards - sometimes it pays to pay a little extra and move onwards !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
To be fair to both Abbey and Bank of Ireland - i entered yes to this as my IVA drop off file in 2005 - they query it but proceeded without any problems.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj
@thematrix..... broker fees = happy result for those of us in an IVA situation and wanting to move forwards - sometimes it pays to pay a little extra and move onwards !
I echo that sentiment luluj - it's unrealistic to think you can come straight out of an IVA and immediately get the best rates on the market - the rates Ryan has discussed with me are pretty good in my opinion and actually a lot lower than I was paying 6 years ago on, what at the time, was a very competitive fixed rate deal. As for broker fees, the rates Ryan has quoted me are more than reasonable for the amount of help and advice he is providing.
I can understand the rates being high having come straight out of a IVA, and prepared to pay broker fees if I have to initially, but to penalise us forever paying over the odds for a mortgage soon adds up over a 20-25 year period.
I've decided to save at the moment, so hopefully I wont have to borrow so much but in a few years time I'd like to be able to move onto the property ladder without these extra penalties for having had a IVA in the past.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I think the problem now is that more and more people are taking out an IVA or going bankrupt and, even though we know that we're a lower risk than most people, the banks are just looking at how much they are having to write off and are worried that we might do it again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
