I think a big deposit applies to everyone these days regardless of whether or not you've been in an IVA.
Even though it drops off your record, I believe the banks keep them for longer so it is always advisable to be honest if asked the question.
Luluj used a broker and has had no problems and I believe she recommended the firm to another poster who is doing ok with them. Andy Davie has recommended another one as well.
There is no reason why brokers cannot be trustworthy.
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
Just to follow what Kallis has indicated - you mortgage provider would have been informed that you where entering an IVA - and they may have noted this down - this notice may remain on their own record - under the Company Act and money laundering act they are allowed to keep their own records for a mininimal 6 years after accounts are closed.
False information on a mortgage application can lead to rejection and /criminal record for mortgage fraud, so while it may be tempting NOT to tell the truth - this will/could impact he rest of your life
I've no more reason to be pro bank on here than anyone else, but they don't default on their own. Like any business, when customers default they'll hit the skids. It's not so much them and us but them because of us...although in reality it's all chicken and egg because they made stupid lending decisions and we made stupid borrowing decisions.
hershman wrote:
Thanks for replies - I have an interest only mortage which I took out before I went into an IVA - never missed a payment - it has about 5 years to go - so my question was do I stick with it for another year and a half until the IVA comes off my credit record in January 2013 (My F & F was in July 2009) rather than try to move now and get a new mortgage/remortage Kallis you have said that I would need a large deposit to get a mortgage after the IVA has dropped off my credit record - is that because they will ask whether I have had an IVA? How would they know if we said no - if it had come off our credit record? I suspect it never really comes off and is on some permanent record somewhere. Drewmickey says you cannot trust the brokers - anyone tried a broker who can help?
If your mortgage is interest only how do you intend to repay the capital?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi all just to confirm when i was talking about brokers i meant loan brokers the likes of yes loans if you want a unsecured loan. Mortgage brokers should be fine. But these loan brokers i dont belive they actually have any loans for people with less than perfect credit score unless anybody knows any different
No, I wouldn't touch one of those either. You usually have to pay them to search for a loan and half the time they don't materialise.
Mortgage ones should be ok.
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
