I can understand that for unsecured debt, but a mortgage is secured on the property. So that's like comparing oranges with apples, they are two different kinds of credit.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
I agree that we shouldn't be a risk but perhaps lenders are looking at the fact that they may lose out in future years if the bottom falls out of the market.
I think they are vary wary after this last recession.
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
To be fair to people like us though who deserve another chance, we shouldn't be made to feel like 2nd class citizens just because we have been through a hard time with debt. If anything, lenders should look at us as a comfort blanket at the fact that we have been there, done it and wore the T-shirt and that we wouldn't ever get into a mess like that again, as they say, you can only learn from your mistakes.
I agree, Lee, but the lenders don't see it that way. To be blunt .. they are being hypocritical in the extreme .. seeing the mess most banks were in not very long ago, now we have whole countries in "Euro IVA's", and even good old GB is looking at a downgrading in credit rating .... we are not so very different.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
