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Posted: Tue Jan 08, 2008 9:46 am
by sparkles
Hi id like to know if doing an IVA will affect any of the following:
*mobile contract
*obtaining a mortgage
*will i still keep my switch part of my bank card so i can chip and pin?
Posted: Tue Jan 08, 2008 9:57 am
by pbeck
You can keep your mobile contract, as long as it's not one of the debts going in to the IVA.
Obtaining a mortgage will be difficult on normal high street terms. There are specialist lenders who lend to people in IVAs to release the equity in their property towards the end of the IVA, but as your credit rating will be poor they will charge a higher rate of interest than high street lenders.
If your bank account is in credit and not therefore part of the IVA creditors, then you may be allowed to keep your switch card, however, if not, there are pre-paid cards you can buy, check out
www.pixpaycard.com, you load them with cash, then you can use them like a debit card until it needs topping up.
Philip Beck
Licensed Insolvency Practitioner and IVA specialist
Posted: Tue Jan 08, 2008 9:59 am
by iva experts
Welcome to the Forum Sparkles,
An IVA will affect alot of areas of your life, in regards to the areas that you have asked I believe that if you do change mobile phone providers they can do a credit check. However if you were just switching plans it may be a different case.
If you were in an IVA and wanted a mortgage, you would firstly need the express permission of your I.P. Secondly you would need to be able to fund a deposit of c£10-£15,000 - which could be provided by family or friends?
Also you would more than likely need to approach mortgage companies that deal with the sub-prime market as you would not be able to get a High st lender rate due to your credit file.
Best Regards,
IVA Experts
http://www.iva-experts.co.uk/