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markdvdman
| 03-07-2009 10:56 PM |
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Joined: 03 Jul 2009 Posts: 1 | Hi guys, I am 26 months away from my IVA being over. However, my boss told me I should complain I have been mis-sold an iva as i have no assets and I do not. I do not really want to kick up a huge fuss but what bothers me is I have heard up to 5 years after your IVA is paid up you still have to be bound by IVA rules on credit. This makes bankruptcy far better. Is it true or am I hearing lies? A mate has told me 12 months ater the IVA is over I can apply for a mortgage at decent rates. Can anyone confirm? Thanks MD |
| paladin | 07-07-2009 04:38 PM |
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Joined: 06 Jun 2007 Posts: 225 My Profile | Hi MD You may well have been mis-sold the IVA but it may be difficult to prove it though. I haven´t heard of any misselling cases about IVA´s. To my knowledge your IVA stays on your credit file 6 years after it first entered on it. Which means it will only take one more year from the end of your IVA for it to fall off your credit file. Bankruptcy is more severe than a n IVA and you´ll have to declare on mortgage forms for up to 12-15 years?? SO i think your mate is right in respect of getting good mortgage deals and your other pal is right in terms of misselling but the IVA may have worked in your favour, if you can keep up the repayments. P |
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scamper
| 14-07-2009 10:39 AM |
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Joined: 14 Jul 2009 Posts: 1 | Hi Mark, I'm in a similar position to yourself but have recently been contacted by a watchdog who claim they can get me out of this arrangement with little or no comeback. They have intimated that bankruptsy is a far better option for myself as I have no major assets. I assume that as you talk about applying for a mortage you do not own your own home. If this is the case and you have no expensive (£2k plus eg) assets then its highly likely that an IVA is the wrong option for you and you have indeed been mis-sold. The company who I have been dealing with reckon I will be at the other end in a matter of months and they have also said that once my court hearing is over they will then have a legal company represent me on a no win no fee basis to try and get some, if not all, of my IVA payments back. It may be news to you that when you enter the IVA that approx the first 2 years payments do not go to your creditors but to the IVA company themselves. So you should really have only just started paying back those to who you owed in the first place. It is also true that bankruptsy is not the major stumbling block it once was and I would highly recommend that you take independant advice (from citizens advice maybe) before you continue paying. Granted the watchdog are making money as well but some of the things they have told me are certainly an eye opener. For instance an IVA is not a legally binding document. |
