Old IVA problem affecting mortgage.

[coll77]

Hello,

I am hoping someone could advise me if there may be anything i can do in my current situation.

In the early 90's i took out a small loan and had some problems paying it off after 2 redundancies. The debt was passed to a collection agency and they set up what I now understand to be an IVA. The amount was paid off in full well over 10 years ago and I have had no problems since. Me and my wife recently applied for our first mortgage and have been refused because of "bankruptcy". The bank indicate that this old account may be the reason. I find this very frustrating as I have checked my scores with equifax [467 me and 404 for my wife] and experian [987 and 899] as you can see the scores are good and there is no adverse information on our credit reports. We have savings for 25% deposit so in my opinion i am no longer any kind of risk.

My question is what if anything can i do or say to the bank to persuade them to reconsider the application. I would like to stay with the bank as they offered a good interest rate discounted due to my wife being with them for 12 years having a particular type of account and most of our savings are with them.

 

Thanks in advance for any advice you can offer.

[sequenci]

Hey Coll.

 

You mention that you have checked your credit scores, have you checked your actual credit file?

 

Most marks and delinquent info would fall off your file after 6 years so I'm concerned that there are issues that seem to be flagging up.

 

Best,

 

Seq.

[coll77]

If by credit file you mean the full credit report then yes I have for both referencing agencies. Between us we have about 4 late payments in the last 6 years. I have had none since 2004 when a direct debit wasnt set up properly. So my payment records are very good. I pay off cards in full every month. On one report my wife isnt registered on the electoral role but is on the other. She is not able to vote as she is French national but we did get a letter regarding her vote for the EU elections.

 

Cant see any real reasoning behind the decision.

 

If a credit file is different to the report please let me know how to obtain this.

 

Thanks again.

[sequenci]

 

If a credit file is different to the report please let me know how to obtain this.

 

Thanks again.

 

Hey Coll, they are the same thing - just a different term.

[coll77]

Ok after a bit of coaxing they changed their mind Something they said was not going to happen yesterday. Still a bit puzzled about all of it but they have agreed the mortgage now.

 

I think it must have been the thought of me using this forum for hints that put em straight. ;-)

 

regards

[sequenci]

Ok after a bit of coaxing they changed their mind Something they said was not going to happen yesterday. Still a bit puzzled about all of it but they have agreed the mortgage now.

 

I think it must have been the thought of me using this forum for hints that put em straight. ;-)

 

regards

 

That is great news!

 

Let us know how you get on!

[coll77]

Heres the update you requested.

 

Mortgage all agreed fine then they send a surveyor round to do valuation and he values the property at £35k lower than the agreed price which was already £40k down on the original asking price. So now the bank wont loan to the value we need. We think that the valuation is very wrong and we are attempting to appeal. We here from everywhere that the surveyor will never admit to an error. So it looks like we are going to lose the place anyway and the vendor is very unlikely to budge on the price.

 

Any hints you may have to get the bank to re-do the valuation are gladly accepted.

 

regards