I V A - Question

[Big Boss Man]

Hi

 

If a person has entered into an I V A, can they still claim there bank charges back, including P P I that may have been missold ?

 

Also can the same person apply for a mortgage ?

 

The Person has been in the I V A for aprrox 18 months.

 

Many thanks for your comments.

[myfinmoney]

Hi Big Boss Man,

 

The answer is yes to all three. I have done all three having had an IVA since Nov 2005.

 

My experience is that the defaults resulting from the IVA are proving more of a problem than the IVA itself.

 

My advice is take one thing at a time and never give up. I would say that a mortgage is going to be difficult for you now. I was lucky to get it before the real economic downturn kicked in and the likes of GMAC were still happy to lend on 95%LTV with an IVA a few defaults chucked in and not to bothered about your income!! No suprise things have ended up going the way they have really !!

[loobyloo85]

Yes, you can still apply to have bank charges re-claimed as you are well within your rights to do this from the charges that were put on before the IVA was accepted.

I would also say that you would be fine to get a mortgage - it may be worth looking into smaller companies, as I am unsure as to whether the larger mortgage companies would accept you based on the credit rating.

 

Hope this helps x

[Big Boss Man]

Thanks for all comments - after reading these, it looks like someone will be claiming there charges etc back !

 

Thanks again for your help, much appreciated.

[sequenci]

Hello there.

 

You can indeed claim back your charges but you need to take the IP aware of any proceeds that you receive as it would be classed as a windfall. You should be aware that they may take the money and use it to pay your creditors.

[Big Boss Man]

Hello there.

 

You can indeed claim back your charges but you need to take the IP aware of any proceeds that you receive as it would be classed as a windfall. You should be aware that they may take the money and use it to pay your creditors.

 

Thanks for your advice - I was thinking the same thing, but was not to sure, in any event i would prefer the funds go towards my debt rather than in the hands of the banks etc - Just deciding on what action to take.