Bluestone News

Helping Customers with Individual Insolvency

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We've reviewed the latest round of Individual insolvency in England and Wales. The figures confirm that people are still struggling to meet the financial demands of daily living, which could limit their borrowing options in the future.

We pride ourselves on being able to offer mortgage products to those who've encountered unforeseen financial issues. We truly believe that people should not be punished for experiencing genuine problems in the past.

Let's have a quick look at some statistics for Q3 2018;

Individual insolvency *

 

Total individual insolvencies in Q3 2018 were 10.5% lower than in the previous quarter and 2.5% lower than in the same quarter the previous year. The number of Individual Voluntary Arrangements in Q3 2018 fell 18.0% compared with a record high in Q2 2018. 

How we can help?

 

Our enhanced criteria creates a much fairer way of classifying mortgage applications where an IVA forms part of the customer’s credit profile. All defaults included within the IVA will not be independently assessed when determining which product will be available from our range. This will allow customers with any number of defaults within the IVA to secure a mortgage. 

Key criteria;

 
  • Product available for customers with current IVA and discharged IVA/Bankruptcy

  • All our criteria is based on the customers credit profile at the time of completion

  • No credit scoring
     

We've also developed an automatic case update system in Bluelink! You will now be notified when your case changes a stage in our pipeline via email. This will keep you up to date with your case in real time, speeding up the process from your initial 'DIP' to completion.

For further information on our products and service, please refer to our website. Alternatively, you can contact your BDM