Any advice please?

[anna.w]

If I entered into an IVA could I clear it quicker to be able to help restore my credit rating quicker. Or if I put in a lump sum would that come off the debt that is to written off or would it reduce the 5 year period?

I may have fund coming within the next year from a house sale and need a solution short term but do not want to adversly effect my credit rating if possible so I can continue obtaining mortgages in future for other property developments, Any advice please?

[Viki.W]

Hey Anna, welcome to the forum. If you entered into an IVA your credit rating would be rubbish for six years from the acceptance date regardless of whether you paid it off early. If you are insolvent and are having problems now then you should contact an insolvency practitioner who can go over all your options with you. It would help if you could post how much debt you have and how much money you are expecting in. X

[MelanieGiles]

There is no way of avoiding a poor credit rating, when you have debts you cannot afford to repay. Is the house which is going to be sold in your name?

[anna.w]

Yes it is in my name and my husbands

I wanted to find out if I entered into an IVA, could I put funds into it once I had them and would that come off the debt to be written off or the IVA 5 year debt?

I was hoping that if I finished it early my credit may improve quicker than waiting for the 5 years?

thanks

Anna

[Viki.W]

Unfortunately your credit rating will not improve until after the six years even if you pay it off early.[:(] X

[anna.w]

Hey Anna, welcome to the forum. If you entered into an IVA your credit rating would be rubbish for six years from the acceptance date regardless of whether you paid it off early. If you are insolvent and are having problems now then you should contact an insolvency practitioner who can go over all your options with you. It would help if you could post how much debt you have and how much money you are expecting in. X

[kallis3]

Your credit rating would still be shot from 6 years from your IVA, regardless of when you paid it off.

If you are currently experiencing problems paying creditors, your credit rating will reflect this.

All records take 6 years to expire.