Completing an IVA

[mrs-tiggs]

Hi Everyone

Am a newbie to this site but thought I'd pop on here as we have some questions about completing our IVA and no-one really seems to have any answers!

We are 3 years into our IVA and have another 3 to go (term was extended as I had reduced payments whilst on maternity leave) Now the last time my other half phoned our company he was told that if we wanted to complete we could make an offer of £10k and that the company would probably accept. Now I'm not sure how right this is as we have been switched to another company as our original company are no more (apparently) This new company have said to us that they want us to look at getting our house valued next year.

We are looking into the very big possibility of emigrating to Canada in the next couple of years and would be looking to sell our house. Our only problem is that my husband needs to provide an equifax report during selection for his profession. Now our credit rating will be shocking so I am now wondering should we sell the house asap and then live in rented accommodation and try recover our credit rating??

Roughly how long does it take to recover your credit rating approximately and surely having your certificate of completion must count for something?

We are just worried about coming off the property ladder incase the whole new life in Canada doesn't happen. We'd probably never be able to get another mortgage for a long while and probably couldn't afford one on our joint salaries (I'm a part time ICU nurse and hubby is a police officer)

Sorry for the waffling and questions but we are in a quandry as to what is the best thing to do? Don't want to ruin our Canada chances because of a rubbish equifax report but selling up and it not happening could wreck life here?! Oh heck someone sort me out!!

thanks Lesley x

[MelanieGiles]

Hi Lesley and welcome to the forum

Once you have committed to an IVA, I am afraid that your credit rating will reflect this for si years following the date of the creditors meeting, even if you settle early, so this is going to show up on your husband's credit report. It might be better if he discusses the implications of this with his line manager, assuming that he is intending on staying with the same company.

As your IVA provider has recently changed, it may be sensible to arrange a meeting with the new IP so that you can understand how they intend to supervise your IVA into the future, but it will definately be in accordance with the terms of the original proposal.

[mrs-tiggs]

Thanks Melanie. I've just read a few other posts about settling early and it all seems a bit of a minefield with large early settlment fees etc. I did read your responses so hoped you might know my answers!

Think we need to speak to our IP and see what they advise. We also keep getting lots of junk mail from companies about settling early and so far I have recycled this mail as I always thought that these people are out to rip you off, but are they??

Will try find out a settlement figure but now is probably not the best time to look at selling the house due to the current market.

[MelanieGiles]

Personally I would recommend you work with the IP rather than contact companies who send out unsolicited mail using information contained on the Insolvency Register.