If a F & F is accepted say 3 years into an IVA and consequently the IVA is concluded does the adverse credit rating remain until the 6th anniversary of the date of the IVAs inception or does it remain for 12 months proceeding the closure of the IVA???
It remains on your record for the full six years, regardless of when the IVA is finished.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Once the six years is up, then any defaults added after the date of acceptance have to be removed, so therefore your record should be clear after the six years.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
While a default remains on your credit file for 6 years, any that are added after your IVA is agreed (or a BR order granted) must be removed by the creditors.
So to the point of my question. Its possible a family member whos come into some money might be able to offer a lump sum on the condition its accepted as a F&F by my creditors. I would simply continue to make monthly payments to my relative instead of the IVA. Less stress for me and the F&F will (if accepted) mean I pay slightly less overall than if my IVA ran for its full term.
However though the IVA remains on my credit file for 6 years after its acceptance will my credit rating improve in the meantime. I'm looking to be in a position to move house in about 4-5 years time and want to get the best possible rate i can on any new mortgages etc???
What would you do if in my shoes? (apart from give them back i hope!)[:D]
Johny Cash wrote:
So to the point of my question. Its possible a family member whos come into some money might be able to offer a lump sum on the condition its accepted as a F&F by my creditors. I would simply continue to make monthly payments to my relative instead of the IVA. Less stress for me and the F&F will (if accepted) mean I pay slightly less overall than if my IVA ran for its full term.
However though the IVA remains on my credit file for 6 years after its acceptance will my credit rating improve in the meantime. I'm looking to be in a position to move house in about 4-5 years time and want to get the best possible rate i can on any new mortgages etc???
What would you do if in my shoes? (apart from give them back i hope!)[:D]
Although the IVA will remain on your record, you can clean up your files by making sure that any defaults registered after the date of original acceptance are removed and by keeping up with payments such as mobile phone contracts, mortgage and making sure your bank account is in the black. It all helps.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
