If I was to go for an IVA solution

[kml]

If I was to go for an IVA solution to my debts, will all my credit cards be frozon, or will there be one that I have that I can keep that has a low credit limit as this will be required when travelling abroad?

Also, if I was to go for an IVA, and I manage to clear my whole debt in 4 years, what would be the earliest that I can start to build up my credit file again? Or am I not allowed to apply for creit/mortgage 6 years after paying of the debt, hence 10 years in total?

Thank you

[mikebdomain]

Hi kml
The IVA will stay on your credit file for six years from the start of it.

You can apply for a mortgage or remortgage during your IVA with your IP’s permission. You will have access to most of the adverse credit products that are on the market, there will be a slight rate loading for the IVA as long as the IVA has been run satisfactorily.

Good news is that new adverse mortgage products are starting (once again) to enter the market with rate loading starting as low as 0.35% above the major high street products. Whether you will be able to obtain one of these products will depend on your personal circumstances.

I have written two articles that may be of interest to you:

•Your credit file (report) and mortgages

•IVA / Bankruptcy and your home FAQ's

They can be found on the menu on the left

As for a credit card - you could obtain a prepaid card which will work just as well abroad.




FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Adam Davies]

Hi
You will have to include all your unsecured debts within your IVA and you will need the permission of your IP to keep a card for business use.You could consider a pre paid card that are now available.
Your credit will be tarnished for six years from the start of your IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

It is possible to keep a credit card facility if you require this for your work but you will need the express permission of your IP to do this.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

Not just the permission of the IP - but full disclosure of this to the creditors within the IVA proposal enabling them to be the ultimate decision makers as to whether an ongoing line of credit is appropriate.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp