Is going throgh a IVA as bad as going bankrupt?

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allicia

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Post by allicia » Wed Aug 13, 2008 8:15 pm
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Is going throgh a IVA as bad as going bankrupt? Does it effect your credit file and credit rating?
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Lisa2009

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Post by Lisa2009 » Wed Aug 13, 2008 8:26 pm
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An IVA will stay on your credit file for 6
years from the acceptance date.

Welcome to the forum and ask as many questions as you need, thats what we're here for.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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MelanieGiles

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Post by MelanieGiles » Thu Aug 14, 2008 10:06 am
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Hi Allicia and welcome to the forum

An IVA is a way of paying your creditors an affordable sum over an agreed period of time, and having the remaining balances due to creditors formally written off with their prior agreement. You may feel that this is a better way of dealing with your debts than bankruptcy, but both methods do affect your credit rating.
Regards, Melanie Giles, Insolvency Practitioner
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Adam Davies

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Post by Adam Davies » Thu Aug 14, 2008 10:45 am
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Hi
Both will have very much the same impact on your credit rating.
It would be fair to say that for many an IVA is financially harder than bankruptcy
Regards
Andam Davies
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