lump sum iva

[vee]

Hi everyone- I`m a newbie here!
My partner and I have sold our house to release the equity to pay of an iva in lump sums to all our creditors.The meeting is due to take place on 19 July, if not by proxy, and we are offering 53p in the pound. What I wondered is,assuming all goes well, will our debts be marked satisfied straight away - I read somewhere about paying it all within 1 month can make a big difference to credit scoring etc.The funds are all sitting in a bank account set up by our ip in our name. Also what are the chances of getting a mortgage?Thanks in advance[:)]

[iva experts]

Hello Vee and welcome to the forum.

If you are successful in getting your proposal of a Full and Final IVA accepted by your creditors then your IVA will be completed in one swift transaction. You will be sent a certificate of completion and I would recommend that you send a copy of this immediately to the credit reference agencies so that they update your file.

With regards to getting a mortgage, this should really not pose too much of a problem. You will most certainly be able to find a specialist lender whom is more than willing to offer you a mortgage. This is because mortgages are underwritten in a completely different way to unsecured lending.


Hope this information is of use

Regards. IVA Experts

[vee]

Thanks very much for replying!Do you know anything about the `settling within 1 month` query? or is it just that creditors would look more favourably on debtors who settle quickly?

[iva experts]

I've never heard of the fact that it is more beneficial to clear your debts within one month. Once your IVA is satisfied all your debts will be legally written off and you will be able to start afresh, so obviously the sooner this happens the better. If you click on the forum section there have been many posts regarding the building and maintaining of credit scores which may be of interest to you.

Hope this information is of use

Regards. IVA Experts

[Oliver]

Hi Vee

Given that you complete your IVA with a single one off lump sum, this will help your credit rating to some extent. The record of you having had an IVA will still remain on your credit rating for 6 years. However, it will be marked as satisfied and so this is positive.

In terms of whether paying in one month makes any difference or not, the answer is no. IVAs do not work like that. Once you have proposed an IVA and it has been accepted, that is it. The record is made and remains on your credit file. You may be confusing this with paying off a CCJ (County Court Judgement). If you have a CCJ claim made against you, you get 1 month in which to repay the debt in full. If you do this, then the CCJ will not be made against you and your credit rating is protected.

On a positive note, as IVA Experts correctly say, having settled an IVA, you should have no problem getting a mortgage. You will need to speak to a specialist broker who works in the area of what we call Adverse Lending. However, there are many people available in this market as it is curently a growth area for mortgages. This is great news for you as you are likely to get a really good mortgage deal. Most people who have been through IVAs, should not find themselves paying more than 1% above the deal that they would otherwise have got with a clean credit rating.

Hope this helps

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
James Falla
www.thomascharles.com

[iva_squirrel]

Hello Vee,

Unlike loans, there will not be any penalty for paying off an IVA. In fact, if an early completion of payments can be managed, creditors may allow the final sum to be reduced in return for getting their money sooner however paying within one month makes no difference to your credit rating. Once you settle an IVA, you should have no problem getting a mortgage.

Kindest regards,


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[vee]

Thanks so much everyone who answered there!I feel so much more positive now [:)] Myself,husband and kids have been through a very rough ride - we sold our house to clear or debts which we already had plus the family business had to close so we lost our jobs and home too. Just hope that 19th July goes well if there`s a meeting. Fingers crossed and will let you know how we got on!

[iva experts]

Good luck with everything Vee.



Hope this information is of use

Regards. IVA Experts

[vee]

Hi to everyone who was helping me out there. [88]Fantastic news - our creditors voted in favour of our offer by proxy so we didnt need to attend the meeting on 19 July.We feel so relieved that now we can get on with the rest of our lives with no more annoying letters and phonecalls.What a lesson thats been learnt - its the first time Ive been debt free since 20 years.Good luck to everyone else.x

[neverending]

Congratulations to you both,its great to hear from someone who has completed the IVA process.

[iva experts]

Excellent news Vee.

Good luck with everything in the future.