Hi. Your credit files will be shot for 6 years from the date the IVA starts. As long as your bank account ( which is what I assume you mean by debit account) is not one of your creditors it will run normally, unless you bank with HSBC or First Direct.
I feel an IVA is a heavy sledgehammer to crack a £10,000 nut and you should discuss other options too with a few insolvency firms.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
An Iva would trash your credit score with an impact over the next 10 years.
If you are with hsbc look for a new account now plus don't bank with anyone you owe money to.
For a £10k debt and planning for a mortgage find a different way of clearing it.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
It really is impossible to say what the impact would be on obtaining a new mortgage because lenders' criteria by the time you complete your IVA will undoubtedly look different than it does today. It's highly unlikely that you would be able to obtain a competitive mortgage whilst you are in an IVA, even if your Insolvency Supervisor would agree to it.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.
