I have made an arrangement with 3 creditors recently through a written offer to pay my debt to each of them at the rate of £1.00 a month until my circumstances improve. I used a standard form sent to me by an advice agency step change. Is this arrangement an IVA ? I did not see or hear the term in making the offers.
Also I am making an application currently to rent a property and i am not sure if the credit check that will be carried out by the letting agency and the company they use to do a check on their behalf will see these arrangements are in force ? I have good id and full time employment. Thanks
Sounds to me like a debt management plan not an IVA.
You may find your credit is impaired - make an anonymous call to the letting agent to see if making an arrangment with your creditors will affect an application.
You might find you have to put up a few months rent in advance or find a guarantor.
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
I agree, this is an informal DMP. It might show on your credit reports that you have missed a few payments, but I doubt any defaults have been registered yet, so you might get in in time.
You could get credit reports from the three agencies at £2 a pop to check.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Have Stepchange advised you on a debt relief order or bankruptcy? Paying £1 a month is really only a short term measure and will not solve your problems.
