www.iva.co.uk

Hi everybody i was wondering if it is possible to buy out of an IVA within the 3 year period?

It is possible, but you will need creditors approval b way of a variation meeting which you supervisor can arrange. But you will need to explain to your supervisor where the money is coming from eg from family and friends.

thanks alan and would they be wanting the whole debt amount paid off or would they accept the amount that is left to be paid in the IVA?

I'll answer for Alan who appears to have disappeared for the day!

It is usual for creditors to expect to see a sum introduced which enables the original dividend pledged to be achieved. You can ask your IP to work out a settlement figure for you to give you some idea of what you would need to raise.

hi melanie, thank you for your input.

perhaps you could answer another question i have. My fiance whom i live with will be remortgaging next year as she is coming off a fixed rate deal. She currently works as a mortgage underwriter and a new lending critera that she has come aware sounds quite troubling to me.

If she was wanting to go to her employer for a mortgage, they would take into consideration that i live there, i have bad debt and they would not lend because of that. I cannot see how this should affect her as her credit rating is flawless.

Whats your viewws on this?

Your wife is probably better placed than us to advise on motgages. The mortgage market changes almost daily at the moment. As far as I was aware, lenders only considered your financial circumstances if you were financially tied eg hold a joint bank account or a joint loan etc.

I always recommend that you should both seek independent financial advice on this area.

hi alan thanks for that i will look into it in greater detail as we have nothing that is joint that could associate me with her.

Thanks again

Craig

Hi Craig,

That does seem a little unusual on the mortgage criteria issue.

It might be an idea to register notices of disassociation with the credit reference agencies to demonstrate that your financial affairs are separate.

Hi Andrew, I agree it definitely sounds quite unusual but i suppose with the so called "credit crunch" lenders are tightening their belt quite a bit.

I will look into the disassociation. How do i go about that?

You would approach the main credit reference agencies (for example Equifax and Experian) to file such notices.

I'm sure their contact details will be on their websites and they'll be able to guide you from there. From those people I've advised to do this before I have heard it's relatively straightforward.