Hello, I am currently on a dmp and I'm considering an iva as my debt management company said that due to the limit lowering I now qualify for an iva.Has the limit been reduced recently? Also is it true that after you complete an iva you will get a brand new credit rating after 1 year? Another company has contacted me and are trying to dissuade me by saying that I will never get credit again because on every credit application you will have to tick the box that asks if you have any ccj's etc. Confused as to what to do for the best. many thanks, mel
What is your level of debt and your disposable income? How many creditors do you have? Do you own a property and if so do you have any equity in it? These would need to be answered to be able to give advice.
Hello and welcome. Might I suggest you pop over to www.iva.com and have a word with a few of the companies there. The advice is free and without any obligation at this stage.
The advice you have been given so far sounds a little shaky. If, according to your DMP company, you "now" qualify for an IVA, there is every chance you always did -- however, we cannot really comment on that given the lack of knowledge of your specific circumstances.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Your credit should be clear after six years from the start of your IVA. The question usually relates to mortgage applications rather than credit cards.
Regards
There has never been a general limit for IVA applications, however most firms will have their own personal limit beyond which they will not act professionally, but this should not be a bar to you having an IVA if you feel this is the right soluton for you.
In my firm we generally do not accept IVA applications for disposable income less than £120 per month, but we would never say to a client that they could not have one because of this. I refer all such clients to a reputable firm I know who acts at the lower end - and this is the right thing to do rather than leaving you in a never ending DMP on grounds that an IVA is not possible.
