www.iva.co.uk

I am 12 months into my IVA

I am paying £266 a month and have 4 years left - its works out about £12,700 left to pay.

My Dad has offered £7k to pay it off, and I have started the variation process with Grant Thronton and the decider date should be next month.

Do you think that this is likely to be excepted?... Its is mor than half that is left to pay???

Also if I am lucky enough to get this all paid off how ling will it take for my credit rating to go back to normal - in terms of being acdcepted for a mottgage for example?

Thank for any advise you can offer

Hi, I'm afraid you will need to offer the £12700 or very near to it. Remember, this is a fraction of your actual debt figure which I presume is £30-50k?.

With regards to credit history - I think it will be on your file for the next 6 years but one of the experts will be along soon to confirm.

Sorry for not being more positive but I think we would all like a deal like that!.

Hi Zoe and welcome.

I don't know if this will be accepted or not, your IP can help you though.

If it is accepted your credit rating will still be shot for six years from the date of acceptance regardless of when it is paid off.

You may be stuck for getting a mortgage at the moment though.

Zoe - not a expert. Even after the IVA and credit clearance, you may find you need both a large deposit and may have to use a broker.

Dont forget after 6 year in total - you will have no credit history so you will need to start to rebuild this. Takes time and patience to improve your credit score