www.iva.co.uk

Hi guys, it's my first post on here. I took out an IVA in September. And I had credit card debt with Vanquis, Capital one and PayPal plus my partner she had HSBC overdraft.

I didn't have a job at the time, however I did have savings in total of about 5k. I am stingy with my savings and I choose instead to take out an IVA. Which is paying £100 a month. Because the charges especially with Vanquis was too high.

I now earn a full wage, I would like to pay the debts off. However the IVA is still on my record and my credit rating is around 115. I would ideally like to save for a mortgage.

I don't know what to do to boost my score. And to pay the debts. Without crippling me every month. Vanquis was charging £120 a month alone. Hence why I took out an IVA. And lied about my savings.

I know I'm silly and stupid. Any advice? These debts in total probably around 7k or 8k most probably.

Thanks

Tread carefully --- not declaring that sort of savings is bordering on fraud. You are stuck with a bombed credit score for 6 years, regardless.

You could allow the IVA to fail and then arrange payment of debts privately with creditors -- though they might not co-operate. Bit of a gamble really.

I agree that you need to think this through carefully. You don't want to run the risk of being done for fraud.

Sat May 08, 2021 1:39 pmFoggy wrote:

Tread carefully --- not declaring that sort of savings is bordering on fraud. You are stuck with a bombed credit score for 6 years, regardless.

You could allow the IVA to fail and then arrange payment of debts privately with creditors -- though they might not co-operate. Bit of a gamble really.

I understand. Even if I cancelled the IVA and make payments to the creditors and eventually clear the debt. Would my credit rating still be very poor?

I honestly don't know what to do. Ive made a big mistake and not blaming anyone, but the IVA made the most sense at the time, as due to covid and stuff I couldn't afford to keep paying the charges.

Your credit record will be shot for six years from the start of your IVA.