www.iva.co.uk

I currently have my house on the market but and being persued by my Credit Companies and am unable to make a payment until my property is sold, then i will be in a postition to clear off about 90% of my debt. I wanted to know as the property market as it is, if i opted for an IVA and was able to make a one off payment at a later date how long this would stay on my credit file, would it clear once the debt had been cleared?

Hey Rebecca, welcome to the forum. You could propose a full and final (or lump sum) IVA which would be from the sale proceeds, but I think it will still show on your record for the full six years. I'm sure an expert will clarify this. Viki X

Hi Rebecca

Yes, you could investigate doing an IVA whereby the equity in the house (net of reasonable removal expenses) is offered in full and final settlement. Creditors are generally receptive to such deals.

One caveat though, is that you can expect them to want you to demonstrate that after the move you won't be able to make contributions, if you want the equity introduction to represent your total commitment. Discuss your specific circumstances with an IP.

Yes, Viki is right, it will stay on your credit file for 6 years from the date of approval.

Ian