www.iva.co.uk

I currently owe approx £21000 from 3 creditors, but i'm worried about my options? if i take out an IVA how will my credit be affected afterward. I can probably pay £300 a month, but i dont have a house and would like one in the future, and am worried i wont be able to get a mortgage after i take either BR or an IVA? What should i do?

Hi jedichi and welcome to the forum

If you can afford £300 per month over the next five years, you would be close to paying off your creditors and therefore an IVA may not really be suitable for you - especially as you only have three creditors.

If you are insolvent your credit rating will be affected similarly whether you apply for bankruptcy or enter into either an IVA or a Debt Management Programme, given that it will appear on your record for six years.

I suggest that you explore debt management options as well as the IVA, as this may provide you with a more flexible route to debt repayment.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi jedichi,

There are plenty of mortgage lenders out there that will seriously consider applications from those with well managed debt management plans and IVA's. There are also mortgage lenders who will consider applications from discharged bankrupts.

I'd consider the debt solutions without too much reference to any future mortgage requirements. If you are responsibly dealing with debt concerns under terms agreed with creditors through any debt solution there probably will be mortgage options in the longer term.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk