What will happen to my credit rating

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teo

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Post by teo » Sun Jul 22, 2007 10:42 am
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What will happen to my credit rating after I agree to an IVA?
I have unsecured debt of £28350 .Will an IVA let me be completely debt free?
Last edited by teo on Sun Jul 22, 2007 10:44 am, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Sun Jul 22, 2007 10:48 am
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Hi teo

An IVA does not let you be completely debt free! It is merely a method of repaying your debts by agreeing terms of repayment with your creditors. If you make all of the payments in accordance with the terms of the IVA - usually five years - then the balance of your debts will be written off at that point. References to the IVA will remain on the credit agencies files for six years from the date the IVA is accepted.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk
Regards, Melanie Giles, Insolvency Practitioner
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hara

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Post by hara » Sun Jul 22, 2007 11:02 am
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IT will not be good,but that should be the last thing that you should be worrying.

hara.
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Oliver

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Post by Oliver » Tue Jul 24, 2007 11:02 am
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The IVA will show on your credit file for 6 years and will give you an adverse credit rating.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
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iva experts

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Post by iva experts » Tue Jul 24, 2007 11:51 am
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In an IVA you must pay back as much as you possibly can to your creditors, my advice would be to contact at least 2 or 3 companies to gain some advice as to whether an IVA would be best for you.

Best Regards. IVA Experts
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
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iva_squirrel

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Post by iva_squirrel » Thu Jul 26, 2007 8:21 am
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Hello Teo,

All IVA's are registered at a central database maintained by the government's Insolvency Service, and details of these are passed to credit reference agencies. When your IVA concludes successfully, your credit rating will gradually be repaired.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm
Last edited by iva_squirrel on Thu Jul 26, 2007 8:21 am, edited 1 time in total.
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