will my excellent credit rating prevent an iva?

[dld]

i have an excellent credit rating will this stop me being able to do an iva?

[Oliver]

Hello Dld

Absolutely not. Funnily enough most people in debt have better credit ratings than those who do not use credit products. This is because of the way the credit scoring system works.





Best Regards
Oliver

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

[neverending]

I think most of us had excellent credit rating prior to an IVA,partly the reason for our downfall as it became so easy to get credit !!!

[jamesfalla]

Oliver is quite right. The state of your credit rating at the time you propose an IVA will not effect the outcome. I have dealt with IVA clients right across the spectrum - ie people who have never missed a payment to thouse who have 5 County Court Judgements.

The only proviso to this is currently MBNA debt. MBNA actually prefer to see someone who has struggled rather than maintained their payments. However, unless more than 20% of your total debt is with MBNA, you do not need to worry about this in the slightest

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. My book, "IVA, Bankruptcy and Other Debt Solutions" was published in 2006. I have made numerous TV and radio appearances including BBC1 News, BBC News 24, Radio 4 and Wake up to Money.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk