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Topbins

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Post by Topbins » Sat May 08, 2021 1:01 pm
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

Foggy

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Post by Foggy » Sat May 08, 2021 1:39 pm
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Sat May 08, 2021 2:42 pm
I agree that you need to think this through carefully. You don't want to run the risk of being done for fraud.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Topbins

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Joined: Sat May 08, 2021 12:56 pm

Post by Topbins » Sat May 08, 2021 7:12 pm
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.

kallis3

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Post by kallis3 » Sat May 08, 2021 7:16 pm
Your credit record will be shot for six years from the start of your IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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