How will IVA effect my credit rating ?

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kelly.is

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Post by kelly.is » Mon Sep 20, 2010 12:19 pm
If I go down hte IVA route will this effect my credit rateing?
Thank-you Kelly
 
 

Shining

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Post by Shining » Mon Sep 20, 2010 12:24 pm
Hi Kelly and welcome to the forum. Your credit rating will be shot from the date of acceptance of the IVA to a further 6 years.

Is it something you're considering? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Mon Sep 20, 2010 12:26 pm
Hi and welcome.

If you do an IVA it will be on your credit rating for six years from acceptance.
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
 
 

Michael Peoples

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Post by Michael Peoples » Mon Sep 20, 2010 1:05 pm
If you are considering an IVA you must already be struggling and it will only be a matter of time before something gives. Seek some free advice as to all your options but unless you can consolidate or pay the contractual payments, your credit file will be damaged.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

plasticdaft

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Post by plasticdaft » Mon Sep 20, 2010 2:51 pm
You can pretty much forget credit for 6 years as your file will list an IVA for that long(same length of time defaults and ccj's stay on file).

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Broke of London

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Post by Broke of London » Mon Sep 20, 2010 5:36 pm
Hi, as everyone has said your credit rating will go down the pan for six years. As it was the luck of the draw as to who got paid each month and I owed approx 100% of my salary in debts, I was already pretty uncreditworthy! If you are in a similar position to how I was, I honestly believe this is the quickest way to repair your credit rating. Not having access to credit can be a good thing too...I definitely needed saving from myself!!
 
 

kallis3

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Post by kallis3 » Mon Sep 20, 2010 5:58 pm
Once your IVA is completed and you have sorted out your credit files, you are still not really credit worthy. You will need to make sure that your mortgage, bank account, mobile phone etc are up to date. It's a good idea then to take out a small catalogue loan or something like a Vanquis credit card and pay these off every month.
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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