Made my first IVA payment. Couple of questions.

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taija
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by taija » Wed Jan 31, 2018 4:08 am
Hello

I have just been accepted for an IVA and have made my first payment.

Obviously my credit score has been completely distroyed will this increase as I make the payments?

Also I have online banking for the credit card and loan that I’m paying off through my IVA when logging on to my online banking will I see the amount decrease as I make the payments?

Thank you
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Foggy
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by Foggy » Wed Jan 31, 2018 7:43 am
Your credit score will remain very low and not really increase ( if at all) for 6 years. It is unlikely that you will see the amounts alter online as creditors usually account for IVA payments in dummy accounts and not the "real" account ( although some will still use the real account).
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kallis3
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by kallis3 » Wed Jan 31, 2018 9:13 am
You may also find the bank will shut down online banking for your credit card and loan.
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Lisa Thomas
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by Lisa Thomas » Wed Jan 31, 2018 9:22 am
taija wrote:
Hello

I have just been accepted for an IVA and have made my first payment.

Obviously my credit score has been completely distroyed will this increase as I make the payments?

Also I have online banking for the credit card and loan that I’m paying off through my IVA when logging on to my online banking will I see the amount decrease as I make the payments?

Thank you


No the costs of the IVA come out before a creditors dividend is paid - depending on the amounts you are paying it may be a while before any dividends are paid to creditors.
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Shaun Vickery
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by Shaun Vickery » Wed Jan 31, 2018 6:27 pm
Unfortunately your credit score is likely to remain low whilst you are in the IVA but I don't suppose you need to be too concerned about increasing it for the time being given that you are unlikely to be permitted to borrow whilst it lasts. Something to look at again when you are coming out the other side?
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